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§ 28-205. Regular interest

West's Annotated Code of MarylandState Personnel and PensionsEffective: July 1, 2014

West's Annotated Code of Maryland
State Personnel and Pensions (Refs & Annos)
Division II. Pensions [Titles 20-34] (Refs & Annos)
Title 28. Local Fire and Police System
Subtitle 2. Membership (Refs & Annos)
Effective: July 1, 2014
MD Code, State Personnel and Pensions, § 28-205
§ 28-205. Regular interest
Currentness
Payment of regular interest
(a) Except as provided in subsection (b) of this section, regular interest is payable on member contributions until retirement or withdrawal of accumulated contributions at the rate of:
(1) 4% a year, compounded annually, for a member who has transferred from the Employees' Retirement System; or
(2) 5% a year, compounded annually, for each other member.
End of membership
(b) No further interest shall be paid on member contributions after membership ends if the former member is not eligible to receive a vested allowance under Title 29, Subtitle 3 of this article.

Credits

Added by Acts 1994, c. 6, § 2, eff. Oct. 1, 1994. Amended by Acts 2014, c. 304, § 2, eff. July 1, 2014.
Formerly Art. 73B, § 10-207.
MD Code, State Personnel and Pensions, § 28-205, MD ST PERS & PENS § 28-205
Current through legislation effective through May 9, 2024, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
End of Document