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Ch. 337
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Martin O'Malley, Governor
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3. the accumulated contributions that would have been
deducted during the period the individual was a member of the State system while it
was a noncontributory system if the individual had earned the transferred service
credit under the contributory system, including interest on those contributions.
(2) On retirement from the contributory system, the individual's
retirement allowance shall be reduced by the actuarial equivalent of the amounts
determined under paragraph (1)(ii)2 and 3 of this subsection if the member elects not
to deposit those amounts in the annuity savings fund or other corresponding fund of
the contributory system.
(e) Except as provided in § 37-204 of this subtitle, an individual who
transfers service credit under this title shall receive service credit in the new system
in the amount of service credit accumulated under the previous system.
(f) On verification of the service credit, the previous system may not provide
any benefit for service credit transferred from the previous system to a new system
under this title.
(g) (1) Except as otherwise provided in this subsection, after an individual
transfers service credit to a new system under this title, the individual:
(i) shall pay the rate of contribution applicable to a member of
the new system; and
(ii) is eligible for a pension and annuity as provided under the
new system, determined by taking into account the transferred service credit.
(2) 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.
SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall take effect
July 1, 2007.
Approved by the Governor, May 8, 2007.
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- 2137 -
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