Section 27-304 - Purchase of service credit. - Maryland Statutes

§ 27-304. Purchase of service credit.
 

(a)  In general.- A member may purchase service credit as provided in subsection (b) of this section for periods of service described in subsection (c) of this section for which the member is not otherwise entitled to service credit. 

(b)  Payment for service credit.-  

(1) To purchase service credit under this section, a member must: 

(i) 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 

(ii) pay to the Board of Trustees in a single payment 6% of the amount received in compensation for that full-time service plus regular interest to the date of payment. 

(2) A member may pay for service credit purchased under this section at any time before retirement. 

(c)  Types of service.- A member may purchase service credit for prior service as: 

(1) a full-time master in chancery or master in juvenile causes on or before June 30, 1975; or 

(2) a member of the State Workers' Compensation Commission on or before June 30, 1977. 

(d)  Exclusion from other systems.- Service credit that is purchased under this section may not be used as service credit in another retirement or pension system of the State or a political subdivision of the State. 
 

[An. Code 1957, art. 73B, § 9-105; 1994, ch. 6, § 2.]