When can a member transfer retirement service credit from another agency?
If an employee participated in another Maryland retirement plan immediately prior to this new enrollment, service credit can be transferred from the previous system if certain criteria are met. While the employee must initiate any transfer, the new employer is in an important position to alert the employee of the transfer criteria. These criteria are: • employment must be continuous which means there is no break in time between the previous employment and the current employment (the Retirement Agency does consider a break of 30 or less days as continuous employment) • employee must request to transfer the service credit within one year of the new employment (transferring within the one year is critical the option to transfer the service credit is lost after one year). The form, which must be filed, depends on whether the previous plan was a SRPS plan. If the previous plan was a SRPS plan, then use a form 37. The employee completes the form 37. Otherwise the form 26 is used, which is co
If an employee participated in another Maryland retirement plan immediately prior to this new enrollment, service credit can be transferred from the previous system if certain criteria are met. While the employee must initiate any transfer, the new employer is in an important position to alert the employee of the transfer criteria. These criteria are: • employment must be continuous which means there is no break in time between the previous employment and the current employment (the Retirement Agency does consider a break of 30 or less days as continuous employment) • employee must request to transfer the service credit within one year of the new employment (transferring within the one year is critical the option to transfer the service credit is lost after one year). The form, which must be filed, depends on whether the previous plan was a SRPS plan. If the previous plan was a SRPS plan, then use a form 37. The employee completes the form 37. Otherwise the form 26 is used, which is co
Related Questions
- As a part of the RIP, can an agency pay to convert service credit earned under the South Carolina Retirement Systems (SCRS) to service credit in the Police Officers Retirement Systems (PORS)?
- Can I rollover or transfer from another retirement plan to another retirement account to purchase service credit in OPERS?
- When can a member transfer retirement service credit from another agency?
