Md. Code Ann., State Pers. & Pens. § 24-305
Purchase of service credit at member's cost
Effective Jul 1, 2006Added by Acts 1994, c. 6, § 2, eff. Oct. 1, 1994. Amended by Acts 1996, c. 618, § 2, eff. July 1, 1996; Acts 2005, c. 493, § 2, eff. Jan. 1, 2006; Acts 2006, c. 618, § 1, eff. July 1, 2006.State of Maryland
(a) A member may purchase service credit as provided in subsection (b) of this section:
- (1) for a period of employment when the member was on an employer- approved leave of absence not exceeding 2 years that has qualified for purchase under regulations adopted by the Board of Trustees; or
- (2) when membership was mandatory but for which member contributions were not made.
(b)
(1) A member who purchases service credit under this section shall:
- (i) complete a claim for the service credit and file it with the Board of Trustees on the form that the Board of Trustees provides; and
- (ii) pay to the Board of Trustees in a single payment the member contributions the member would have made for the period of employment for which service credit is being purchased plus regular interest to the date of payment.
- (2) A member may pay for service credit purchased under this section at any time before retirement.
Added by Acts 1994, c. 6, § 2, eff. Oct. 1, 1994. Amended by Acts 1996, c. 618, § 2, eff. July 1, 1996; Acts 2005, c. 493, § 2, eff. Jan. 1, 2006; Acts 2006, c. 618, § 1, eff. July 1, 2006.
Formerly Art. 73B, § 6-303.