Section 23-406 - Reduction of allowance when accumulated contributions are not repaid.
§ 23-406. Reduction of allowance when accumulated contributions are not repaid.
(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.
[An. Code 1957, art. 73B, §§ 4-408, 5-408; 1994, ch. 6, § 2.]