1. (a) Except as provided in subsection (b) of this section, regular interest is payable on member contributions until retirement or withdrawal of accumulated contributions at the rate of:

   1. (1) 4% a year, compounded annually, for a member who has transferred from the Employees' Retirement System; or
   2. (2) 5% a year, compounded annually, for each other member.
2. (b) No further interest shall be paid on member contributions after membership ends if the former member is not eligible to receive a vested allowance under Title 29, Subtitle 3 of this article.

Added by Acts 1994, c. 6, § 2, eff. Oct. 1, 1994. Amended by Acts 2014, c. 304, § 2, eff. July 1, 2014.

Formerly Art. 73B, § 10-207.