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§ 23-402. Early service retirement

West's Annotated Code of MarylandState Personnel and PensionsEffective: June 1, 2011

West's Annotated Code of Maryland
State Personnel and Pensions (Refs & Annos)
Division II. Pensions [Titles 20-34] (Refs & Annos)
Title 23. Employees' and Teachers' Pension Systems
Subtitle 4. Service Retirement Benefits (Refs & Annos)
Effective: June 1, 2011
MD Code, State Personnel and Pensions, § 23-402
§ 23-402. Early service retirement
Currentness
In general
(a) Except as provided in subsection (b) of this section, a member may retire with an early service retirement allowance if:
(1) the member completes and submits a written application to the Board of Trustees stating the date when the member desires to retire; and
(2) on or before the date of retirement, the member:
(i) has at least 15 years but less than 30 years of eligibility service; and
(ii) is at least 55 but less than 62 years old.
Members beginning membership on or after July 1, 2011
(b) A member who begins membership on or after July 1, 2011, may retire with an early service retirement allowance if:
(1) the member completes and submits a written application to the Board of Trustees stating the date when the member desires to retire; and
(2) on or before the date of retirement, the member:
(i) has at least 15 years of eligibility service; and
(ii) is at least 60 but less than 65 years old.
Computation of early service retirement allowance
(c)(1) Except as provided in paragraph (2) of this subsection, on retirement under this section, a member is entitled to receive an early service retirement allowance that equals the normal service retirement allowance under § 23-401 of this subtitle, reduced by 0.5% for each month that the member's early retirement date precedes the date the member will be 62 years old.
(2) On retirement under this section, a member who begins membership on or after July 1, 2011, is entitled to receive an early service retirement allowance that equals the normal service retirement allowance to which the member would otherwise be entitled under § 23-401 of this subtitle, reduced by 0.5% for each month that the member's early retirement date precedes the date the member will be 65 years old.

Credits

Added by Acts 1994, c. 6, § 2, eff. Oct. 1, 1994. Amended by Acts 1998, c. 530, § 2, eff. July 1, 1998; Acts 2011, c. 397, § 1, eff. June 1, 2011.
Formerly Art. 73B, §§ 4-402, 5-402.
MD Code, State Personnel and Pensions, § 23-402, MD ST PERS & PENS § 23-402
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.
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