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Session Laws, 1960
Volume 641, Page 28   View pdf image (33K)
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28 LAWS OF MARYLAND [CH. 14

(1957 Edition), title "Public Education",, sub-title "Teachers1 Re-
tirement System", amending the laws concerning optional allow-
ances and relating generally to the choice of optional allowances by
members of that System and the choice of a death benefit in lieu of a
retirement allowance computed like an optional benefit by the
spouse of a member of that System.

SECTION 1. Be it enacted by the General Assembly of Maryland,
That Section 113 (6) of Article 77 of the Annotated Code of Maryland
(1957 Edition), title "Public Education", sub-title "Teachers' Retire-
ment System", be and it is hereby repealed and re-enacted, with
amendments, to read as follows:

113.

(6) Death benefit. —Upon the receipt of proper proofs of the death
of a member in service, and provided that no benefit is payable under
the provisions of Section 113 (8) (b) of this Article,
there shall be
paid to [his] the member's estate or to such person as he shall have
nominated by written designation duly executed and filed with the
board of trustees:

(a) [His] The member's accumulated contributions [and, if the
member has had one or more years of creditable service in addition
thereto]; and

(b) // the member has one or more years of creditable service,
[An] an amount equal to fifty percentum of [his] the member's
average final compensation.

SEC. 2. And be it further enacted, That Section 113(8) of Article
77 of the Annotated Code of Maryland (1957 Edition), title "Public
Education", sub-title 'Teachers' Retirement System", be and it is
hereby repealed and re-enacted, with amendments, to read as follows:

113.

(8) Optional Allowances. — (a) With the provision that no optional
selection shall be effective in case a beneficiary dies within thirty
days after retirement, and that such a beneficiary shall be considered
as an active member at the time of death, until the first payment on
account of any 'benefit becomes normally due,, any member may elect
to receive his benefit in a retirement allowance payable throughout
life, or he may elect to receive the actuarial equivalent, at that time,
of his retirement allowance in a reduced retirement allowance pay-
able throughout life with the provision that:

Option 1. If he dies before he has received in payments the present
value of his retirement allowance as it was at the time of his retire-
ment, the balance shall be paid to his legal representatives or to such
person as he shall nominate by written designation duly acknowledged
and filed with the board of trustees; or

Option 2. Upon his death, his reduced retirement allowance shall be
continued throughout the life of and paid to such person as he shall
nominate by written designation duly acknowledged and filed with
the board of trustees at the time of his retirement; or

Option 3. Upon his death, one-half of his reduced retirement
allowance shall be continued throughout the life of and paid to such


 

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Session Laws, 1960
Volume 641, Page 28   View pdf image (33K)
 Jump to  
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