(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 25 - Correctional Officers' Retirement System
Section 25-201 - Membership in the Correctional Officers' Retirement System -- Scope
Section 25-202 - Membership as a Condition of Employment
Section 25-203 - Contributions by Members
Section 25-203.1 - Transfer From Employees' Pension System or Employees' Retirement System
Section 25-204 - Regular Interest
Section 25-205 - Termination of Membership
Section 25-206 - Transfer of Employer Contributions From Local Pension System
Section 25-207 - Transfer of Members Between Systems -- Correctional Officers' Retirement System