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§ 31-111.5. Town of Sykesville

West's Annotated Code of MarylandState Personnel and PensionsEffective: June 1, 2015

West's Annotated Code of Maryland
State Personnel and Pensions (Refs & Annos)
Division II. Pensions [Titles 20-34] (Refs & Annos)
Title 31. Participating Governmental Units
Subtitle 1. Participation in Employees' Systems (Refs & Annos)
Effective: June 1, 2015
MD Code, State Personnel and Pensions, § 31-111.5
§ 31-111.5. Town of Sykesville
Currentness
Service credit for employees
(a)(1) An individual who is an employee of the Town of Sykesville on the effective date shall receive eligibility service and creditable service in the Employees' Pension System equal to 75% of the individual's period of employment with the Town of Sykesville before the effective date as certified by the Town of Sykesville as of the effective date.
(2)(i) This paragraph applies only to a member of the Employees' Pension System who received eligibility service and creditable service in accordance with paragraph (1) of this subsection.
(ii) The Town of Sykesville may purchase additional service credit for each member so that the member's eligibility service and creditable service for employment with the Town of Sykesville before the effective date of participation is equal to 100% of the member's period of employment with the Town of Sykesville before the effective date of participation.
(iii) Additional service credit purchased under this paragraph shall be credited to an employee on July 1 of the fiscal year in which the additional service credit is purchased.
(iv) The new entrant valuation that is used to determine the employer contribution for the Town of Sykesville shall be adjusted in the fiscal year in which the purchase of service credit is made to reflect any change in liabilities attributable to the Town of Sykesville resulting from a purchase of service credit under this paragraph.
Membership in Employees’ Pension System
(b) If an employee or former employee of the Town of Sykesville becomes a member of the Employees' Pension System at any time after the effective date, the employee may not receive service credit for employment with the Town of Sykesville before the effective date.

Credits

Added by Acts 2009, c. 413, § 1, eff. July 1, 2009. Amended by Acts 2015, c. 195, § 1, eff. June 1, 2015.
MD Code, State Personnel and Pensions, § 31-111.5, MD ST PERS & PENS § 31-111.5
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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