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Session Laws, 2000
Volume 797, Page 2161   View pdf image
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PARRIS N. GLENDENING, Governor Ch. 395
(I) IS A DEFERRED ALLOWANCE THAT BEGINS AT NORMAL
RETIREMENT AGE; (II) IS COMPUTED ON THE BASIS OF THE MEMBER'S AVERAGE
FINAL COMPENSATION AND ELIGIBILITY SERVICE AT SEPARATION FROM
EMPLOYMENT; AND (III) SHALL EQUAL THE NUMBER OF YEARS OF THE MEMBER'S
CREDITABLE SERVICE MULTIPLIED BY: 1. 1% OF THE MEMBER'S AVERAGE FINAL COMPENSATION
THAT IS NOT IN EXCESS OF THE SOCIAL SECURITY INTEGRATION LEVEL; AND 2. 1.7% OF THE MEMBER'S AVERAGE FINAL COMPENSATION
THAT EXCEEDS THE SOCIAL SECURITY INTEGRATION LEVEL. (2) (I) THIS SUBSECTION APPLIES ONLY TO A FORMER MEMBER OF
THE LAW ENFORCEMENT OFFICERS' PENSION SYSTEM WHO: 1. TRANSFERRED TO THE LAW ENFORCEMENT OFFICERS'
PENSION SYSTEM FROM THE EMPLOYEES' RETIREMENT SYSTEM; AND 2. SEPARATES FROM EMPLOYMENT ON OR BEFORE JUNE 30, 2000. (II) THE VESTED ALLOWANCE OF A FORMER MEMBER: 1. IS A DEFERRED ALLOWANCE THAT BEGINS AT NORMAL RETIREMENT AGE; 2. IS COMPUTED ON THE BASIS OF THE MEMBER'S AVERAGE
FINAL COMPENSATION AND ELIGIBILITY SERVICE AT SEPARATION FROM
EMPLOYMENT; AND 3. SHALL EQUAL: A. 2% OF THE MEMBER'S AVERAGE FINAL COMPENSATION
MULTIPLIED BY EACH YEAR OF THE MEMBER'S FIRST 30 YEARS OF CREDITABLE
SERVICE; AND B. 1% OF THE MEMBER'S AVERAGE FINAL COMPENSATION
MULTIPLIED BY EACH YEAR OF CREDITABLE SERVICE IN EXCESS OF 30 YEARS. (3) (I) THIS PARAGRAPH APPLIES ONLY TO A FORMER MEMBER WHO IS: 1, RECEIVING A DEFERRED ALLOWANCE UNDER
PARAGRAPH (1) OF THIS SUBSECTION; AND 2. UNDER THE AGE OF 62 YEARS. (II) ON RECEIPT OF A VESTED ALLOWANCE, A FORMER MEMBER
SHALL RECEIVE A SUPPLEMENTAL DEFERRED ALLOWANCE THAT EQUALS THE
DIFFERENCE BETWEEN:
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Session Laws, 2000
Volume 797, Page 2161   View pdf image
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