§ 24-405. Employment of retirees receiving retirement or vested allowance
West's Annotated Code of MarylandState Personnel and PensionsEffective: July 1, 2020
Effective: July 1, 2020
MD Code, State Personnel and Pensions, § 24-405
§ 24-405. Employment of retirees receiving retirement or vested allowance
(a) Subject to subsection (c) of this section, and except as provided in subsection (d) of this section, an individual who is receiving a service retirement allowance or a vested allowance may accept employment with a participating employer on a permanent, contractual, or temporary basis if the individual immediately notifies the Board of Trustees:
(b) An individual who accepts employment on a permanent or contractual basis is not subject to a reduction to the individual's allowance.
(c)(1)(i) For purposes of this section, employment is not on a temporary basis if, in any 12-month period, an individual works:
(3) The Board of Trustees shall reduce the allowance of an individual who accepts employment on a temporary basis by 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.
Credits
Added by Acts 2019, c. 209, § 1, eff. July 1, 2019. Amended by Acts 2020, c. 381, § 1, eff. July 1, 2020; Acts 2020, c. 382, § 1, eff. July 1, 2020.
MD Code, State Personnel and Pensions, § 24-405, MD ST PERS & PENS § 24-405
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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