Section 23-406 - Reduction of allowance when accumulated contributions are not repaid. - Maryland Statutes

§ 23-406. Reduction of allowance when accumulated contributions are not repaid.
 

(a)  Reduction in allowance required.- The Board of Trustees shall reduce a member's allowance if the member: 

(1) received any accumulated contributions, other than additional contributions, in connection with a prior separation from employment; 

(2) is credited with prior eligibility service; and 

(3) does not repay, with interest to the date of retirement, the amount received. 

(b)  Amount of reduction.- A reduction under subsection (a) of this section shall equal the actuarial equivalent of the amount, including interest, that is not repaid. 
 

[An. Code 1957, art. 73B, §§ 4-408, 5-408; 1994, ch. 6, § 2.]