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Ch. 363
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2000 LAWS OF MARYLAND
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(2) ON RETIREMENT FROM THE CONTRIBUTORY SYSTEM, THE
INDIVIDUAL'S RETIREMENT ALLOWANCE SHALL BE REDUCED BY THE ACTUARIAL
EQUIVALENT OF THE AMOUNTS DETERMINED UNDER PARAGRAPH (1)(H)2 AND 3 OF
THIS SUBSECTION IF THE MEMBER ELECTS NOT TO DEPOSIT THOSE AMOUNTS IN
THE ANNUITY SAVINGS FUND OR OTHER CORRESPONDING FUND OF THE
CONTRIBUTORY SYSTEM.
(E) EXCEPT AS PROVIDED IN § 37-204 OF THIS SUBTITLE, AN INDIVIDUAL WHO
TRANSFERS SERVICE CREDIT UNDER THIS TITLE SHALL RECEIVE SERVICE CREDIT IN
THE NEW SYSTEM IN THE AMOUNT OF SERVICE CREDIT ACCUMULATED UNDER THE
PREVIOUS SYSTEM.
(F) ON VERIFICATION OF THE SERVICE CREDIT, THE PREVIOUS SYSTEM MAY
NOT PROVIDE ANY BENEFIT FOR SERVICE CREDIT TRANSFERRED FROM THE
PREVIOUS SYSTEM TO A NEW SYSTEM UNDER THIS TITLE.
(G) (1) EXCEPT AS OTHERWISE PROVIDED IN THIS SUBSECTION, AFTER AN
INDIVIDUAL TRANSFERS SERVICE CREDIT TO A NEW SYSTEM UNDER THIS TITLE,
THE INDIVIDUAL:
(I) SHALL PAY THE RATE OF CONTRIBUTION APPLICABLE TO A
MEMBER OF THE NEW SYSTEM; AND
(II) IS ELIGIBLE FOR A PENSION AND ANNUITY AS PROVIDED
UNDER THE NEW SYSTEM, DETERMINED BY TAKING INTO ACCOUNT THE
TRANSFERRED SERVICE CREDIT.
(2) IF AN INDIVIDUAL RETIRES WITHIN 5 YEARS AFTER TRANSFERRING
INTO A NEW SYSTEM, THE BENEFITS PAYABLE WITH RESPECT TO THE TRANSFERRED
SERVICE CREDIT MAY NOT BE GREATER THAN THE BENEFITS THAT WOULD HAVE
BEEN PAYABLE BY THE PREVIOUS SYSTEM WITH RESPECT TO THAT SERVICE IF THE
INDIVIDUAL HAD REMAINED IN THE PREVIOUS SYSTEM.
SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall take effect
July 1, 2000.
Approved May 11, 2000.
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CHAPTER 363
(House Bill 349)
AN ACT concerning
Employees' Pension System - Purchase of Service Credit
FOR the purpose of altering the amount that a State employee member certain
members of the Employees' Pension System who are not employees of
participating governmental units or former participating governmental units
that have withdrawn from participation in the Employees' Pension System shall
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- 2066 -
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