§ 5-1-214. ALLOWANCE FOR SERVICE RETIREMENT.

(a)

(1)

This paragraph applies to members whose normal service retirement age is provided for under § 5-1-213(a)(1) or (c) of this subtitle. Except as provided in subsection (d) of this section, commencing as of July 1, 2007, upon retirement for service on or after the member's normal service retirement age, a Group 3 member who either was a member on December 31, 1960, and elected to make the increased contributions in accordance with § 5-1-253 of this subtitle or became a member on or after January 1, 1961, shall receive a service retirement allowance which shall consist of:

(i)

An annuity which shall be the actuarial equivalent of the member's accumulated contributions at the time of retirement;

(ii)

A pension which, together with the member's annuity, shall provide a total allowance equal to one-fifty-fifth (1/55) of the member's average final compensation multiplied by the number of years of the member's creditable service.

(2)

(i)

This paragraph applies to exempt members, part-time members, and members on pay schedules I, II, III, VI, XI, and XII of the classification and compensation plan who began service before July 1, 2007, provided the member joined the system not more than two (2) years after the member's date of employment as provided in § 5-1-203 of this subtitle. Commencing as of July 1, 2007, upon retirement for service on or after the member's normal service retirement age, a Group 3 member shall receive a service retirement allowance which shall consist of an annuity which shall be the actuarial equivalent of the member's accumulated contributions at the time of retirement and a pension, which shall be calculated as provided in paragraphs (3) and (4) of this subsection and subparagraph (ii) of this paragraph.

(ii)

Subject to paragraph (3) of this subsection, the retiree's total allowance shall be equal to:

1.

One fifty-fifth (1/55) of the member's average final compensation multiplied by the number of years of the member's creditable service earned before July 1, 2007; plus

2.

Except as provided in paragraph (4) of this subsection, one-seventieth (1/70) of the member's average final compensation multiplied by the number of years of the member's creditable service earned on or after July 1, 2007.

(3)

If the member retires after attaining age sixty-five (65) or after thirty (30) years of creditable service, the member's allowance shall be one fifty-fifth (1/55) of the member's average final compensation multiplied by the number of years of the member's creditable service.

(4)

Without regard to the age of retirement, years of creditable service attributable to military service, transfer service and sick leave shall be calculated at the rate of one fifty-fifth (1/55) of the member's average final compensation.

(5)

If, at retirement, said member has been an appointed department head for at least two (2) years, the member shall receive, in lieu of the service allowance set forth above, a service retirement allowance which shall consist of:

(i)

An annuity which shall be the actuarial equivalent of the member's accumulated contributions at the time of retirement;

(ii)

A pension which, together with the member's annuity, shall provide a total allowance equal to one-fortieth (1/40) of the member's average final compensation multiplied by the number of years of the member's creditable service.

(b)

(1)

Except as provided in subparagraph (iii) of this paragraph, for a Group 4 member only, upon retirement for service on or after the member's normal service retirement age, a Group 4 member shall receive a service retirement allowance which shall consist of:

(i)

An annuity which shall be the actuarial equivalent of the member's accumulated contributions at the time of retirement.

(ii)

A pension, which together with the member's annuity, shall provide a total allowance equal to one-fiftieth (1/50) of the member's average final compensation multiplied by the number of years of the member's creditable service not in excess of twenty-five (25) plus one-fifty-fifth (1/55) of the member's average final compensation multiplied by the number of years of the member's creditable service in excess of twenty-five (25).

(iii)

The minimum benefit payable under subparagraphs (i) and (ii) of this paragraph shall be forty-two and one-half (42.5) percent of average final compensation, provided such Group 4 member has at least twenty (20) years of creditable service and has attained the member's normal service retirement age.

(2)

Notwithstanding any other provision of this title, a Group 4 member who is rehired into the position of police officer pursuant to Special Rule 2.14 is not eligible to receive a service retirement allowance under this section based upon increased compensation received by the member in the position to which the member was rehired until the member has completed at least 5 years of creditable service in the rehired position.

(c)

This subsection does not apply to Group 3 members who begin service on or after July 1, 2007. Upon retirement for service before the member's normal service retirement age, a member shall receive an allowance which shall be a service retirement allowance commencing on the date on which the member would have attained the member's normal service retirement age had the member remained in service to said age. Such allowance shall be based on the member's creditable service and average final compensation at date of retirement in accordance with applicable paragraph above. If the member so elects, the allowance may become payable to the member commencing prior to said normal service retirement age and shall in that case be computed as the service retirement allowance payable at said normal service retirement age reduced by five-twelfths (5/12) of one (1) percent for each month by which the member's retirement date precedes the date on which the member would have attained said normal service retirement age.

(d)

(1)

This subsection applies to Group 3 members who begin service on or after July 1, 2007.

(2)

Upon retirement for service on or after the member's normal service retirement age, a Group 3 member shall receive a service retirement allowance which shall consist of:

(i)

An annuity which shall be the actuarial equivalent of the member's accumulated contributions at the time of retirement; and

(ii)

A pension which, together with the member's annuity, shall provide a total allowance equal to one-seventieth (1/70) of the member's average final compensation multiplied by the number of years of the member's creditable service.

(1988 Code, § 23-49) (Bill No. 38-99, § 1, 7-1-1999; Bill No. 32-03, § 1, 7-1-2004; Bill No. 71-03, § 8, 7-1-2004; Bill No. 42-07, § 2, 6-6-2007; Bill No. 47-07, § 2, 7-1-2007)

Editor's note:
  Section 2 of Bill No. 47-07 provides for a cross reference in subsection (a)(1) to § 5-1-213(a)(1) or (b). Because of the renumbering of subsection (b) of § 5-1-213 to subsection (c), this cross reference has been changed to § 5-213(a)(1) and (c).
  Section 4 of Bill No. 48-07 provides that notwithstanding any other provision of law, a current member who is appointed Fire Chief or Chief of Police after May 24, 2007 may opt to receive the service retirement allowance provided for under § 5-1-216 or § 5-1-217 of the Baltimore County Code, 2003, as applicable, rather than the service retirement allowance provided for under § 5-1-214(a) of the Code. A Fire Chief or Chief of Police who chooses to receive the service retirement allowance provided for under § 5-1-216 of § 5-1-217 of the Code, as applicable, is also eligible to participate in the applicable deferred retirement option program provided for under Article 5, Title 1, Subtitle 3 of the Code.