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PARRIS N. GLENDENING, Governor
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H.B. 749
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(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,
(c) [On] EXCEPT AS PROVIDED IN SUBSECTION (D) OF THIS SECTION, ON
retirement under this section, a member who is subject to the contributory pension
benefit under Subtitle 2, Part II of this title is entitled to receive a normal service
retirement allowance that equals the sum of:
(1) the number of years of the member's creditable service on or after
July 1, 1998 multiplied by 1.4% of the member's average final compensation; and
(2) the greater of:
(i) the number of years of the member's creditable service on or
before June 30, 1998 multiplied by 1.2% of the member's average final compensation;
or
(ii) the number of years of the member's creditable service on or
before June 30, 1998 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.
(D) (1) THIS SUBSECTION APPLIES ONLY TO A MEMBER WHO HAS A
COMBINED TOTAL OF 30 YEARS OF ELIGIBILITY SERVICE AS PROVIDED IN
SUBSECTION (A)(2)(II) OF THIS SECTION.
(2) A MEMBER IS ENTITLED TO RECEIVE A NORMAL SERVICE
RETIREMENT ALLOWANCE THAT EQUALS:
(I) AN ALLOWANCE BASED ON THE ELIGIBILITY CREDITABLE
SERVICE THE MEMBER EARNED IN THE EMPLOYEES' PENSION SYSTEM;
(II) AN ALLOWANCE BASED ON THE ELIGIBILITY CREDITABLE
SERVICE THE MEMBER EARNED IN THE EMPLOYEES' RETIREMENT SYSTEM;
(III) AN ALLOWANCE BASED ON THE ELIGIBILITY CREDITABLE
SERVICE THE MEMBER EARNED IN THE TEACHERS' PENSION SYSTEM; PLUS
(IV) AN ALLOWANCE BASED ON THE ELIGIBILITY CREDITABLE
SERVICE THE MEMBER EARNED IN THE TEACHERS' RETIREMENT SYSTEM.
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- 5211 -
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