Section 25-204 – Regular Interest
(a) Except as provided in subsection (b) of this section, regular interest is payable on member contributions at the rate of 4% a year, compounded annually, until retirement or withdrawal of the accumulated contributions. (b) No further interest shall be paid on member contributions after membership ends if the former member is not eligible to receive a […]
Section 25-403 – Reemployment After Retirement
(a) Except as provided in subsection (h) of this section, an individual who is receiving a service retirement allowance or vested allowance may accept employment with a participating employer on a permanent, temporary, or contractual basis, if the individual immediately notifies the Board of Trustees: (1) of the individual’s intention to accept the employment; and (2) of the […]
Section 25-205 – Termination of Membership
Membership ends if the member: (1) is separated from employment for more than 4 years; (2) withdraws the member’s accumulated contributions; (3) becomes a retiree; or (4) dies.
Section 25-404 – Other Benefits
A member may be entitled to benefits under Title 29 of this article other than, or in addition to, the benefits provided under this subtitle.
Section 25-206 – Transfer of Employer Contributions From Local Pension System
(a) For members who transfer from a local pension system, the local pension system shall transfer to the Board of Trustees the employer contributions that were made to the local pension system on behalf of those members who transferred, plus the interest earned on those contributions through the date of transfer. (b) The Board of Trustees shall […]
Section 25-207 – Transfer of Members Between Systems — Correctional Officers’ Retirement System
If an individual was a member of any one of the several systems on June 30, 2011, and without incurring a break in employment of more than 30 days, becomes a member of the Correctional Officers’ Retirement System on or after July 1, 2011, the individual: (1) shall be considered to be a new member of […]
Section 25-301 – In General
A member is entitled to: (1) eligibility service as provided in §§ 25-303 through 25-306 of this subtitle; and (2) creditable service as provided in § 25-307 of this subtitle.
Section 25-302 – Rules for Computation
(a) Subject to subsections (b) and (c) of this section, the Board of Trustees shall adopt regulations that specify the period of employment in a year that is equal to 1 year of service credit. (b) The Board of Trustees may not allow more than 1 year of service credit for a calendar year. (c) A member is […]
Section 25-303 – Eligibility Service — Types
Eligibility service for a member consists of service credit: (1) for employment as a member; (2) regained under § 25-304 of this subtitle by a member who redeposits accumulated contributions previously withdrawn; (3) transferred from a retirement or pension system under Title 37 of this article or Title 31, Subtitle 1 of this article; (4) for military service as […]
Section 25-304 – Eligibility Service — Redeposit of Accumulated Contributions
A member of the Correctional Officers’ Retirement System who previously terminated membership and withdrew accumulated contributions from either the Correctional Officers’ Retirement System, the Employees’ Retirement System, or the Teachers’ Retirement System may receive service credit for the period of employment during the previous membership if the member redeposits in a single payment the withdrawn […]