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S.B. 668
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2007 Vetoed Bills and Messages
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(b) Except as provided in subsection (m) of this section, an individual who is
receiving a service retirement allowance or vested allowance may accept employment
with a participating employer on a permanent, temporary, or contractual basis, if:
(1) the individual immediately notifies the Board of Trustees of the
individual's intention to accept this employment; and
(2) the individual specifies the compensation to be received.
(c) (1) The Board of Trustees shall reduce the allowance of an individual
who accepts employment as provided under subsection (b) of this section if:
(i) the individual's current employer is a participating employer
other than the State and is the same participating employer that employed the
individual at the time of the individual's last separation from employment with a
participating employer before the individual commenced receiving a service retirement
allowance or vested allowance;
(ii) the individual's current employer is any unit of State
government and the individual's employer at the time of the individual's last
separation from employment with the State before the individual commenced
receiving a service retirement allowance or vested allowance was also a unit of State
government; or
(iii) the individual becomes reemployed within 12 months of
receiving an early service retirement allowance under § 22-402 of this subtitle.
(2) The reduction required under paragraph (1) of this subsection shall
equal:
(i) the amount by which the sum of the individual's initial
annual basic allowance and the individual's annual compensation exceeds the average
final compensation used to compute the basic allowance; or
(ii) for a retiree who retired under the Workforce Reduction Act
(Chapter 353 of the Acts of 1996), the amount by which the sum of the retiree's annual
compensation and the retiree's annual basic allowance at the time of retirement,
including the incentive provided by the Workforce Reduction Act, exceeds the average
final compensation used to compute the basic allowance.
(3) A reduction of an early service retirement allowance under
paragraph (1)(iii) of this subsection shall be applied only until the individual has
received an allowance for 12 months.
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- 4410 -
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