This section applies only to an individual who: is a former member of: the Employees’ Retirement System; or the Teachers’ Retirement System; is eligible to receive a vested allowance under § 29-302 of this subtitle; and has not elected to receive a benefit under § 29-302 of this subtitle. 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: the vested allowance is less than $50 a month; the individual is not a member of the Optional Retirement Program and has terminated any employment with a participating employer for the State; or 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 the individual requests a lump-sum payment of the vested allowance on a form provided by the State Retirement Agency.