Section 23-308.2 - Purchase of service credit by members of Teachers' Retirement System or Teachers' Pension System. - Maryland Statutes

§ 23-308.2. Purchase of service credit by members of Teachers' Retirement System or Teachers' Pension System.
 

(a)  Purchase authorized.- For periods of employment as a member of the Teachers' Retirement System or the Teachers' Pension System for which the member is not otherwise entitled to service credit, a member of the Teachers' Pension System may purchase credit for eligibility service as provided in this section. 

(b)  Limitation.- The total amount of service credit in the Teachers' Retirement System or Teachers' Pension System that a member may purchase under this section and § 23-308 of this subtitle may not exceed 10 years. 

(c)  Optional retirement program.- A member who purchases service credit under this section may not purchase service credit for any period of employment during which the member participated in the optional retirement program. 

(d)  Requirements.- To purchase service credit under this section, a member must: 

(1) complete a claim for the service credit and file it with the Board of Trustees on the form that the Board of Trustees provides; and 

(2) pay to the Board of Trustees an amount equal to one-half of the annuity reserve and one-half of the pension reserve required to fund the additional allowance. 
 

[2001, ch. 577.]