Section 24-307 – Creditable Service
Creditable service on which the allowance of a member is based consists of: (1) eligibility service; and (2) credit for unused sick leave as provided in § 20-206 of this article.
Section 24-401 – Service Retirement
(a) (1) (i) This paragraph applies to an individual who is a member on or before June 30, 2011. (ii) A member may retire with a normal service retirement allowance if: 1. on or before the date of retirement, the member: A. has at least 22 years of eligibility service; or B. is at least 50 years old; and 2. the member completes […]
Section 24-401.1 – Deferred Retirement Option Program
(a) (1) In this section the following words have the meanings indicated. (2) “DROP” means the Deferred Retirement Option Program established under this section. (3) “DROP member” means a member of the State Police Retirement System who: (i) is eligible to participate in the DROP as provided in subsection (c) of this section; and (ii) elects to participate in the DROP […]
Section 24-402 – Retirement After Termination of Membership
(a) This section applies to a former member who: (1) was eligible for a retirement allowance under § 24-401 of this subtitle when the former member’s membership terminated; (2) did not submit a written application under § 24-401 of this subtitle before membership terminated; and (3) has not withdrawn accumulated contributions. (b) (1) A former member described in subsection (a) of […]
Section 24-403 – Survivor Benefits
(a) This section applies only to a retiree who has retired with a service retirement allowance or a disability retirement allowance or a former member who has retired with a deferred vested allowance. (b) On the death of a retiree or former member, the Board of Trustees shall pay 80% of the retiree’s retirement allowance: (1) to the […]
Section 24-405 – Effect of Employment of Individual
(a) Subject to subsection (c) of this section, and except as provided in subsection (d) of this section, an individual who is receiving a service retirement allowance or a vested allowance may accept employment with a participating employer on a permanent, contractual, or temporary basis if the individual immediately notifies the Board of Trustees: (1) of the […]
Section 23-401 – Normal Service Retirement
(a) Except as provided in subsection (f) of this section, a member may retire with a normal service retirement allowance if: (1) the member completes and submits a written application to the Board of Trustees stating the date when the member desires to retire; and (2) on or before the date of retirement, the member: (i) has at least […]
Section 24-206 – 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 23-402 – Early Service Retirement
(a) Except as provided in subsection (b) of this section, a member may retire with an early service retirement allowance if: (1) the member completes and submits a written application to the Board of Trustees stating the date when the member desires to retire; and (2) on or before the date of retirement, the member: (i) has at least […]
Section 24-207 – 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; (4) dies; or (5) elects to participate in the Deferred Retirement Option Program established under § 24-401.1 of this title.