§ 23-406. Reduction of allowance when accumulated contributions are not repaid

Latest version.

   (a) Reduction in allowance required. -- The Board of Trustees shall reduce a member's allowance if the member:

   (1) received any accumulated contributions, other than additional contributions, in connection with a prior separation from employment;

   (2) is credited with prior eligibility service; and

   (3) does not repay, with interest to the date of retirement, the amount received.

(b) Amount of reduction. -- A reduction under subsection (a) of this section shall equal the actuarial equivalent of the amount, including interest, that is not repaid.

HISTORY: An. Code 1957, art. 73B, § 4-408, 5-408; 1994, ch. 6, § 2.

                    
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