Maryland Code, STATE PERSONNEL AND PENSIONS 22-401
Terms Used In Maryland Code, STATE PERSONNEL AND PENSIONS 22-401
- 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.
(1) on or before the date of retirement, the member:
(i) has at least 30 years of eligibility service; or
(ii) is at least 60 years old; and
(2) the member completes and submits a written application to the Board of Trustees stating the date when the member desires to retire.
(b) (1) Except as provided in paragraph (2) of this subsection, on retirement under this section, a member is entitled to receive a normal service retirement allowance that equals one fifty-fifth of the member’s average final compensation multiplied by the number of years of creditable service.
(2) On retirement under this section, if a member’s annuity is greater than the member’s normal service retirement allowance calculated under paragraph (1) of this subsection, the member’s normal service retirement allowance shall equal the member’s annuity.