|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2000 LAWS OF MARYLAND
|
|
|
|
|
|
Ch. 395
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(II) PAY TO THE BOARD OF TRUSTEES IN A SINGLE PAYMENT THE
MEMBER CONTRIBUTIONS THE MEMBER WOULD HAVE MADE FOR THE PERIOD OF
EMPLOYMENT FOR WHICH SERVICE CREDIT IS BEING PURCHASED PLUS REGULAR
INTEREST TO THE DATE OF PAYMENT.
(2) A MEMBER MAY PAY FOR SERVICE CREDIT PURCHASED UNDER THIS
SECTION AT ANY TIME BEFORE RETIREMENT.
(C) (1) SUBJECT TO PARAGRAPH (2) OF THIS SUBSECTION, A MEMBER MAY
PURCHASE SERVICE CREDIT FOR A PERIOD OF EMPLOYMENT AS A MEMBER OF THE
LAW ENFORCEMENT OFFICERS' PENSION SYSTEM IF THE MEMBER:
(I) HAS WITHDRAWN THE MEMBER'S ACCUMULATED
CONTRIBUTIONS AFTER A PRIOR TERMINATION OF MEMBERSHIP; AND
(II) WAS SUBJECT TO THE MODIFIED PENSION BENEFIT UNDER
SUBTITLE 2, PART II OF THIS TITLE WHEN THE MEMBER PREVIOUSLY TERMINATED
MEMBERSHIP IN THE LAW ENFORCEMENT OFFICERS' PENSION SYSTEM.
(2) A MEMBER MAY NOT PURCHASE ELIGIBILITY SERVICE CREDIT THAT
EXCEEDS THE MEMBER'S CREDITABLE SERVICE CREDIT.
26-401.
(a) (1) Subject to paragraph (2) of this subsection, a member may retire with
a normal service retirement allowance if:
(i) on or before the date of retirement, the member:
1. has at least 25 years of eligibility service; or
2. is at least 50 years old; and
(ii) the member completes and submits a written application to the
Board of Trustees on the form that the Board of Trustees provides stating the date
when the member desires to retire.
(2) A member may not retire before the first day of the month after
employment ends.
(b) (1) Except as provided in [paragraph] PARAGRAPHS (2) AND (3) of this
subsection, on retirement under this section, a member is entitled to receive a normal
service retirement allowance that equals the number of years of the member's
creditable service multiplied by[:
(i) 1% of the member's average final compensation that is not in
excess of the Social Security integration level; and
(ii) 1.7% of the member's average final compensation that exceeds
the Social Security integration level] 2% OF THE MEMBER'S AVERAGE FINAL
COMPENSATION.
|
|
|
|
|
|
|
|
|
|
- 2156 -
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
 |
