§ 37-206

Maryland § 37-206

• Jurisdiction: Maryland
• Article gsp: State Personnel and Pensions
• Title: 37

Text

(a) (1) If a member of a State or local retirement or pension system who is employed by the Maryland-National Capital Park and Planning Commission transfers to another retirement or pension system of Prince George’s County as a result of the transfer of a unit of the Maryland-National Capital Park and Planning Commission police force to the Prince George’s County police department:

(i) the member’s accumulated contributions, if not previously withdrawn, shall be transferred to the new system; and

(ii) all the employer contributions on behalf of the member and interest on those contributions shall be transferred to the new system.

(2) Unless the administrative board of the previous system or of the new system requests an actuarial valuation, the employer contributions transferred under this subsection shall be equal to the member’s accumulated contributions.

(3) If the administrative board of either system requests an actuarial valuation, the cost of that valuation shall be shared equally by the previous system and the new system.

(b) If the rate of contribution for an individual who transfers on or after July 1, 1994, to a new system under this section is altered because of the transfer:

(1) the previous system shall refund to the individual any excess member contributions; and

(2) the individual shall pay to the new system any shortage of member contributions.