§ 29-302.1
171 words·~1 min read·
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§29–302.1.
(a)This section applies only to an individual who:
(1)is a former member of:
(i)the Employees’ Retirement System; or
(ii)the Teachers’ Retirement System;
(2)is eligible to receive a vested allowance under § 29-302 of this subtitle; and
(3)has not elected to receive a benefit under § 29-302 of this subtitle.
(b)Notwithstanding § 29-302 of this subtitle, an individual under subsection
(a)of this section may elect a lump-sum payment equal to the present value of the individual’s vested allowance if:
(1)the vested allowance is less than $50 a month;
(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.