5501
MONTGOMERY COUNTY

amount of the revised pension shall not exceed the
original disability retirement pension plus
cost—of—living increases or an amount which, when added
to the amount earnable by the member, equals the current
earnings of a member similarly classified. For the
purpose of this paragraph, "disability pension" is the
amount of pension payable without election of a pension
payment option.

SECTION V. Section 44 (a), title "Election of
pension payment option", is hereby amended to read as
follows:

(a) Election of pension payment option.

(1)    Normal form of retirement pension — ten
years certain and life thereafter. The member will be
paid a monthly income until death, with payments
continued to the designated beneficiary until a total of
one hundred and twenty monthly payments have been made.
If the designated beneficiary dies before the end of the
ten year certain period, payments will be made to the
contingent beneficiary. If the designated beneficiary
and contingent beneficiary pre—decease the retiree, the
retiree's estate shall be paid the amount of money
representing the balance of the member's contributions
plus interest not already paid to the retiree.

(2)    Cash refund pension option. (available
to members who were members of the Employees' Retirement
System of the State of Maryland on August 15, 1965). If
a member dies before the total pension payments made or
due equal the present value of the pension determined on
the member's retirement date, the difference will be paid
to the member's beneficiary.

(3)    Joint and Survivor pension option. On
or after May 1, 1970, pension payments in an adjusted
amount may be paid during the member's lifetime and, if
at a member's death, the designated beneficiary (spouse
or children only) survives, pension payments in the
amount payable to the member or other amount elected but
not less than ten percent of the amount payable to the
member will be paid for the balance of the beneficiary's
lifetime.

Notwithstanding the previsions of Section 35—15 (b)
or other applicable provisions of the Police Belief and
Retirement Fund of Montgomery County or the Employees'
Retirement System of Montgomery County, a Group D member
who retired before July 1, 1970, may, on an individual
option basis, exercised not later than August 31, 1974,
elect the joint and survivor pension option to be
effective July 1, 1974. The joint and survivor pension