Section 29-303.1 - Vested allowances for members of retirement systems - Lump-sum payment. - Maryland Statutes

§ 29-303.1. Vested allowances for members of retirement systems - Lump-sum payment.
 

(a)  Applicability.- This section applies only to an individual who: 

(1) is a former member of: 

(i) the Employees' Pension System; or 

(ii) the Teachers' Pension System; 

(2) is eligible to receive a vested allowance under § 29-303 of this subtitle; and 

(3) has not elected to receive a benefit under § 29-303 of this subtitle. 

(b)  Lump-sum payment.- Notwithstanding § 29-303 of this subtitle, an individual under subsection (a) of this section may elect a lump-sum payment equal to the present value of the vested allowance if: 

(1) the vested allowance is less than $50 a month; 

(2) (i) the individual is not a member of the Optional Retirement Program and has terminated any employment with a participating employer for the State; or 

(ii) the individual is a member of the Optional Retirement Program and has terminated employment with an employing institution as defined in § 30-101(e) of this article; and 

(3) the individual requests a lump-sum payment of the vested allowance on a form provided by the State Retirement Agency. 
 

[2003, ch. 229; 2004, ch. 25, § 6.]