Section 30-307 - Effect of participation. - Maryland Statutes

§ 30-307. Effect of participation.
 

(a)  Waiver of certain rights and benefits.- Except as otherwise provided in this section, an election to participate in the program is a waiver of all rights and benefits provided by the retirement or pension system in which the participating employee was a member on the effective date of the election. 

(b)  Rights in retirement or pension system.- For the purpose of determining eligibility for immediate vested rights or benefits in a retirement system or pension system, an eligible employee who is a member of that State system when the employee elects to participate in the program is deemed to have separated from employment on the effective date of the election. 

(c)  Computation of retirement or pension system benefits.- The Board of Trustees may only compute retirement system or pension system benefits on the basis of years of creditable service as a member of that State system. 

(d)  Application of section; withdrawal of contributions.-  

(1) This section applies only to a participating employee whose last employer prior to joining the program was a participating employer that does not participate in the employer pick-up program as defined in § 414(h)(2) of the Internal Revenue Code. 

(2) A participating employee may withdraw any accumulated contributions in the annuity savings fund on or after the effective date of the participating employee's election to join the program. 

(3) If a participating employee withdraws the accumulated contributions, the participating employee forfeits any right to a benefit in the State system from which the accumulated contributions were withdrawn. 

(e)  Ineligibility for participation in retirement or pension system.- A participating employee is ineligible for membership in a retirement system or pension system while the participating employee is employed in any eligible position by any employing institution. 
 

[An. Code 1957, art. 73B, § 11-107; 1994, ch. 6, § 2; ch. 468; 1995, ch. 371; 2003, ch. 229.]