Section 28-401 - Service retirement. - Maryland Statutes

§ 28-401. Service retirement.
 

(a)  Age and service requirement.-  

(1) Subject to paragraphs (2) and (3) of this subsection, a member may retire with a normal service retirement allowance if, on or before the date of retirement, the member: 

(i) has at least 25 years of eligibility service; 

(ii) is at least 62 years old; or 

(iii) is at least 60 years old and has transferred to the Local Fire and Police System from the Employees' Retirement System. 

(2) To retire under this subsection, a member shall complete and submit 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. 

(3) A member may not retire before the first day of the month after employment ends. 

(b)  Computation of normal service retirement allowance - In general.- Except as provided in subsections (c) and (d) of this section, on retirement under this section, a member is entitled to receive a normal service retirement allowance that equals the number of years of the member's creditable service multiplied by: 

(1) 1% of the member's average final compensation that is not in excess of the Social Security integration level; and 

(2) 1.5% of the member's average final compensation that exceeds the Social Security integration level. 

(c)  Computation of normal service retirement allowance - No Social Security contributions.-  

(1) This subsection applies to a member: 

(i) who has not transferred from the Employees' Retirement System; and 

(ii) whose employer does not contribute to Social Security. 

(2) On retirement under this section, a member is entitled to receive a normal service retirement allowance that equals the number of years of the member's creditable service multiplied by 1.5% of the member's average final compensation. 

(d)  Computation of normal service retirement allowance - Transferees from Employees' Retirement System.-  

(1) This subsection applies to a member who has transferred from the Employees' Retirement System. 

(2) On retirement under this section, a member is entitled to receive a normal service retirement allowance that equals: 

(i) 2% of the member's average final compensation multiplied by each year of the member's first 30 years of creditable service; and 

(ii) 1% of the member's average final compensation multiplied by each year of creditable service in excess of 30 years. 
 

[An. Code 1957, art. 73B, § 10-217; 1994, ch. 6, § 2.]