§ 29-302.1. 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' 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) Lump-sum payment. -- 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.

HISTORY: 2003, ch. 229.