§ 28-307. Purchase of service credit

MD State Pers & Pens Code § 28-307 (2019) (N/A)
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(a)    (1)    In the year of retirement, a member may purchase service credit for eligibility service of up to 10 years for periods of employment for which the member:

(i)    would have been entitled to purchase service credit under the Employees’ Pension System; and

(ii)    is not otherwise entitled to service credit under the Local Fire and Police System.

(2)    To purchase service credit under this section, a member must:

(i)    complete a claim for the service credit and file it with the Board of Trustees on the form that the Board of Trustees provides; and

(ii)    pay to the Board of Trustees an amount equal to the annuity reserve and pension reserve required to fund the additional allowance.

(b)    (1)    A member may purchase credit for eligibility service for previous service in a position described in § 23-204(a) of this article.

(2)    To purchase the service credit, the member must pay, in a single payment, the contributions, with interest, that the Board of Trustees considers appropriate.