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H.B. 1500
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VETOES
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(2) ON RETIREMENT FROM THE LAW ENFORCEMENT OFFICERS'
PENSION SYSTEM. THE MEMBER'S RETIREMENT ALLOWANCE SHALL BE REDUCED BY
THE ACTUARIAL EQUIVALENT OF THE MEMBER CONTRIBUTIONS THAT WOULD HAVE
BEEN DEDUCTED IF THE MEMBER HAD EARNED THE SERVICE CREDIT UNDER THE
LAW ENFORCEMENT OFFICERS' PENSION SYSTEM, INCLUDING INTEREST ON THOSE
CONTRIBUTIONS.
(E) (1) IF A MEMBER ELECTS TO PAY FOR ALL OR A PORTION OF THE
MEMBER CONTRIBUTIONS AS PROVIDED IN SUBSECTION (D) OF THIS SECTION. THE
MEMBER SHALL PAY THE MARYLAND TRANSIT ADMINISTRATION 4% OF THE
MEMBER'S MARYLAND TRANSIT ADMINISTRATION ANNUAL SALARY ON FEBRUARY
23, 2005, MULTIPLIED BY 50% OF THE MEMBER'S NUMBER OF YEARS OF SERVICE.
INCLUDING PARTIAL YEARS, FROM JULY 1. 2000 THROUGH JULY 1, 2005.
(2) PAYMENTS MADE UNDER THIS SUBSECTION SHALL BEGIN THE
FIRST PAY PERIOD OF 2006 AND CONTINUE UNTIL THE TOTAL AMOUNT OWED BY THE
MEMBER IS PAID.
(3) THE MARYLAND TRANSIT ADMINISTRATION SHALL ADMINISTER AND
MANAGE THE PAYMENTS AS FOLLOWS:
(I) THE MEMBER SHALL PAY TO THE MARYLAND TRANSIT
ADMINISTRATION. THROUGH PAYROLL DEDUCTIONS. THE SUM OF $30 PER WEEK
UNTIL THE AMOUNT AS CALCULATED BY THE MARYLAND TRANSIT ADMINISTRATION
IS PAID;
(II) THE MEMBER SHALL PAY THE MARYLAND TRANSIT
ADMINISTRATION ANY REMAINING BALANCE DUE AT THE TIME OF SEPARATION
FROM SERVICE WITH THE MARYLAND TRANSIT ADMINISTRATION; AND
(III) ANY AMOUNT REMAINING TO BE PAID BY A MEMBER WHO DIES
WHILE STILL EMPLOYED BY THE MARYLAND TRANSIT ADMINISTRATION SHALL BE
FORGIVEN BY THE MARYLAND TRANSIT ADMINISTRATION.
(4) FOR A MEMBER WHO ELECTS TO PAY A PORTION OF THE MEMBER
CONTRIBUTIONS UNDER THIS SECTION. THE STATE RETIREMENT AND PENSION
SYSTEM SHALL BILL THE MARYLAND TRANSIT ADMINISTRATION, AND THE
MARYLAND TRANSIT ADMINISTRATION SHALL PAY, THE ENTIRE AMOUNT OF
MEMBER CONTRIBUTIONS DUE FOR THE PERIOD OF JULY 1, 2000 THROUGH JULY 1,
2005, INCLUDING INTEREST, NO LATER THAN JANUARY 1, 2006, AS SPECIFIED BY THE
STATE RETIREMENT AND PENSION SYSTEM.
(F) (1) IF A MEMBER PARTICIPATED IN THE MARYLAND TRANSIT
ADMINISTRATION'S SUPPLEMENTAL PENSION PLAN IN ADDITION TO THE MARYLAND
TRANSIT ADMINISTRATION'S PENSION SYSTEM. THE MEMBER'S RETIREMENT
ALLOWANCE SHALL BE REDUCED BY THE SET-OFF AMOUNT THAT WAS FIXED UPON
TERMINATION OF THE SUPPLEMENTAL PENSION PLAN IN DECEMBER 2003.
(2) THE MARYLAND TRANSIT ADMINISTRATION SHALL PROVIDE THE
NAMES AND SET-OFF AMOUNTS FOR ALL MEMBERS TO THE STATE RETIREMENT AND
PENSION SYSTEM AT THE TIME OF RETIREMENT.
- 4484 -
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