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Session Laws, 1960
Volume 641, Page 23   View pdf image (33K)
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J. MILLARD TAWES, GOVERNOR 23

and 1959 Supplement), title "Pensions, " sub-title "In General";
and to repeal and re-enact, with amendments, Section 116 (7) of
Article 77 of said Code, title "Public Education, " sub-title "Chapter
8. Teachers' Certificates, Salaries and Pensions, " sub-heading
"Teachers' Retirement System, " amending the formula applicable
to the payment of supplementary retirement payments to certain
retired State employees and retired public school teachers who are
members, respectively, of the State Employees' Retirement System
and of the Teachers' Retirement System and relating generally
to the amount and payment of such supplementary payments.

SECTION 1. Be it enacted by the General Assembly of Maryland,
That Section 14(7) of Article 73B of the Annotated Code of Mary-
land (1957 Edition and 1959 Supplement), title "Pensions, " sub-title
"In General, " be and it is hereby repealed and re-enacted, with
amendments; and that Section 116(7) of Article 77 of said
Code, title "Public Education, " sub-title "Chapter 8. Teachers'
Certificates, Salaries and Pensions, " sub-heading "Teachers' Retire-
ment System, " be and it is hereby repealed and re-enacted, with
amendments, and both to read as follows:

ARTICLE 73B

14(7) Supplementary payments. —The board of trustees is hereby
authorized and directed, subject to the annual appropriation of the
necessary funds and in addition to those provided in accordance
with and in the same manner as that provided in subsections (1),
(2), (3), (4), (5), and (6), of this section, and subject to the con-
ditions hereinafter provided, to make a supplementary payment to
any beneficiary, or member who may be retired from service in the
future, in addition to the benefits provided in Sec. 11 of this article,
on the following basis:

(a) Which is not less than the rate of the supplementary pay-
ment received by any beneficiary prior to July 1, [1956] 1959, and

(b) Which, when added to the benefits provided pursuant to
Sec. 11 of this article is not less than C$1, 250] $1, 380 per annum;
provided, however, that the said beneficiary, or member who may
be retired from service in the future, is credited with 25 years of
service, and provided that any beneficiary, or member who may be
retired from service in the future, having less than 25 years of
creditable service shall have his supplemental payment reduced in
proportion to the ratio of the number of years of creditable service
divided by 25, and provided that no such reduction shall be made
for any beneficiary or member who may be retired in the future
who was retired for disability, and

(c) Which is computed prorata on the basis of the following
condensed table:

Beneficiaries Receiving

under Sec. 11 of Length of Supplementary
this Article Service Payments

$ 900 25 years [$350] $480

1200 25 years [300] 420

1500 25 years [250] 860

1800 25 years [200] 800


 

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Session Laws, 1960
Volume 641, Page 23   View pdf image (33K)
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