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Ch. 310
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PARRIS N. GLENDENING, Governor
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eligible for a service retirement benefit; providing for the calculation of a service
retirement benefit for certain members of the Employees' Pension System or the
Teachers' Pension System; providing for the application of this Act; and
generally relating to service retirement benefits for members of the Employees'
Pension System or the Teachers' Pension System.
BY repealing and reenacting, with amendments,
Article - State Personnel and Pensions
Section 23-401
Annotated Code of Maryland
(1997 Replacement Volume and 2001 Supplement)
SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That the Laws of Maryland read as follows:
Article - State Personnel and Pensions
23-401.
(a) A member may retire with a normal service retirement allowance if:
(1) the member completes and submits a written application to the
Board of Trustees stating the date when the member desires to retire; and
(2) on or before the date of retirement, the member:
(i) has at least 30 years of eligibility service; [or]
(ii) HAS A COMBINED TOTAL OF AT LEAST 30 YEARS OF ELIGIBILITY
SERVICE FROM THE EMPLOYEES' PENSION SYSTEM, THE TEACHERS' PENSION
SYSTEM, THE EMPLOYEES' RETIREMENT SYSTEM, OR THE TEACHERS' RETIREMENT
SYSTEM; OR
(III) has attained the age and the years of eligibility service as
follows:
Age Years of Eligibility Service
62 with 5
63 with 4
64 with 3
65 or more with 2
(b) Except as provided in [subsection (c)] SUBSECTIONS (C) AND (D) of this
section, 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:
(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.
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- 2729 -
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