Maryland Code, STATE PERSONNEL AND PENSIONS 26-203.3
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Terms Used In Maryland Code, STATE PERSONNEL AND PENSIONS 26-203.3
- Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
- including: means includes or including by way of illustration and not by way of limitation. See
(a) This section applies to members of the Department of Public Safety and Correctional Services Intelligence and Investigative Division who:
(1) have the powers granted to a police officer under § 10-701 of the Correctional Services Article; and
(2) transfer to the Law Enforcement Officers’ Pension System on or before December 31, 2007.
(b) A member shall deposit in the annuity savings fund of the Law Enforcement Officers’ Pension System contributions at the rate of 4% of the individual’s earnable compensation after July 1, 2000, including regular interest on the contributions at the rate of 5% per year compounded annually.