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2007 Laws of Maryland
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Ch. 364
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(b) Except as provided in subsection [(c)] (D) of this section, a member who
is subject to the contributory pension benefit under Subtitle 2, Part II of this title may
purchase credit for eligibility service for the period of employment from July 1, 1998,
through July 1, 2000, by paying to the Board of Trustees:
(1) on or before June 30, 2001, the amount the member would have
been required to contribute for that period of employment; or
(2) on or after July 1, 2001, the amount the member would have been
required to contribute for that period of employment plus regular interest compounded
annually.
(C) EXCEPT AS PROVIDED IN SUBSECTION (D) OF THIS SECTION, A
MEMBER WHO IS SUBJECT TO THE ALTERNATE CONTRIBUTORY PENSION
SELECTION UNDER SUBTITLE 2, PART III OF THIS TITLE MAY PURCHASE
CREDIT FOR ELIGIBILITY SERVICE FOR THE PERIOD OF EMPLOYMENT FROM
JULY 1, 2006, THROUGH JULY 1, 2007, BY PAYING TO THE BOARD OF
TRUSTEES:
(1) ON OR BEFORE JUNE 30, 2008, THE AMOUNT THE MEMBER
WOULD HAVE BEEN REQUIRED TO CONTRIBUTE FOR THAT PERIOD OF
EMPLOYMENT; OR
(2) ON OR AFTER JULY 1, 2008, THE AMOUNT THE MEMBER
WOULD HAVE BEEN REQUIRED TO CONTRIBUTE FOR THAT PERIOD OF
EMPLOYMENT PLUS REGULAR INTEREST COMPOUNDED ANNUALLY.
[(c)] (D) If the member fails to make the payment as provided under
subsection (b) OR (C) of this section, the Board of Trustees shall reduce actuarially the
allowance payable to a former member, retiree, or surviving beneficiary of a deceased
member, former member, or retiree.
SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall take effect
July 1, 2007, contingent on approval on or before July 1, 2007, by the Board of County
Commissioners of Frederick County for the participation of the employees of Frederick
County in the Alternate Contributory Pension Selection of the Employees' Pension
System under Title 23, Subtitle 2, Part III of the State Personnel and Pensions Article.
If the Board of County Commissioners of Frederick County does not approve on or
before July 1, 2007, the participation of the employees of Frederick County in the
Alternate Contributory Pension Selection of the Employees' Pension System, this Act,
with no further action required by the General Assembly, shall be null and void and of
no force and effect. On or before July 15, 2007, the State Retirement Agency shall
verify whether the Board of County Commissioners of Frederick County approved on
or before July 1, 2007, the participation of the employees of Frederick County in the
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