Md. Code Ann., State Pers. & Pens. § 26-307
Purchase of service credit to which member is entitled
Effective Jan 1, 2006Added by Acts 1994, c. 6, § 2, eff. Oct. 1, 1994. Amended by Acts 1996, c. 438, § 1, eff. July 1, 1996; Acts 2005, c. 493, § 2, eff. Jan. 1, 2006.State of Maryland
(a)
(1) In the year of retirement, a member may purchase service credit for eligibility service of up to 10 years for periods of employment for which the member:
- (i) would have been entitled to purchase the service credit under the Employees' Pension System; and
- (ii) is not otherwise entitled to service credit under the Law Enforcement Officers' Pension System.
(2) To purchase service credit under this section, a member must:
- (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 an amount equal to the annuity reserve and pension reserve required to fund the additional allowance.
(b)
- (1) A member may purchase credit for eligibility service for previous service in a position described in § 23-204(a) of this article.
- (2) To purchase the service credit, the member must pay, in a single payment, the contributions, with interest, that the Board of Trustees considers appropriate.
Added by Acts 1994, c. 6, § 2, eff. Oct. 1, 1994. Amended by Acts 1996, c. 438, § 1, eff. July 1, 1996; Acts 2005, c. 493, § 2, eff. Jan. 1, 2006.
Formerly Art. 73B, § 8-301.