Maryland Code, STATE PERSONNEL AND PENSIONS 37-206
Terms Used In Maryland Code, STATE PERSONNEL AND PENSIONS 37-206
(i) the member’s accumulated contributions, if not previously withdrawn, shall be transferred to the new system; and
(ii) all the employer contributions on behalf of the member and interest on those contributions shall be transferred to the new system.
(2) Unless the administrative board of the previous system or of the new system requests an actuarial valuation, the employer contributions transferred under this subsection shall be equal to the member’s accumulated contributions.
(3) If the administrative board of either system requests an actuarial valuation, the cost of that valuation shall be shared equally by the previous system and the new system.
(b) If the rate of contribution for an individual who transfers on or after July 1, 1994, to a new system under this section is altered because of the transfer:
(1) the previous system shall refund to the individual any excess member contributions; and
(2) the individual shall pay to the new system any shortage of member contributions.