§ 26-401

Maryland § 26-401

• Jurisdiction: Maryland
• Article gsp: State Personnel and Pensions
• Title: 26

Text

(a) (1) Subject to paragraph (2) of this subsection, a member may retire with a normal service retirement allowance if:

(i) on or before the date of retirement, the member:

1. has at least 25 years of eligibility service; or

2. is at least 50 years old; and

(ii) the member completes and submits a written application to the Board of Trustees on the form that the Board of Trustees provides stating the date when the member desires to retire.

(2) A member may not retire before the first day of the month after employment ends.

(b) (1) Except as provided in paragraphs (2), (3), and (4) of this subsection, on retirement under this section, a member is entitled to receive a normal service retirement allowance that equals the number of years of the member’s creditable service multiplied by 2% of the member’s average final compensation.

(2) A member’s normal service retirement allowance under paragraph (1) of this subsection may not exceed 65% of the member’s average final compensation.

(3) (i) This paragraph applies only to a member who is not subject to the Law Enforcement Officers’ Modified Pension Benefit under Subtitle 2, Part II of this title.

(ii) Except as provided in paragraph (4) of this subsection, on retirement under this paragraph, the member is entitled to receive a normal service retirement allowance that equals:

1. 2.3% of the member’s average final compensation multiplied by each year of the member’s first 30 years of creditable service; and

2. 1% of the member’s average final compensation multiplied by each year of creditable service in excess of 30 years.

(4) Subject to paragraph (2) of this subsection, on retirement under this section, if a member’s annuity is greater than the member’s normal service retirement allowance calculated under paragraph (1) or (3) of this subsection, the member’s normal service retirement allowance shall equal the member’s annuity.