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PARRIS N. GLENDENING, Governor
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Ch. 362
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SYSTEM, THE INDIVIDUAL'S RETIREMENT ALLOWANCE SHALL BE REDUCED BY THE
ACTUARIAL EQUIVALENT OF THE ACCUMULATED CONTRIBUTIONS THAT WOULD
HAVE BEEN DEDUCTED DURING THE PERIOD AFTER JUNE 30, 1998, WHEN THE
INDIVIDUAL WAS A MEMBER OF THE NONCONTRIBUTORY SYSTEM, IF THE
INDIVIDUAL HAD EARNED THE TRANSFERRED SERVICE CREDIT UNDER THE STATE
CONTRIBUTORY EMPLOYEES' PENSION SYSTEM OR THE STATE CONTRIBUTORY
TEACHERS' PENSION SYSTEM, INCLUDING REGULAR INTEREST ON THOSE
CONTRIBUTIONS AT THE RATE OF 5% PER YEAR COMPOUNDED ANNUALLY.
(C) (1) AN INDIVIDUAL MAY TRANSFER SERVICE CREDIT FROM THE STATE
CONTRIBUTORY EMPLOYEES' PENSION SYSTEM OR THE STATE CONTRIBUTORY
TEACHERS' PENSION SYSTEM TO A NONCONTRIBUTORY SYSTEM IF, WITHIN 1 YEAR
AFTER BECOMING A MEMBER OF THE NONCONTRIBUTORY SYSTEM, THE INDIVIDUAL
COMPLETES A CLAIM FOR THE SERVICE CREDIT AND FILES IT WITH THE
ADMINISTRATOR OF THE NONCONTRIBUTORY SYSTEM ON A FORM THAT THE
ADMINISTRATOR PROVIDES.
(2) THE STATE CONTRIBUTORY EMPLOYEES' PENSION SYSTEM OR THE
STATE CONTRIBUTORY TEACHERS' PENSION SYSTEM SHALL REFUND THE
INDIVIDUAL'S TOTAL ACCUMULATED CONTRIBUTIONS TO THE INDIVIDUAL ON
REQUEST.
(D) (1) AN INDIVIDUAL MAY TRANSFER SERVICE CREDIT FROM THE STATE
CONTRIBUTORY EMPLOYEES' PENSION SYSTEM OR THE STATE CONTRIBUTORY
TEACHERS' PENSION SYSTEM TO A CONTRIBUTORY SYSTEM IF, WITHIN 1 YEAR AFTER
BECOMING A MEMBER OF THE CONTRIBUTORY SYSTEM, THE INDIVIDUAL:
(I) COMPLETES A CLAIM FOR THE SERVICE CREDIT AND FILES IT
WITH THE ADMINISTRATOR OF THE CONTRIBUTORY SYSTEM ON A FORM THAT THE
ADMINISTRATOR PROVIDES; AND
(II) DEPOSITS IN THE ANNUITY SAVINGS FUND OR OTHER
CORRESPONDING FUND OF THE CONTRIBUTORY SYSTEM THE SUM OF:
1. THE TOTAL ACCUMULATED CONTRIBUTIONS TO THE
INDIVIDUAL'S CREDIT IN THE ANNUITY SAVINGS FUND OF THE STATE
CONTRIBUTORY EMPLOYEES' PENSION SYSTEM OR THE STATE CONTRIBUTORY
TEACHERS' PENSION SYSTEM;
2. THE DIFFERENCE, IF ANY, BETWEEN THE MEMBER
CONTRIBUTIONS AT THE RATE PROVIDED FOR IN THE CONTRIBUTORY SYSTEM,
INCLUDING INTEREST ON THOSE CONTRIBUTIONS, AND THE TOTAL ACCUMULATED
CONTRIBUTIONS TO THE INDIVIDUAL'S CREDIT IN THE ANNUITY SAVINGS FUND OF
THE STATE CONTRIBUTORY EMPLOYEES' PENSION SYSTEM OR THE STATE
CONTRIBUTORY TEACHERS' PENSION SYSTEM; AND
3. THE ACCUMULATED CONTRIBUTIONS THAT WOULD HAVE
BEEN DEDUCTED DURING THE PERIOD THE INDIVIDUAL WAS A MEMBER OF THE
STATE SYSTEM WHILE IT WAS A NONCONTRIBUTORY SYSTEM IF THE INDIVIDUAL
HAD EARNED THE TRANSFERRED SERVICE CREDIT UNDER THE CONTRIBUTORY
SYSTEM, INCLUDING INTEREST ON THOSE CONTRIBUTIONS.
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- 2065 -
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