Section 24-401 - Service retirement [Amendment subject to abrogation]. - Maryland Statutes

§ 24-401. Service retirement [Amendment subject to abrogation].
 

(a)  Age and service requirement - At member's option.- A member may retire with a normal service retirement allowance if: 

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

(i) has at least 22 years of eligibility service; or 

(ii) is at least 50 years old; and 

(2) the member completes and submits a written application to the Board of Trustees, on the form that the Board of Trustees provides, stating the date when the member desires to retire. 

(b)  Age and service requirement - By order of Superintendent.-  

(1) Subject to the approval of the Board of Trustees, the Secretary of State Police may order a member who is at least 50 years old to retire on the first day of the month after the member is notified of the Secretary's order. 

(2) Before approving the Secretary's order, the Board of Trustees shall give the member at least 30 days' notice and an opportunity to be heard. 

(c)  Age and service requirement - Mandatory at age 60.- Except for the Secretary of State Police, a member shall retire with a normal service retirement allowance not later than the first day of the month after the member becomes 60 years old. 

(d)  Normal service retirement allowance.-  

(1) Except as provided in paragraph (2) of this subsection, on retirement under this section, a member is entitled to receive a normal service retirement allowance that equals 2.55% of the member's average final compensation multiplied by each year of the member's years of creditable service. 

(2) A member's normal service retirement allowance may not exceed 71.4% of the member's average final compensation. 

(e)  Annual retirement allowance adjustment.-  

(1) Subject to paragraph (2) of this subsection, a retiree, or a beneficiary of a retiree, who retires on or before June 30, 1999 with a service retirement allowance, shall receive an annual retirement allowance adjustment as of July 1, 1999, as follows: 

(i) for a retiree who has been retired not more than 5 years, $1,200; 

(ii) for a retiree who has been retired more than 5 years but not more than 10 years, $1,500; 

(iii) for a retiree who has been retired more than 10 years but not more than 15 years, $1,800; and 

(iv) for a retiree who has been retired more than 15 years, $2,100. 

(2) Except as provided in paragraph (3) of this subsection, each fiscal year, the Board of Trustees shall increase the adjustment received by the retiree or the beneficiary as of July 1, 1999, by multiplying the adjustment by a fraction that has: 

(i) as its numerator, the Consumer Price Index for the calendar year ending December 31 of the preceding fiscal year; and 

(ii) as its denominator, the Consumer Price Index for the calendar year ending December 31, 1998. 

(3) (i) For fiscal year 2011, if the annual retirement allowance adjustment that is adjusted as provided in paragraph (2) of this subsection is less than the annual retirement allowance adjustment payable for fiscal year 2010, the annual retirement allowance adjustment payable for fiscal year 2011 shall equal the annual retirement allowance adjustment payable for fiscal year 2010. 

(ii) For fiscal year 2012, the annual retirement allowance adjustment that is adjusted as provided in paragraph (2) of this subsection shall be reduced by the difference between the annual retirement allowance adjustment payable for fiscal year 2010 and the annual retirement allowance adjustment that would have been payable for fiscal year 2011 if it had been adjusted under paragraph (2) of this subsection. 
 

[An. Code 1957, art. 73B, § 6-401; 1994, ch. 6, § 2; ch. 165, § 3; ch. 166, § 3; 1995, ch. 3, § 2; 1999, ch. 122, § 1; ch. 123, § 1; 2004, ch. 25, § 6; 2010, chs. 56, 57.]