- 8 - As previously indicated, petitioner elected to transfer from the Retirement System to the Pension System on October 6, 1989. On the application to transfer, petitioner specifically opted to receive, in a lump sum, the distribution to which he was entitled upon transferring from the Retirement System to the Pension System. As a result of the election to transfer, petitioner received a distribution (the Transfer Refund) from the Retirement System in the amount of $244,151.04. Petitioner received the Transfer Refund in the form of a check dated October 31, 1989, from Maryland State Retirement Systems. Petitioner's Transfer Refund consisted of $16,338.93 in previously taxed contributions made by petitioner during his employment tenure with the State, $1,005.11 of employer "pick-up contributions",9 and $226,807 of earnings in the form of interest. The earnings and "pick-up contributions", which total $227,812.11, constitute the taxable portion of the Transfer Refund. At the time that petitioner transferred from the Retirement System to the Pension System and received the Transfer Refund, he had attained the age of 52. If petitioner had not transferred to the Pension System but had remained a member of the Retirement System, he would have been entitled to retire and receive a 9 See sec. 414(h)(2).Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Next
Last modified: May 25, 2011