Section 20-204 - Average final compensation - Retirement systems. - Maryland Statutes

§ 20-204. Average final compensation - Retirement systems.
 

(a)  Scope of section.- This section applies only to: 

(1) the Correctional Officers' Retirement System; 

(2) the Employees' Retirement System; 

(3) the State Police Retirement System; or 

(4) the Teachers' Retirement System. 

(b)  In general.- Except as provided in subsection (c) of this section, the average final compensation of a member equals the average annual earnable compensation of the member for: 

(1) the 3 years of employment as a member during which the member's earnable compensation was highest, if the member was employed at least 3 years as a member; or 

(2) the member's total period of employment, if the member was employed less than 3 years as a member. 

(c)  Exceptions.-  

(1) Except for a salary increase because of a member's promotion, the member's average final compensation does not include a salary increase in the last 3 years of employment if it is an extraordinary salary increase according to regulations that the Board of Trustees adopts. 

(2) (i) This paragraph applies only to a member of the State Police Retirement System. 

(ii) If a member of the State Police Retirement System who transferred from another actuarial retirement system in the State retires after less than 3 years of employment as a member of the State Police Retirement System, the earnable compensation as a member in the other system shall be used in the determination of average final compensation. 
 

[An. Code 1957, art. 73B, §§ 2-101, 3-101, 6-101, 7-101; 1994, ch. 6, § 2.]