Section 27-402 - Retirement allowance. - Maryland Statutes

§ 27-402. Retirement allowance.
 

(a)  In general.- Except as provided in subsection (b) of this section and subject to subsections (c) and (d) of this section, on retirement under this subtitle, a retiree is entitled to receive a retirement allowance that equals two-thirds of the salary payable in that fiscal year to a member holding the same level judicial position as that held by the retiree on termination of service. 

(b)  Retirement allowance for masters.-  

(1) This subsection applies only to a retiree who is a master in chancery or juvenile causes at the time of termination of service. 

(2) Subject to subsections (c) and (d) of this section, on retirement under this subtitle, a retiree is entitled to receive a retirement allowance that equals: 

(i) two-thirds of the salary payable at the time of termination of service; or 

(ii) for a retiree who was receiving a retirement allowance as of June 30, 1993, the retirement allowance being received as of that date. 

(3) A retirement allowance computed under paragraph (2) of this subsection shall be increased each fiscal year that circuit court judges receive salary increases, at a rate equal to the average rate of increase of salaries of all circuit court judges for that fiscal year. 

(c)  Reduction for less than 16 years of service.- On retirement under this subtitle by a retiree who has less than 16 years of service credit as a member, the retiree is entitled to a reduced retirement allowance that equals the retirement allowance computed under subsection (a) or (b) of this section multiplied by a fraction that has: 

(1) for its numerator, the number of years of service credit as a member; and 

(2) for its denominator, 16. 

(d)  Exceptions for retirement on disability.-  

(1) This subsection applies to a member or former member who: 

(i) retires on disability; or 

(ii) is deemed to retire on disability under paragraph (3) of this subsection. 

(2) If a member or former member has at least 3 years of service credit as a member, the member or former member is entitled to a retirement allowance that is at least one-third of the member's or former member's salary at retirement. 

(3) A member who dies after submitting an application for disability but before the medical board approves the application is deemed retired on disability. 
 

[An. Code 1957, art. 73B, § 9-105; 1994, ch. 6, § 2; ch. 547.]