Maryland Statutes
Subtitle 3 - Deferred Vested Benefits
Section 29-302.1 - Vested Allowances for Members of Retirement Systems -- Lump-Sum Payment

(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;
        (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.

Structure Maryland Statutes