Home Table of Contents

§ 29-303.1. Lump-sum payments to former members of Employees’ and Teachers’ Pension Systems

West's Annotated Code of MarylandState Personnel and Pensions

West's Annotated Code of Maryland
State Personnel and Pensions (Refs & Annos)
Division II. Pensions [Titles 20-34] (Refs & Annos)
Title 29. Benefits Other than Service Retirement Benefits
Subtitle 3. Deferred Vested Benefits (Refs & Annos)
MD Code, State Personnel and Pensions, § 29-303.1
§ 29-303.1. Lump-sum payments to former members of Employees’ and Teachers’ Pension Systems
Currentness
Application of section
(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.
Lump-sum payments equal to present value of vested allowance
(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.

Credits

Added by Acts 2003, c. 229, § 1, eff. July 1, 2003.
MD Code, State Personnel and Pensions, § 29-303.1, MD ST PERS & PENS § 29-303.1
Current through legislation effective through May 9, 2024, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
End of Document