§ 22-401
147 words·~1 min read·
/md/state-personnel-and-pensions/22-401·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
§22–401.
(a)A member may retire with a normal service retirement allowance if:
(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.
(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.