Section 23-401 - Normal service retirement. - Maryland Statutes

§ 23-401. Normal service retirement.
 

(a)  Age and service requirements.- A member may retire with a normal service retirement allowance if: 

(1) the member completes and submits a written application to the Board of Trustees stating the date when the member desires to retire; and 

(2) on or before the date of retirement, the member: 

(i) has at least 30 years of eligibility service; 

(ii) has a combined total of at least 30 years of eligibility service from the Employees' Pension System, the Teachers' Pension System, the Employees' Retirement System, or the Teachers' Retirement System; or 

(iii) has attained the age and the years of eligibility service as follows: 
 
  
    Age                Years of Eligibility Service
    62        with                   5
    63        with                   4
    64        with                   3
    65    or more with               2

(b)  Computation of normal service retirement allowance.- Except as provided in subsections (c), (d), and (e) of this section, on retirement under this section, a member is entitled to receive a normal service retirement allowance that equals the number of years of the member's creditable service multiplied by: 

(1) 0.8% of the member's average final compensation that is not in excess of the Social Security integration level; and 

(2) 1.5% of the member's average final compensation that exceeds the Social Security integration level. 

(c)  Eligibility for allowance - Contributory pension benefit under Subtitle 2, Part II.- Except as provided in subsection (e) of this section, on retirement under this section, a member who is subject to the contributory pension benefit under Subtitle 2, Part II of this title is entitled to receive a normal service retirement allowance that equals the sum of: 

(1) the number of years of the member's creditable service on or after July 1, 1998 multiplied by 1.4% of the member's average final compensation; and 

(2) the greater of: 

(i) the number of years of the member's creditable service on or before June 30, 1998 multiplied by 1.2% of the member's average final compensation; or 

(ii) the number of years of the member's creditable service on or before June 30, 1998 multiplied by: 

1. 0.8% of the member's average final compensation that is not in excess of the Social Security integration level; and 

2. 1.5% of the member's average final compensation that exceeds the Social Security integration level. 

(d)  Eligibility for allowance - Alternate Contributory Pension Selection under Subtitle 2, Part III.- Except as provided in subsection (e) of this section, a member who is subject to the Alternate Contributory Pension Selection under Subtitle 2, Part III of this title is entitled to receive a normal service retirement allowance that equals the sum of: 

(1) the greater of: 

(i) the number of years of the member's creditable service on or before June 30, 1998 multiplied by 1.2% of the member's average final compensation; or 

(ii) the number of years of the member's creditable service on or before June 30, 1998 multiplied by: 

1. 0.8% of the member's average final compensation that is not in excess of the Social Security integration level; and 

2. 1.5% of the member's average final compensation that exceeds the Social Security integration level; and 

(2) the number of years of the member's creditable service on or after July 1, 1998 multiplied by 1.8% of the member's average final compensation. 

(e)  Eligibility for allowance - 30 years of eligibility service.-  

(1) This subsection applies only to a member who has a combined total of 30 years of eligibility service as provided in subsection (a)(2)(ii) of this section. 

(2) A member is entitled to receive a normal service retirement allowance that equals: 

(i) an allowance based on the creditable service the member earned in the Employees' Pension System; 

(ii) an allowance based on the creditable service the member earned in the Employees' Retirement System; 

(iii) an allowance based on the creditable service the member earned in the Teachers' Pension System; plus 

(iv) an allowance based on the creditable service the member earned in the Teachers' Retirement System. 
 

[An. Code 1957, art. 73B, §§ 4-401, 5-401; 1994, ch. 6, § 2; 1998, ch. 530, § 2; 1999, ch. 34, § 1; ch. 176, § 1; 2002, ch. 310; 2006, ch. 110.]