Leonardtown, MD – NOTICE IS HEREBY GIVEN that the Commissioners of St. Mary’s County will hold a Public Hearing December 10, 2019, at 9 a.m. in the Chesapeake Building located at 41770 Baldridge Street in Leonardtown, Maryland, to consider Amendment 2019-1 to the Sheriff’s Office Retirement Plan. Citizens are encouraged to attend and participate in the public hearing.

Note that as a result of the evidence and comments made at the public hearing, amendments may be made to the proposed 2019-1 Amendment.

Written comments, questions and suggestions may be submitted on or before Dec. 19, 2019, to:  Commissioners of St. Mary’s County, P.O. Box 653, Leonardtown, MD 20650.

Copies of the proposed 2019-1 Amendment are available in the Department of Human Resources, Potomac Building, 3rd floor, 23115 Leonard Hall Drive, Leonardtown, MD 20650, or it may be viewed here: www.stmarysmd.com.

Any reasonable accommodation for persons with disabilities should be requested by contacting the St. Mary’s County Public Information Officer at (301) 475-4200, 71342.

COMMISSIONERS OF ST. MARY’S COUNTY

By:    Catherine Pratson, Director of Human Resources

AMENDMENT 2019-1 TO THE ST. MARY’S COUNTY SHERIFF’S OFFICE RETIREMENT PLAN
 
First Change – Section 1.05(b) of the Plan is amended to read as follows:  

(b) Actuarial Equivalent. 

(1)  “Actuarial Equivalent” means a form of benefit differing in time, period or manner of payment from a specific benefit provided under the Plan but having the same value when computed based upon the following: 

Pre-Retirement and Post-Retirement: 

RP-2014 Blue Collar adjusted to 2006 mortality table with the MP-2018 mortality improvement scale projected to 2030, blended 80% male and 20% female.

Interest: 4% (7% valuation rate adjusted for 3% COLA)

(2)  The foregoing factors, to the extent applicable, shall be utilized (whether or not there is a specific reference to this definition) whenever in the administration of the Plan a calculation of actuarial equivalence is to be made. 

Second Change  Section 6.02 of the Plan is amended to read as follows:

Section 6.02. Normal and Optional Forms of Benefit. 

The normal form of benefit payment shall be a pension payable monthly for the life of the Participant, beginning with the first day of the month coincident with or next following the Participant’s Normal Retirement Date; provided, however, if a Participant who elects to receive payment in the normal form of benefit payment dies before receiving in payments the value of his Employee Contributions Benefit, determined at the time of his Benefit Commencement Date, the balance of the value of his Employee Contributions Benefit shall be paid to his Beneficiary, or if there is no validly designated Beneficiary, in accordance with Section 7.01. A Participant, subject to the conditions provided in this Section 6.02, may irrevocably elect to receive, in lieu of the normal monthly form of retirement income, one of the following forms: 

(a) Joint and survivor option. 

(1)  The joint and survivor option is a monthly income, payable during the Participant’s lifetime and continuing after the Participant’s death at either 50% or 100% (as elected by the Participant) of the rate to his or her Beneficiary for the remainder of such Beneficiary’s life and which is the Actuarial Equivalent of the normal form of benefit described in this Section 6.02.  

(2)  If the Participant’s Beneficiary dies before the Participant’s Benefit Commencement Date (whether before or after his or her Termination Date), the Participant’s election of the Joint and Survivor Option shall become void. 

(3)  If the Participant’s Beneficiary dies after the Participant’s Benefit Commencement Date, or the Participant becomes divorced from the Beneficiary, but before the death of the Participant, the election shall remain effective and the Participant shall continue to receive the reduced retirement income payable to him or her in accordance with the option. 

(b) Joint and survivor option – with pop up to normal form. 

(1)  The joint and survivor option – with pop up to normal form is a monthly income, payable during the Participant’s lifetime and continuing after the Participant’s death at either 50% or 100% (as elected by the Participant) of the rate to his or her Beneficiary for the remainder of such Beneficiary’s life and which is the Actuarial Equivalent of the normal form of benefit described in this Section 6.02.  

(2)  If the Participant’s Beneficiary dies before the Participant’s Benefit Commencement Date (whether before or after his or her Termination Date), the Participant’s election of the Joint and Survivor Option – with Pop Up to Normal Form shall become void. 

(3)  If the Participant’s Beneficiary dies after the Participant’s Benefit Commencement Date, but before the death of the Participant, the election shall convert to the normal form of benefit payment described in this Section 6.02, payable for the remainder of the Participant’s life.  If the Participant becomes divorced from the Beneficiary, the election shall remain effective; the benefit will not convert to the normal form of benefit payment described in this Section 6.02.  

(c) Lump sum option.  The lump sum option is a Cash-Out of the Participant’s Employee Contributions Benefit in lieu of all other benefits under the Plan, as described in Section 1.07(d). 

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