§ 29–302.1
Statutes in effect as of October 1, 2026.
Md. Code Ann., State Pers. & Pens. § 29-302.1 (2026)
Title 29. Benefits Other Than Service Retirement Benefits
Subtitle 3. Deferred Vested Benefits
§ 29–302.1LinkCopy Citation
(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.