(a) Except as provided in subsection (b) of this section, regular interest is payable on member contributions at the rate of 4% a year compounded annually, until retirement or withdrawal of the accumulated contributions.
(b) No further interest shall be paid on member contributions after membership ends if the former member is not eligible to receive a vested allowance under Title 29, Subtitle 3 of this article.
Structure Maryland Statutes
Title 22 - Employees' and Teachers' Retirement Systems
Section 22-201 - Membership in the Employees' Retirement System -- Scope
Section 22-202 - Membership in the Employees' Retirement System -- Conditions and Restrictions
Section 22-203 - Membership in the Employees' Retirement System -- Optional Membership
Section 22-205 - Membership in the Teachers' Retirement System -- Scope
Section 22-206 - Membership in the Teachers' Retirement System -- Conditions and Restrictions
Section 22-207 - Membership in the Teachers' Retirement System -- Discretionary
Section 22-208 - Membership in the Teachers' Retirement System -- Determination by Board of Trustees
Section 22-209 - Continuation of Membership -- in General
Section 22-210 - Continuation of Membership -- Officials
Section 22-211 - Continuation of Membership -- Former Officials
Section 22-212 - Transfer of Membership
Section 22-213 - Transfer of Vested Rights
Section 22-214 - Contributions by Members
Section 22-215 - Regular Interest