Maryland § 24-401

§ 24-401.

    (a)    (1)    (i)    This paragraph applies to an individual who is a member on or before June 30, 2011.

            (ii)    A member may retire with a normal service retirement allowance if:

                1.    on or before the date of retirement, the member:

                A.    has at least 22 years of eligibility service; or

                B.    is at least 50 years old; and

                2.    the member completes and submits a written application to the Board of Trustees, on the form that the Board of Trustees provides, stating the date when the member desires to retire.

        (2)    (i)    This paragraph applies to an individual who becomes a member on or after July 1, 2011.

            (ii)    A member may retire with a normal service retirement allowance if:

                1.    on or before the date of retirement, the member:

                A.    has at least 25 years of eligibility service; or

                B.    is at least 50 years old; and

                2.    the member completes and submits a written application to the Board of Trustees, on the form that the Board of Trustees provides, stating the date when the member desires to retire.

    (b)    (1)    Subject to the approval of the Board of Trustees, the Secretary of State Police may order a member who is at least 50 years old to retire on the first day of the month after the member is notified of the Secretary’s order.

        (2)    Before approving the Secretary’s order, the Board of Trustees shall give the member at least 30 days’ notice and an opportunity to be heard.

    (c)    Except for the Secretary of State Police, a member shall retire with a normal service retirement allowance not later than the first day of the month after the member becomes 60 years old.

    (d)    (1)    Except as provided in paragraphs (2) and (3) of this subsection, on retirement under this section, a member is entitled to receive a normal service retirement allowance that equals 2.55% of the member’s average final compensation multiplied by each year of the member’s years of creditable service.

        (2)    A member’s normal service retirement allowance may not exceed 71.4% of the member’s average final compensation.

        (3)    Subject to paragraph (2) of this subsection, 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.

    (e)    Subject to §§ 29–401, 29–402, and 29–403 of this article, a retiree, or a beneficiary of a retiree, who retires on or before June 30, 1999 with a service retirement allowance, shall receive an annual retirement allowance adjustment as of July 1, 1999, as follows:

        (1)    for a retiree who has been retired not more than 5 years, $1,200;

        (2)    for a retiree who has been retired more than 5 years but not more than 10 years, $1,500;

        (3)    for a retiree who has been retired more than 10 years but not more than 15 years, $1,800; and

        (4)    for a retiree who has been retired more than 15 years, $2,100.