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§ 23-406. Reduction of allowance when accumulated contributions are not repaid

West's Annotated Code of MarylandState Personnel and Pensions

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)
MD Code, State Personnel and Pensions, § 23-406
§ 23-406. Reduction of allowance when accumulated contributions are not repaid
Currentness
Grounds for reduction of allowance
(a) The Board of Trustees shall reduce a member's allowance if the member:
(1) received any accumulated contributions, other than additional contributions, in connection with a prior separation from employment;
(2) is credited with prior eligibility service; and
(3) does not repay, with interest to the date of retirement, the amount received.
Computation of reduction
(b) A reduction under subsection (a) of this section shall equal the actuarial equivalent of the amount, including interest, that is not repaid.

Credits

Added by Acts 1994, c. 6, § 2, eff. Oct. 1, 1994.
Formerly Art. 73B, §§ 4-408, 5-408.
MD Code, State Personnel and Pensions, § 23-406, MD ST PERS & PENS § 23-406
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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