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Ch. 337
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Martin O'Malley, Governor
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(b) (1) Subject to paragraph (2) of this subsection, an individual may
transfer service credit from a noncontributory 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 completes a claim for the service credit
and files it with the Board of Trustees for the State Retirement and Pension System
on a form that the Board of Trustees provides.
(2) The noncontributory system may not refund the individual's
accumulated contributions.
(3) (i) 1. This subparagraph applies only to an individual who
transferred service credit from a noncontributory system to THE STATE ALTERNATE
CONTRIBUTORY EMPLOYEES' PENSION SYSTEM, THE STATE ALTERNATE
CONTRIBUTORY TEACHERS' PENSION SYSTEM, the State Contributory Employees'
Pension System or the State Contributory Teachers' Pension System and earned any
portion of the transferred service credit in a noncontributory system after June 30,
1998.
2. On retirement, the individual's retirement allowance
shall be reduced by the actuarial equivalent of the [accumulated] MEMBER
contributions that would have been deducted during the period after June 30, 1998,
when the individual was a member of the noncontributory system, if the individual
had earned the transferred service credit under the [State Contributory Employees'
Pension System or the State Contributory Teachers' Pension System] NEW SYSTEM,
including regular interest on those contributions at the rate of 5% per year
compounded annually.
(ii) 1. This subparagraph applies only to an individual who
transferred service credit from a noncontributory system to the State Contributory
Law Enforcement Officers' Pension System and earned any portion of the transferred
service credit in a noncontributory system after June 30, 2000.
2. Upon retirement the individual's retirement
allowance shall be reduced by the actuarial equivalent of the [accumulated] MEMBER
contributions that would have been deducted during the period after June 30, 2000,
when the individual was a member of the noncontributory system, if the individual
had earned the transferred service credit under the State Contributory Law
Enforcement Officers' Pension System, including regular interest on those
contributions at the rate of 5% per year compounded annually.
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-2135-
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