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

HB 312 allows correctional officers who previously withdrew retirement contributions to regain service credit by redepositing those funds plus interest. Specifically, it expands eligibility to include members who withdrew from the Employees’ Pension System or Teachers’ Pension System (previously only Employees’ Retirement System was covered). To qualify, members must redeposit the withdrawn contributions in a single payment plus regular interest. This change directly affects former correctional officers seeking to restore prior service credit toward retirement benefits. The bill amends Maryland’s Correctional Officers’ Retirement System rules to include these additional pension systems.