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§ 27-203. Regular interest payable on member contributions

West's Annotated Code of MarylandState Personnel and PensionsEffective: July 1, 2023

West's Annotated Code of Maryland
State Personnel and Pensions (Refs & Annos)
Division II. Pensions [Titles 20-34] (Refs & Annos)
Title 27. Judges' Retirement System (Refs & Annos)
Subtitle 2. Membership (Refs & Annos)
Effective: July 1, 2023
MD Code, State Personnel and Pensions, § 27-203
§ 27-203. Regular interest payable on member contributions
Currentness
Rate of regular interest
(a) Except as provided in subsection (b) of this section, regular interest is payable on member contributions at the rate of 4% a year compounded annually, until retirement or withdrawal of the accumulated contributions.
Application of section
(b)(1) This subsection applies only to an individual who becomes a member of the Judges' Retirement System on or after July 1, 2012.
(2) Except as provided in subsection (c) of this section, no further interest shall be paid on member contributions after membership ends if the former member is not eligible to receive a vested allowance under Title 29, Subtitle 3 of this article.
Specified individuals
(c)(1) In this subsection, “active member” means a member who is not separated from employment with the State or a participating employer of one of the several systems.
(2) This subsection applies only to an individual who:
(i) is a former member of the Judges' Retirement System;
(ii) is not eligible to receive a vested allowance from the Judges' Retirement System under Title 29, Subtitle 3 of this article;
(iii) has not withdrawn the individual's member contributions from the Judges' Retirement System; and
(iv) is an active member of one of the several systems.
(3) An individual described in paragraph (2) of this subsection shall receive regular interest at the rate described under subsection (a) of this section on the individual's member contributions in a nonvested account in the Judges' Retirement System while the individual is an active member of one of the several systems.

Credits

Added by Acts 1994, c. 6, § 2, eff. Oct. 1, 1994. Amended by Acts 2015, c. 150, § 1, eff. July 1, 2015; Acts 2023, c. 233, § 1, eff. July 1, 2023; Acts 2023, c. 234, § 1, eff. July 1, 2023.
Formerly Art. 73B, § 9-105.
MD Code, State Personnel and Pensions, § 27-203, MD ST PERS & PENS § 27-203
Current through legislation effective through April 25, 2024, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
End of Document