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PARRIS N. GLENDENING, Governor
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Ch. 396
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reported by the member's employer at the time of separation from employment is
creditable service for computing the vested allowance.
(e) Except as provided in subsection (f) of this section, a former member of the
Employees' Pension System or the Teachers' Pension System who has separated from
employment before the age of 55 with at least 15 years of eligibility service is eligible
to receive a vested allowance that:
(1) begins on the first day of the month following the member's 55th
birthday; and
(2) equals the reduced allowance computed under § 23-402 of this
article.
(f) (1) The vested allowance of a former member of the Employees' Pension
System or the Teachers' Pension System who separates from employment on or before
June 30, 1998:
(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;
(iii) shall equal the number of years of the member's creditable
service multiplied by:
1. 0.8% of the member's average final compensation that is
not in excess of the Social Security integration level; and
2. 1.5% of the member's average final compensation that
exceeds the Social Security integration level; and
(iv) may be paid in one of the optional forms of allowances under §
21-403 of this article.
(2) A former member of the Employees' Pension System or the Teachers'
Pension System who has separated from employment on or before June 30, 1998 and
before the age of 55 with at least 15 years of eligibility service is eligible to receive a
vested allowance that:
(i) begins on the first day of the month following the member's
55th birthday; and
(ii) equals the allowance under paragraph (1) of this subsection,
reduced by 0.5% for each month that the member's early retirement date precedes the
date the member will be 62 years old.
(g) (1) If a former member who elected a vested allowance requests the
return of accumulated contributions before payment of the vested allowance begins,
the Board of Trustees shall return the accumulated contributions to the former
member.
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- 2175 -
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