§ 23-405. Additional contributions
West's Annotated Code of MarylandState Personnel and Pensions
MD Code, State Personnel and Pensions, § 23-405
§ 23-405. Additional contributions
(a) When a member of the Employees' Retirement System or the Teachers' Retirement System transfers on or before December 31, 2004, to the Employees' Pension System or the Teachers' Pension System, the Board of Trustees shall allocate any amounts transferred from the Annuity Savings Fund as provided in subsections (b) and (c) of this section.
(b)(1) This subsection does not apply to a member's employer pickup contributions.
(2) A member who transfers to a pension system under subsection (a) of this section is eligible to receive within 90 days after the date of transfer a refund of the member contributions described in paragraph (3) of this subsection, plus interest computed as provided in paragraph (5) of this subsection, unless the member elects to have any part of the member contributions described in paragraph (3) of this subsection transferred as additional contributions to the annuity savings fund of the pension system to which the member is transferring.
(c)(1) If a member transfers to a pension system under subsection (a) of this section, the Board of Trustees shall transfer the member's employer pickup contributions for the member's benefit to the annuity savings fund of the pension system to which the member is transferring.
(i) as additional contributions, the part of a member's employer pickup contributions obtained by multiplying the member's total employer pickup contributions as of the date of transfer by the fraction specified in subsection (b)(3) of this section, plus interest computed as provided in paragraph (3) of this subsection; and
(d) On retirement or other withdrawal from service on the basis of which an allowance is payable, the member's additional contributions, including any employer pickup contributions transferred as additional contributions, with interest, shall be paid either in cash or as an additional allowance equal to an annuity that is the actuarial equivalent of that amount, in the same manner as the benefit otherwise payable under the Employees' Pension System or Teachers' Pension System.
Credits
Added by Acts 1994, c. 6, § 2, eff. Oct. 1, 1994. Amended by Acts 2004, c. 532, § 2, eff. Jan. 1, 2005.
Formerly Art. 73B, §§ 4-407, 5-407.
MD Code, State Personnel and Pensions, § 23-405, MD ST PERS & PENS § 23-405
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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