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

MD State Pers & Pens Code § 29-303.1 (2019) (N/A)
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(a)    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)    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.

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