Section 21-311 - Annuity savings funds. - Maryland Statutes

§ 21-311. Annuity savings funds.
 

(a)  Credits to annuity savings fund.- The Board of Trustees shall credit to each member's individual account in the annuity savings fund of the appropriate State system: 

(1) the member contributions of the member as provided in this Division II; and 

(2) regular interest on the accumulated contributions of the member as provided in this Division II. 

(b)  Payments from annuity savings fund.- From the annuity savings fund of the appropriate system, the Board of Trustees shall pay the accumulated contributions of a member that, as provided in this Division II: 

(1) are withdrawn by the member; or 

(2) if a member dies, are paid to the member's estate or designated beneficiary. 

(c)  Transfer from annuity savings fund to accumulation fund.- When a member retires or a former member commences to receive a vested allowance, the Board of Trustees shall transfer the member's or former member's accumulated contributions from the annuity savings fund of the appropriate State system to the accumulation fund of that system. 
 

[An. Code 1957, art. 73B, §§ 1-302, 1-303; 1994, ch. 6, § 2.]