Section 21-401 – Election
(a) (1) Subject to paragraph (2) of this subsection, instead of the basic allowance provided under the State system of a member, the member may elect a reduced allowance to be paid as one of the options under § 21–403 of this subtitle. (2) Paragraph (1) of this subsection applies to a member of: (i) the Law Enforcement Officers’ […]
Section 21-402 – Option Requirements
(a) Each optional form of allowance shall be the actuarial equivalent of the basic allowance under the State system of a member. (b) (1) Subject to paragraph (2) of this subsection, for an optional form of allowance providing for payment to a designated beneficiary for life, the designated beneficiary must be an individual. (2) If the designated beneficiary is […]
Section 21-403 – Description of Options
(a) (1) Under Option 1, if a retiree dies before receiving payments equal to the actuarial equivalent present value of the retiree’s basic allowance computed at the time of retirement, the Board of Trustees shall pay the balance as a single payment: (i) to the designated beneficiary; or (ii) if there is no designated beneficiary, to the retiree’s estate. […]
Section 21-404 – Change in Designated Beneficiary — in General
(a) This section does not apply to the Judges’ Retirement System. (b) To change a designated beneficiary, a retiree shall: (1) complete the appropriate form that the Board of Trustees provides; and (2) file the form with the Board of Trustees. (c) Subject to subsections (d) and (e) of this section, if a retiree changes a designated beneficiary, the Board […]
Section 21-405 – Change in Designated Beneficiary — Prohibited for Retirees of Judges’ Retirement System
A retiree of the Judges’ Retirement System who has elected an optional form of an allowance under this subtitle may not change the designated beneficiary.
Section 21-406 – Final Payment
(a) (1) If a designated beneficiary who is receiving payments for life dies on or before the 15th day of a month, the Board of Trustees may not pay any portion of the designated beneficiary’s allowance to the designated beneficiary’s estate for the month in which the death occurs. (2) If a designated beneficiary who is receiving payments […]