Subject to paragraphs (2) and (3) of this subsection, a member may retire with a normal service retirement allowance if, on or before the date of retirement, the member: has at least 25 years of eligibility service; is at least 62 years old; or is at least 60 years old and has transferred to the Local Fire and Police System from the Employees’ Retirement System. To retire under this subsection, a member shall complete and submit a written application to the Board of Trustees on the form that the Board of Trustees provides stating the date when the member desires to retire. A member may not retire before the first day of the month after employment ends. Except as provided in subsections (c) and (d) of this section, on retirement under this section, a member is entitled to receive a normal service retirement allowance that equals the number of years of the member’s creditable service multiplied by: 1% of the member’s average final compensation that is not in excess of the Social Security integration level; and 5% of the member’s average final compensation that exceeds the Social Security integration level. This subsection applies to a member: who has not transferred from the Employees’ Retirement System; and whose employer does not contribute to Social Security. On retirement under this section, a member is entitled to receive a normal service retirement allowance that equals the number of years of the member’s creditable service multiplied by 1.5% of the member’s average final compensation. This subsection applies to a member who has transferred from the Employees’ Retirement System. On retirement under this section, a member is entitled to receive a normal service retirement allowance that equals: 2% of the member’s average final compensation multiplied by each year of the member’s first 30 years of creditable service; and 1% of the member’s average final compensation multiplied by each year of creditable service in excess of 30 years.

Except as provided in subsection (g) of this section, an individual who is receiving a service retirement allowance or vested allowance may accept employment with a participating employer on a permanent, temporary, or contractual basis, without any reduction in the allowance, if: the individual immediately notifies the Board of Trustees of the individual’s intention to accept the employment; and the individual specifies the compensation to be received. The Board of Trustees shall reduce the allowance of an individual who accepts employment as provided under subsection (a) of this section if the individual’s current employer is a participating employer other than the State and is the same participating employer that employed the individual at the time of the individual’s last separation from employment with a participating employer before the individual commenced receiving a service retirement allowance or vested allowance. The reduction required under paragraph (1) of this subsection shall equal the amount that the sum of the individual’s initial annual basic allowance and the individual’s annual compensation exceeds the average final compensation used to compute the basic allowance. Except for an individual whose allowance is subject to a reduction as provided under paragraph (1) of this subsection, the reduction of an allowance under this subsection does not apply to: an individual whose average final compensation was less than $25,000 and who is reemployed on a temporary or contractual basis; an individual who is serving in an elected position as an official of a participating governmental unit or as a constitutional officer for a county that is a participating governmental unit; or an individual who has been retired for 5 years, beginning on January 1 after the date the individual retires. An individual who is receiving a service retirement allowance or a vested allowance and who is reemployed by a participating employer may not receive creditable service or eligibility service during the period of reemployment. The individual’s compensation during the period of reemployment may not be subject to the employer pickup provisions of § 21-303 of this article or any reduction or deduction as a member contribution for pension or retirement purposes. The State Retirement Agency shall institute appropriate reporting procedures with the affected payroll systems to ensure compliance with this section. Immediately on the employment of any individual receiving a service retirement allowance or a vested allowance, a participating employer shall notify the State Retirement Agency of the type of employment and the anticipated earnings of the individual. At least once each year, in a format specified by the State Retirement Agency, each participating employer shall provide the State Retirement Agency with a list of all employees included on any payroll of the employer, the Social Security numbers of the employees, and their earnings for that year. An individual who is receiving a service retirement allowance under this title may not be employed by the State or other participating employer on a permanent, temporary, or contractual basis within 45 days of the date the individual retired.

A member may be entitled to benefits under Title 29 of this article other than, or in addition to, the benefits provided under this subtitle.