Section 21-404 - Change in designated beneficiary - In general. - Maryland Statutes

§ 21-404. Change in designated beneficiary - In general.
 

(a)  Scope of section.- This section does not apply to the Judges' Retirement System. 

(b)  Procedure.- To change a designated beneficiary, a retiree shall: 

(1) complete the appropriate form that the Board of Trustees provides; and 

(2) file the form with the Board of Trustees. 

(c)  Recomputation of allowance.- Subject to subsection (d) of this section, if a retiree changes a designated beneficiary, the Board of Trustees shall recompute the allowance for the election based on the value of the balance in the retiree's annuity reserve and pension reserve when the change is made. 

(d)  Application of subsection.-  

(1) This subsection applies to a retiree if: 

(i) the retiree elected the optional form of allowance payable under § 21-403(e) (Option 5) or § 21-403(f) (Option 6) of this subtitle; 

(ii) the retiree's designated beneficiary dies before the retiree; and 

(iii) after the death of the designated beneficiary, the retiree elects to change the designated beneficiary. 

(2) The Board of Trustees shall recompute the reduced allowance payable to a retiree and the retiree's new designated beneficiary using: 

(i) the retiree's basic allowance at the time of the new beneficiary designation; 

(ii) the retiree's age at the time of the new beneficiary designation; and 

(iii) the age of the new designated beneficiary. 
 

[An. Code 1957, art. 73B, §§ 2-407, 3-407, 4-409, 5-409, 6-406, 7-407, 8-404, 10-220; 1994, ch. 6, § 2; 2002, ch. 362; 2004, ch. 25, § 6.]