Benefits provided for Correctional Officers Sample Clauses

Benefits provided for Correctional Officers. Normal and discontinued service retirement upon meeting age and service requirements. • Occupational disability benefits upon entry into the System • Disability benefits for non-occupational related injury or illness upon attaining 10 years of creditable service • Occupational death benefits resulting from an injury in actual performance of the job • Non-occupational death benefit coverage after five year of creditable service • Credit for unused sick leave and military service • Service credit for transfer time from a Maryland state or local municipal retirement system • Cost of living adjustments are provided if sufficient excess earnings exist in the Fund • DROP eligibility if hired prior to 7/1/07 • Option not to join pension system at age 55 NORMAL SERVICE RETIREMENT BENEFITS Members hired prior to 7/1/07 are eligible for normal service retirement after the attainment of age 60 with 5 years of creditable service or after 20 years of creditable service regardless of age. Members hired on or after 7/1/07 are eligible for normal service retirement after the attainment of age 67 with 10 years of creditable service or after 25 years of creditable service regardless of age. Members will earn 2.5% of Average Final Compensation (AFC) times the number of years of creditable service up to 20 years plus 2% of AFC times the number of years of creditable service in excess of 20 years plus effective July 1, 2020, 3% of AFC times the number of years of creditable service in excess of 25 years. Members hired prior to 7/1/07 and retiring with less than 20 years of creditable service will earn 1/55th of AFC times the number of years of creditable service if they are age 60 as of 6/30/07 and attain 5 years of creditable service or retire at age 65 with 5 years of creditable service. All other members hired prior to 7/1/07 and retiring with less than 20 years of creditable service will earn 1/55th of AFC times the number of years of creditable service prior to 7/1/07 and 1/70th of AFC times the number of years of creditable service on or after 7/1/07. For members hired prior to 7/1/07, AFC is the rate of annual earnable compensation during the highest 12 consecutive months of service. For members hired on or after 7/1/07, AFC is the rate of annual earnable compensation during the highest 36 consecutive months of service. DEFERRED RETIREMENT OPTION PROGRAM (DROP) A Back DROP is available to Correctional Officers and Deputy Sheriffs under which eligible active members may ...
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Related to Benefits provided for Correctional Officers

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