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PARRIS N. GLENDENING, Governor Ch. 375
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members of the State retirement and pension systems to fund purchases of prior
service credit from certain funding sources; amending certain definitions to
reflect certain provisions in the Internal Revenue Code; altering the method of
payment certain members of the State Retirement and Pension System may use
to pay for certain creditable service as provided for in the Internal Revenue
Code; making this an emergency measure; and generally relating to certain
limitations on benefits and contributions of members of the State Retirement
and Pension System.
BY repealing and reenacting, with amendments,
Article - State Personnel and Pensions
Section 20-207, 21-601(c) and (d), and 23-308
Annotated Code of Maryland
(1997 Replacement Volume and 2001 Supplement)
BY adding to
Article - State Personnel and Pensions
Section 20-208(g)
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
20-207.
(a) This section does not apply to an individual who is a member of a State
system on or before June 30, 1996.
(b) Notwithstanding any other provision of law, for plan years beginning on or
after July 1, 1996, the annual compensation that may be taken into account when
determining the retirement allowance payable to a member of a State system, may
not exceed the compensation limit under § 401(a)(17)(B) of the Internal Revenue
Code[, of $150,000, as adjusted by the Commissioner of Internal Revenue for
increases in the cost of living in accordance with § 401(a)(17)(B) of the Internal
Revenue Code] and regulations adopted thereunder.
20- 208.
(G) A MEMBER MAY PURCHASE PRIOR SERVICE CREDIT USING FUNDS FROM
ANY FUND SOURCE THAT IS NOT SPECIFICALLY PROHIBITED BY THE INTERNAL
REVENUE CODE.
21- 601.
(c) (1) "Eligible rollover distribution" means a distribution on or after
January 1, 1993, to a participant of all or any part of the balance to the credit of the
participant in any State system.
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- 3003 -
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