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§ 25-306. Purchase of service credit by payment of full cost

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 25. Correctional Officers' Retirement System
Subtitle 3. Service Credit (Refs & Annos)
MD Code, State Personnel and Pensions, § 25-306
§ 25-306. Purchase of service credit by payment of full cost
Currentness
In general
(a) A member may purchase service credit as provided in this section for periods of employment described in subsection (c) of this section for which the member is not otherwise entitled to service credit.
Claim and payment for service credit
(b)(1) A member who purchases service credit under this section shall:
(i) complete a claim for the service credit and file it with the Board of Trustees on the form that the Board of Trustees provides; and
(ii) pay to the Board of Trustees an amount equal to the annuity reserve and pension reserve required to fund the additional allowance.
(2) The member shall pay for service credit purchased under this section in a single payment at retirement.
Restrictions on purchase of service credit
(c) A member may purchase service credit for a period of employment:
(1) not exceeding 10 years for out-of-state public school teaching service;
(2) not exceeding 10 years for public or nonpublic school teaching service;
(3) not exceeding 5 years for postsecondary school teaching service;
(4) not exceeding 10 years for federal service or out-of-state service with a political subdivision; or
(5) as an employee of a political subdivision of this State if the employee is not receiving retirement benefits from a political subdivision of the State for the same period of employment.

Credits

Added by Acts 1994, c. 6, § 2, eff. Oct. 1, 1994. Amended by Acts 1998, c. 21, § 1, eff. April 14, 1998; Acts 2005, c. 493, § 2, eff. Jan. 1, 2006; Acts 2006, c. 618, § 1, eff. July 1, 2006.
Formerly Art. 73B, § 7-305.
MD Code, State Personnel and Pensions, § 25-306, MD ST PERS & PENS § 25-306
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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