1. (a) This section applies only to an individual who:

   1. (1) is a former member of:

      1. (i) the Employees' Retirement System; or
      2. (ii) the Teachers' Retirement System;
   2. (2) is eligible to receive a vested allowance under § 29-302 of this subtitle; and
   3. (3) has not elected to receive a benefit under § 29-302 of this subtitle.

2. (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. (1) the vested allowance is less than $50 a month;

   2. (2)

      1. (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
      2. (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. (3) the individual requests a lump-sum payment of the vested allowance on a form provided by the State Retirement Agency.

Added by Acts 2003, c. 229, § 1, eff. July 1, 2003.