Section 29-407 – Effect of Elections; Exceptions
(a) This section applies only to an allowance received by a former member, retiree, or surviving beneficiary of a deceased member, former member, or retiree of the Employees’ Retirement System or the Teachers’ Retirement System who elected Selection C (Combination formula). (b) Except as provided in subsection (c) or (d) of this section, the Board of Trustees […]
Section 29-408 – Compound Cost-of-Living Adjustment — Two and One-Half/one Percent Rate Cap
(a) This section applies only to an allowance based on creditable service earned on or after July 1, 2011, for a former member, retiree, or surviving beneficiary of a deceased member, former member, or retiree of: (1) the Correctional Officers’ Retirement System; (2) the Employees’ Pension System; (3) the Law Enforcement Officers’ Pension System; (4) the State Police Retirement System; […]
Section 29-409 – Suspension and Resumption of Payments
(a) This section applies only to a retiree of the Employees’ Retirement System or Employees’ Pension System who: (1) retired from the Employees’ Retirement System or Employees’ Pension System on or before June 30, 2009; (2) before retirement was an employee of the Maryland School for the Deaf; and (3) before retirement, as an employee of the Maryland School […]
Section 29-501 – Return of Accumulated Contributions
The Board of Trustees shall pay a member or former member the amount of the member’s or former member’s accumulated contributions if: (1) the member or former member separated from employment for a reason other than death or retirement; and (2) the member or former member requests the payment.
Section 30-101 – Definitions
(a) In this title the following words have the meanings indicated. (b) (1) “Annuity contract” means a fixed or variable annuity contract or combination of fixed or variable annuity contracts authorized under § 403(a) or (b) of the Internal Revenue Code. (2) “Annuity contract” includes a custodial account to be invested in regulated investment company stock as provided in […]
Section 30-201 – Establishment of Program
(a) There is an optional retirement program in which eligible employees may participate. (b) Under the program, annuity contracts offered by a designated company that provide retirement and death benefits may be purchased for participating employees. (c) (1) The Board of Trustees shall administer the program to the extent provided in this title. (2) The State Retirement Agency shall carry […]
Section 30-202 – Powers and Duties of Board of Trustees
(a) The Board of Trustees may designate not more than five companies from which annuity contracts are to be purchased under the program. (b) The Board of Trustees shall approve the form and contents of annuity contracts to be offered by a company that is designated by the Board of Trustees under subsection (a) of this section. […]
Section 29-303.1 – Vested Allowances for Members of Pension Systems — Lump-Sum Payment
(a) This section applies only to an individual who: (1) is a former member of: (i) the Employees’ Pension System; or (ii) the Teachers’ Pension System; (2) is eligible to receive a vested allowance under § 29-303 of this subtitle; and (3) has not elected to receive a benefit under § 29-303 of this subtitle. (b) Notwithstanding § 29-303 of this subtitle, […]
Section 30-203 – Written Plan Document; Regulations
The Board of Trustees shall adopt and maintain a written plan document for the program and may adopt regulations that it deems necessary to carry out this title.
Section 29-304 – Immediate Vesting for Heads of Units of State Government
(a) An individual who is a secretary of a principal department or a head of a department, office, or other unit of the State government serving at the Governor’s pleasure has immediate vesting rights on taking office in the State system in which the individual is a member. (b) An individual who commences employment as the Executive […]