§ 20-208. Limitations on benefits and contributions
West's Annotated Code of MarylandState Personnel and Pensions
MD Code, State Personnel and Pensions, § 20-208
§ 20-208. Limitations on benefits and contributions
(a) Notwithstanding any other provision of law, the Board of Trustees may not pay an allowance that exceeds the limit on benefit accruals established from time to time under § 415 of the Internal Revenue Code.
(b) Subject to subsections (c) and (d) of this section, the Agency shall reduce:
(c)(1) The dollar limit on an annual benefit is the amount set forth in § 415(b) of the Internal Revenue Code, as adjusted by the Commissioner of Internal Revenue under § 415(d) of the Internal Revenue Code as of January 1 of each calendar year.
(d)(1) Except as provided in paragraph (2) of this subsection, the Agency shall pay a participant whose allowance was reduced under subsection (b) of this section any postretirement adjustment if payment of the postretirement adjustment does not exceed the dollar limit on benefits.
(e) If an individual participates in any other retirement or pension system that must be aggregated with the State system administered by the Board of Trustees, the individual's annual benefit accrual or annual addition shall first be reduced by the other retirement or pension system to the extent necessary to comply with the requirements of § 415 of the Internal Revenue Code and the regulations adopted thereunder before any reduction is made by the Board of Trustees.
(f)(1) This subsection does not apply to an individual who is a member of a State system on or before June 30, 1999.
Credits
Added by Acts 1999, c. 148, § 1, eff. July 1, 1999. Amended by Acts 2002, c. 375, § 1, eff. May 6, 2002.
MD Code, State Personnel and Pensions, § 20-208, MD ST PERS & PENS § 20-208
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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