Section 23-212 - Contributions by members. - Maryland Statutes

§ 23-212. Contributions by members.
 

(a)  In general.- Except as otherwise provided in this section, a member's contribution rate is 5% of the part of the member's earnable compensation that exceeds the taxable wage base for each year. 

(b)  Member subject to contributory benefit under Part II.- The contribution rate of a member who is subject to the contributory pension benefit under Part II of this subtitle is 2% of the member's earnable compensation. 

(c)  Member subject to alternate contribution selection under Part III.- The contribution rate of a member who is subject to the Alternate Contributory Pension Selection under Part III of this subtitle is: 

(1) 3% of the member's earnable compensation received from July 1, 2006 to June 30, 2007, both inclusive; 

(2) 4% of the member's earnable compensation received from July 1, 2007 to June 30, 2008, both inclusive; and 

(3) 5% of the member's earnable compensation received on or after July 1, 2008. 
 

[An. Code 1957, art. 73B, §§ 4-202, 5-202; 1994, ch. 6, § 2; 1998, ch. 530, § 2; 1999, ch. 176, § 1; 2006, ch. 110.]