Maryland Code, STATE PERSONNEL AND PENSIONS 26-203.4
Terms Used In Maryland Code, STATE PERSONNEL AND PENSIONS 26-203.4
- 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.
- Probation: A sentencing alternative to imprisonment in which the court releases convicted defendants under supervision as long as certain conditions are observed.
(1) had the powers granted to a peace officer or police officer under the former § 6-106 of the Correctional Services Article; and
(2) transferred to the Law Enforcement Officers’ Pension System on or before December 31, 2015.
(b) A member shall deposit in the annuity savings fund of the Law Enforcement Officers’ Pension System:
(1) contributions at the rates specified under § 26-204 of this subtitle; and
(2) regular interest on the contributions required under item (1) of this subsection at the rate of 5% per year compounded annually.
(c) (1) The Board of Trustees shall transfer a member’s accumulated contributions from the annuity savings fund of the Employees’ Pension System to the annuity savings fund of the Law Enforcement Officers’ Pension System.
(2) The amount a member is required to deposit under subsection (b) of this section shall be reduced by the amount of accumulated contributions transferred under this subsection.