§ 27-402. Entitlement to retirement allowance
West's Annotated Code of MarylandState Personnel and PensionsEffective: October 1, 2015
Effective: October 1, 2015
MD Code, State Personnel and Pensions, § 27-402
§ 27-402. Entitlement to retirement allowance
(a) Except as provided in subsection (b) of this section and subject to subsections (c) and (d) of this section, on retirement under this subtitle, a retiree is entitled to receive a retirement allowance that equals two-thirds of the salary payable in that fiscal year to a member holding the same level judicial position as that held by the retiree on termination of service.
(b)(1) This subsection applies only to a retiree who is a magistrate in chancery or juvenile causes at the time of termination of service.
(c)(1)(i) This paragraph applies only to an individual who is a member of the Judges' Retirement System on or before June 30, 2012.
(ii) On retirement under this subtitle by a retiree who has at least 5 years but less than 16 years of service credit as a member, the retiree is entitled to a reduced retirement allowance that equals the retirement allowance computed under subsection (a) or (b) of this section multiplied by a fraction that has:
(iii) On retirement under this subtitle by a retiree who is eligible to retire under § 27-401(b)(2)(iv) of this subtitle, the retiree is entitled to a reduced retirement allowance that equals the retirement allowance computed under subsection (a) or (b) of this section multiplied by a fraction that has:
(d)(1) This subsection applies to a member or former member who:
Credits
Added by Acts 1994, c. 6, § 2, eff. Oct. 1, 1994. Amended by Acts 1994, c. 547, § 1, eff. Oct. 1, 1994; Acts 2012, c. 485, § 1, eff. July 1, 2012; Acts 2015, c. 150, § 1, eff. July 1, 2015; Acts 2015, c. 414, § 1, eff. Oct. 1, 2015.
Formerly Art. 73B, § 9-105.
MD Code, State Personnel and Pensions, § 27-402, MD ST PERS & PENS § 27-402
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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