Correctional Officers' Retirement System - Redeposit of Accumulated Contributions - Alterations

SB 239 allows correctional officers who previously withdrew retirement funds to regain service credit by redepositing those funds plus interest. It specifically applies to members who left the Correctional Officers’ Retirement System and took money from either the Employees’ Pension System or Teachers’ Pension System. The bill expands eligibility by adding these two systems to the list of options for redepositing withdrawn contributions to count toward future retirement service. This change modifies Maryland’s retirement law to make it easier for affected officers to accumulate credited service time.