Ch. 532                                    2004 LAWS OF MARYLAND

[(2) A vested former member who elects to transfer vested rights to the
appropriate pension system shall file with the Board of Trustees, on the form the
Board of Trustees requires, an executed waiver of any benefits to which the former
member might be entitled under the retirement system from which the vested rights
are being transferred.

(3) A transfer may only take effect on the first day of a month.

(b)     (1) This subsection does not apply to a former member's employer pickup
contributions.

(2)     A former member who transfers vested rights to a pension system
under subsection (a) of this section is eligible to receive within 90 days after the date
of transfer a refund of the member contributions described in paragraph (3) of this
subsection plus regular interest, unless the former member elects to have any part of
the member contributions described in paragraph (3) of this subsection transferred as
additional contributions to the annuity savings fund of the pension system to which
the former member is transferring the vested rights.

(3)     The amount to be refunded under this subsection is the amount
obtained by multiplying the total of the member contributions attributable to the
former member by a fraction not exceeding 1, that has:

(i) as its numerator, the former member's average taxable wage
base for the 3 calendar years immediately preceding the calendar year of the former
member's separation from employment; and

(ii) as its denominator, the average of the former member's annual
earnable compensation as of the end of the 3 fiscal years preceding the former
member's separation from employment.

(4)     The Board of Trustees shall transfer for the former member's benefit
the balance, if any, of the member contributions plus regular interest to the annuity
savings fund of the pension system to which the former member is transferring the
vested rights.

(c)     (1) If a former member transfers vested rights to a pension system under
subsection (a) of this section, the Board of Trustees shall transfer the former
member's employer pickup contributions for the former member's benefit to the
annuity savings fund of the pension system to which the former member is
transferring the vested rights.

(2) The Board of Trustees shall transfer:

(i) as additional contributions, the part of a former member's
employer pickup contributions obtained by multiplying the former member's total
employer pickup contributions as of the date of transfer by the fraction specified in
subsection (b)(3) of this section, plus regular interest; and

(ii) as member contributions, any balance of the former member's
employer pickup contributions, plus regular interest.]

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