Maryland Code, STATE PERSONNEL AND PENSIONS 26-307
Terms Used In Maryland Code, STATE PERSONNEL AND PENSIONS 26-307
- 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.
(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.