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§ 29-301. Vested allowance for members of the Judges’ Retirement System

West's Annotated Code of MarylandState Personnel and PensionsEffective: July 1, 2020

West's Annotated Code of Maryland
State Personnel and Pensions (Refs & Annos)
Division II. Pensions [Titles 20-34] (Refs & Annos)
Title 29. Benefits Other than Service Retirement Benefits
Subtitle 3. Deferred Vested Benefits (Refs & Annos)
Effective: July 1, 2020
MD Code, State Personnel and Pensions, § 29-301
§ 29-301. Vested allowance for members of the Judges’ Retirement System
Currentness
Application of section
(a) This section applies only to a member of the Judges' Retirement System who becomes a member on or after July 1, 2012.
Members eligible for vested allowance
(b)(1) A member may elect to receive a vested allowance if:
(i) the member is separated from employment other than by death or retirement; and
(ii) the member has at least 5 years of eligibility service.
(2) A member is deemed to have elected a vested allowance, unless the member requests the return of the accumulated contributions before membership ends.
Vested allowance deferred until age 60
(c) A vested allowance is a deferred allowance starting at age 60.
Computation and payment of vested allowance
(d) A vested allowance:
(1) is computed as a retirement allowance under § 27-402 of this article on the basis of the former member's creditable service at the time of separation from employment; and
(2) may be paid in one of the optional forms of allowances under § 21-403 of this article, if at retirement, the member does not have a spouse or child who is under the age of 26 or is disabled.
Request for return of accumulated contributions
(e)(1) If a former member who elected a vested allowance requests the return of accumulated contributions before payment of the vested allowance begins, the Board of Trustees shall return the accumulated contributions to the former member.
(2) When accumulated contributions are returned to a former member, the former member is not entitled to further benefits on account of the former member's previous membership.

Credits

Added by Acts 2012, c. 485, § 1, eff. July 1, 2012. Amended by Acts 2020, c. 556, § 1, eff. July 1, 2020.
MD Code, State Personnel and Pensions, § 29-301, MD ST PERS & PENS § 29-301
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.
End of Document