Md. Code, State Personnel and Pensions § 29-302.1
This is the official text of Md. Code, State Personnel and Pensions § 29-302.1, part of Maryland’s Code, State Personnel and Pensions — governs state employees and public pensions.
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§29–302.
Official statutory text
§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;
(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.
(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.
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