Maryland Code, STATE PERSONNEL AND PENSIONS 29-110
Terms Used In Maryland Code, STATE PERSONNEL AND PENSIONS 29-110
- 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.
- state: means :
(1) a state, possession, territory, or commonwealth of the United States; or
(2) the District of Columbia. See
(b) Except as provided in subsection (c) of this section, an accidental disability retirement allowance equals the lesser of:
(1) the member’s average final compensation; or
(2) the sum of:
(i) an annuity that is the actuarial equivalent of the member’s accumulated contributions at retirement; and
(ii) a pension equal to two-thirds of the member’s average final compensation.
(c) (1) This subsection applies to a member of a State system other than the Law Enforcement Officers’ Pension System who is at least normal retirement age.
(2) An accidental disability retirement allowance equals the greater of:
(i) a normal service retirement allowance; or
(ii) an accidental disability retirement allowance computed in accordance with subsection (b) of this section.
(d) (1) This subsection applies only to a member of the Employees’ Pension System who:
(i) is promoted within the Department of Corrections to a position that no longer is eligible for membership in the Correctional Officers’ Retirement System as provided in § 25-201 of this article;
(ii) elects not to transfer the years of creditable service the individual accrued in the Correctional Officers’ Retirement System to the Employees’ Pension System; and
(iii) is eligible to receive a vested allowance from the Correctional Officers’ Retirement System.
(2) A member may receive an accidental disability retirement allowance under this section if the member:
(i) does not elect to receive a vested allowance from the Correctional Officers’ Retirement System; and
(ii) transfers the member’s accumulated contributions in the Correctional Officers’ Retirement System to the Employees’ Pension System.