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Ch. 337
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2007 Laws of Maryland
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(2) Except as provided in § 37-204 of this subtitle, if an individual
transfers from a noncontributory system to a contributory system, on retirement the
individual's retirement allowance shall be reduced by the actuarial equivalent of the
[accumulated] MEMBER contributions that would have been deducted if the
individual had earned the transferred service credit under the new system, including
REGULAR interest on those contributions.
(3) If an individual retires within 5 years after transferring into a new
system, the benefits payable with respect to the transferred service credit may not be
greater than the benefits that would have been payable by the previous system with
respect to that service if the individual had remained in the previous system.
37-203.1.
(a) (1) An individual may transfer service credit from a contributory
system to THE STATE ALTERNATE CONTRIBUTORY EMPLOYEES' PENSION
System, the State Alternate Contributory Teachers' Pension
SYSTEM, the State Contributory Employees' Pension System, the State Contributory
Law Enforcement Officers' Pension System, or the State Contributory Teachers'
Pension System if, within 1 year after becoming a member of the pension system, the
individual:
(i) completes a claim for the service credit and files it with the
Board of Trustees of the State Retirement and Pension System on a form that the
Board of Trustees provides; and
(ii) deposits in the annuity savings fund of:
1. the Employees' Pension System or Teachers' Pension
System member contributions at the rate [of 2% of the individual's earnable
compensation while a member of the contributory system after June 30, 1998]
APPLICABLE FOR THE PERIOD OF SERVICE IF THE MEMBER HAD EARNED THE
TRANSFERRED SERVICE CREDIT IN THE NEW SYSTEM, including regular interest
on the contributions at the rate of 5% per year compounded annually; or
2. the Law Enforcement Officers' Pension System
member contributions at the rate of 4% of the individual's earnable compensation
while a member of the contributory system after June 30, 2000, including regular
interest on the contributions at the rate of 5% per year compounded annually.
(2) [The] SUBJECT TO § 414(H) OF THE INTERNAL REVENUE
CODE, THE contributory system shall refund the individual's accumulated
contributions in excess of the amount determined under paragraph (1) of this
subsection on request.
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