Section 23-402 - Early service retirement. - Maryland Statutes

§ 23-402. Early service retirement.
 

(a)  Age and service requirements.- A member may retire with an early 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 15 years but less than 30 years of eligibility service; and 

(ii) is at least 55 but less than 62 years old. 

(b)  Computation of early service retirement allowance.- On retirement under this section, a member is entitled to receive an early service retirement allowance that equals the normal service retirement allowance under § 23-401 of this subtitle, reduced by 0.5% for each month that the member's early retirement date precedes the date the member will be 62 years old. 
 

[An. Code 1957, art. 73B, §§ 4-402, 5-402; 1994, ch. 6, § 2; 1998, ch. 530, § 2.]