Section 29-302 - Vested allowances for members of retirement systems. - Maryland Statutes

§ 29-302. Vested allowances for members of retirement systems.
 

(a)  Scope of section.- This section applies only to members of: 

(1) the Correctional Officers' Retirement System; 

(2) the Employees' Retirement System; 

(3) the State Police Retirement System; and 

(4) the Teachers' Retirement System. 

(b)  Conditions to receive vested allowance.-  

(1) A member may elect to receive a vested allowance if: 

(i) the member is separated from employment other than by death or retirement; and 

(ii) subject to paragraph (2) of this subsection, the member has at least 5 years of eligibility service. 

(2) A former member of the State Police Retirement System who separated from employment on or before June 30, 1989, must have at least 15 years of eligibility service to elect a vested allowance. 

(3) A member is deemed to have elected a vested allowance, unless the member requests the return of the accumulated contributions before membership ends. 

(c)  Time of payment.- A vested allowance is a deferred allowance starting at: 

(1) normal retirement age for members of: 

(i) the Employees' Retirement System; 

(ii) the State Police Retirement System; and 

(iii) the Teachers' Retirement System; 

(2) age 55 for a member of the Correctional Officers' Retirement System who is: 

(i) a correctional officer in the first six job classifications; 

(ii) a detention center officer employed by a participating governmental unit who has elected to participate in the Correctional Officers' Retirement System; 

(iii) an individual serving as a correctional dietary, maintenance, laundry, or supply officer; or 

(iv) an individual serving as a Maryland Correctional Enterprises officer, officer trainee, plant supervisor, plant manager, or regional manager; or 

(3) age 60 for a member of the Correctional Officers' Retirement System who is a maximum security attendant at the Clifton T. Perkins Hospital Center. 

(d)  Computation; method of payment.- A vested allowance: 

(1) is computed as a normal service retirement allowance on the basis of the former member's creditable service and average final compensation at the time of separation from employment; and 

(2) may be paid in one of the optional forms of allowances under § 21-403 of this article. 

(e)  Unused sick leave.- If a member separated from employment on or before June 30, 1990, unused sick leave reported by the member's employer at the time of separation from employment is creditable service for computing the vested allowance. 

(f)  Return of contributions.-  

(1) If a former member who elected a vested allowance requests the return of accumulated contributions before payment of the vested allowance begins, the Board of Trustees shall return the accumulated contributions to the former member. 

(2) When accumulated contributions are returned to a former member, the former member is not entitled to further benefits on account of the former member's previous membership. 
 

[An. Code 1957, art. 73B, §§ 2-418, 3-415, 6-412, 7-411; 1994, ch. 6, § 2; 2007, ch. 334, § 1; 2008, chs. 408, 409.]