(a) Generally. The pension fund includes the assets and liabilities of the Retirement Plan for Appointed and Elected Officials, including the obligation to pay the benefits and costs of administering that plan. Accrued benefits under the Retirement Plan for Appointed and Elected Officials shall be paid from the pension fund.
(b) Plan to determine benefits. The provisions of the Retirement Plan for Appointed and Elected Officials as it existed on February 1, 1997 shall continue to apply to determine the benefits of participants and beneficiaries accrued under that plan, except as follows:
(1) those participants may elect to receive their accrued benefits in accordance with the provisions of § 5-3-306(e); and
(2) those participants and beneficiaries shall be subject to the cost-of-living adjustment provisions of § 5-1-406.
(c) Vested benefits. Notwithstanding any other provision of this title:
(1) for a participant who had not accrued a vested benefit under the Retirement Plan for Appointed and Elected Officials, credited service under this plan includes service credited under the Retirement Plan for Appointed and Elected Officials;
(2) for a participant who had accrued a vested benefit and was a vested participant under the Retirement Plan for Appointed and Elected Officials, credited service under this plan includes service credited under the Retirement Plan for Appointed and Elected Officials, except for the purpose of determining the amount of the participant's retirement benefit or disability benefit under this plan; and
(3) the total benefit paid from this plan to a participant who had accrued a vested benefit under the Retirement Plan for Appointed and Elected Officials may not exceed the greater of: (i) 60% of final average basic pay as determined under the Employees' Retirement Plan; or (ii) the benefit that has accrued under the Retirement Plan for Appointed and Elected Officials.
(1985 Code, Art. 7, § 3-105) (Bill No. 90-01)