Section 23-401 - Normal service retirement(a) Except as provided in subsection (f) of this section, a member may retire with a normal service retirement allowance if:(1) the member completes and submits a written application to the Board of Trustees stating the date when the member desires to retire; and(2) on or before the date of retirement, the member:(i) has at least 30 years of eligibility service;(ii) has a combined total of at least 30 years of eligibility service from the Employees' Pension System, the Teachers' Pension System, the Employees' Retirement System, or the Teachers' Retirement System; or(iii) has attained the age and the years of eligibility service as follows: Age | | Years of Eligibility Service |
62 | with | 5 |
63 | with | 4 |
64 | with | 3 |
65 | or more with | 2 |
(b) Except as provided in subsections (c), (d), (e), (f), and (g) of this section, on retirement under this section, a member is entitled to receive a normal service retirement allowance that equals the number of years of the member's creditable service multiplied by: (1) 0.8% of the member's average final compensation that is not in excess of the Social Security integration level; and(2) 1.5% of the member's average final compensation that exceeds the Social Security integration level.(c) Except as provided in subsections (e) and (g) of this section, on retirement under this section, a member who is subject to the contributory pension benefit under Subtitle 2, Part II of this title is entitled to receive a normal service retirement allowance that equals the sum of: (1) the number of years of the member's creditable service on or after July 1, 1998 multiplied by 1.4% of the member's average final compensation; and(2) the greater of:(i) the number of years of the member's creditable service on or before June 30, 1998 multiplied by 1.2% of the member's average final compensation; or(ii) the number of years of the member's creditable service on or before June 30, 1998 multiplied by: 1. 0.8% of the member's average final compensation that is not in excess of the Social Security integration level; and2. 1.5% of the member's average final compensation that exceeds the Social Security integration level.(d) Except as provided in subsections (e) and (g) of this section, a member who is subject to the Alternate Contributory Pension Selection under Subtitle 2, Part III of this title is entitled to receive a normal service retirement allowance that equals the sum of: (1) the greater of: (i) the number of years of the member's creditable service on or before June 30, 1998 multiplied by 1.2% of the member's average final compensation; or(ii) the number of years of the member's creditable service on or before June 30, 1998 multiplied by: 1. 0.8% of the member's average final compensation that is not in excess of the Social Security integration level; and2. 1.5% of the member's average final compensation that exceeds the Social Security integration level; and(2) the number of years of the member's creditable service on or after July 1, 1998 multiplied by 1.8% of the member's average final compensation.(e)(1) This subsection applies only to a member who has a combined total of 30 years of eligibility service as provided in subsection (a)(2)(ii) of this section.(2) A member is entitled to receive a normal service retirement allowance that equals:(i) an allowance based on the creditable service the member earned in the Employees' Pension System;(ii) an allowance based on the creditable service the member earned in the Employees' Retirement System;(iii) an allowance based on the creditable service the member earned in the Teachers' Pension System; plus(iv) an allowance based on the creditable service the member earned in the Teachers' Retirement System.(f)(1) A member who begins membership on or after July 1, 2011, may retire with a normal service retirement allowance if:(i) the member completes and submits a written application to the Board of Trustees stating the date when the member desires to retire; and(ii) on or before the date of retirement, the member:1. has at least 90 years of combined age and years of eligibility service; or2. is at least 65 years old and has at least 10 years of eligibility service.(2) Except as provided in subsection (g) of this section, a member who is subject to the reformed contributory pension benefit under Subtitle 2, Part IV of this title is entitled to receive a normal service retirement that equals the number of years of the member's creditable service multiplied by 1.5% of the member's average final compensation.(g) On retirement under this section, if a member's annuity is greater than the member's normal service retirement allowance calculated under this section, the member's normal service retirement allowance shall equal the member's annuity.Amended by 2020 Md. Laws, Ch. 388, Sec. 1, eff. 7/1/2020.Amended by 2020 Md. Laws, Ch. 387, Sec. 1, eff. 7/1/2020.