|
|
|
|
|
|
|
|
|
|
|
|
|
ROBERT L. EHRLICH, JR., Governor H.B. 1500
ENFORCEMENT OFFICERS' PENSION SYSTEM, THE INDIVIDUAL COMPLETES A CLAIM
FOR THE SERVICE CREDIT AND FILES IT WITH THE BOARD OF TRUSTEES ON A FORM
THAT THE ADMINISTRATOR PROVIDES.
(C) A MEMBER SHALL DEPOSIT CONTRIBUTIONS IN THE ANNUITY SAVINGS
FUND OF THE LAW ENFORCEMENT OFFICERS' PENSION SYSTEM AT THE RATE OF 4%
OF THE INDIVIDUAL'S EARNABLE COMPENSATION WHILE THE INDIVIDUAL WAS A
MEMBER OF THE PENSION SYSTEM UNDER § 7-603 OF THE TRANSPORTATION
ARTICLE AFTER JULY 1, 2000, INCLUDING REGULAR INTEREST ON THE
CONTRIBUTIONS AT THE RATE OF 5% PER YEAR COMPOUNDED ANNUALLY.
(D) ON RETIREMENT FROM THE LAW ENFORCEMENT OFFICERS' PENSION
SYSTEM, A MEMBER'S RETIREMENT ALLOWANCE SHALL BE REDUCED BY THE
ACTUARIAL EQUIVALENT OF THE AMOUNT DETERMINED UNDER SUBSECTION (C) OF
THIS SECTION IF THE MEMBER ELECTS NOT TO DEPOSIT THOSE AMOUNTS IN THE
ANNUITY SAVINGS FUND OF THE LAW ENFORCEMENT OFFICERS' PENSION SYSTEM.
(B) BEFORE THE TRANSFER OF A MEMBER TO THE LAW ENFORCEMENT
OFFICERS' PENSION SYSTEM, THE MARYLAND TRANSIT ADMINISTRATION SHALL
PERFORM ALL CALCULATIONS AND COMPILE ALL NECESSARY INFORMATION AND
DOCUMENTATION AS DIRECTED OR REQUIRED BY THE STATE RETIREMENT AND
PENSION SYSTEM FOR THE TRANSFER OF EACH INDIVIDUAL ACCOUNT.
(C) (1) AT LEAST 60 DAYS BEFORE TRANSFERRING TO THE LAW
ENFORCEMENT OFFICERS' PENSION SYSTEM, A MEMBER OF THE MARYLAND
TRANSIT ADMINISTRATION POLICE FORCE MAY ELECT TO PAY ALL OR A PORTION OF
THE MEMBER CONTRIBUTION THAT WOULD HAVE BEEN PAID BY A MEMBER OF THE
LAW ENFORCEMENT OFFICERS' PENSION SYSTEM FOR THE PERIOD OF TIME THE
MEMBER OF THE MARYLAND TRANSIT ADMINISTRATION POLICE FORCE WAS
EMPLOYED WITH THE MARYLAND TRANSIT ADMINISTRATION FROM JULY 1, 2000
THROUGH DECEMBER 31, 2005.
(2) A MEMBER WHO ELECTS TO PAY ALL OR A PORTION OF THE MEMBER
CONTRIBUTIONS UNDER PARAGRAPH (1) OF THIS SUBSECTION, SHALL PAY THE
MARYLAND TRANSIT ADMINISTRATION IN ACCORDANCE WITH SUBSECTION (E)(1) OF
THIS SECTION.
(3) THE MEMBER SHALL COMPLETE AND FILE WITH THE MARYLAND
TRANSIT ADMINISTRATION A FORM STATING THE MEMBER'S INTENT TO PAY ALL OR
A PORTION OF THE MEMBER CONTRIBUTIONS UNDER THIS SUBSECTION.
(4) THE MARYLAND TRANSIT ADMINISTRATION SHALL COORDINATE
AND MANAGE THE MEMBER'S ELECTION TO PAY ALL OR A PORTION OF THE MEMBER
CONTRIBUTIONS UNDER THIS SUBSECTION.
(D) IF A MEMBER ELECTS NOT TO PAY ALL OR A PORTION OF THE MEMBER
CONTRIBUTIONS AS PROVIDED IN SUBSECTION (C) OF THIS SECTION:
(1) THE MARYLAND TRANSIT ADMINISTRATION MAY NOT PAY ANY
AMOUNT OF MEMBER CONTRIBUTIONS DUE FOR PRIOR SERVICE CREDIT FOR THAT
MEMBER TO THE BOARD OF TRUSTEES; AND
- 4483 -
|
|
|
|
|
|
|
|
|
|
|
|
|
|
 |
