102

LAWS OF MARYLAND

Ch. 23

(III) ELECTED OPTION 2, WITH HIS SPOUSE AS
THE PERSON NOMINATED.

(11)  IF A MEMBER CEASES TO BE AN EMPLOYEE EXCEPT BY
DEATH OR BY RETIREMENT UNDER THIS SUBTITLE, HE SHALL BE PAID
THE AMOUNT OF HIS ACCUMULATED CONTRIBUTIONS.

(12)  (A) INSTEAD OF THE DISABILITY OR SERVICE
ALLOWANCES PAYABLE UNDER THE AFORESAID PROVISIONS, ANY
MEMBER, BEFORE THE FIRST RETIREMENT ALLOWANCE PAYMENT
NORMALLY BECOMES DUE, MAY ELECT A RETIREMENT ALLOWANCE OF
EQUIVALENT ACTUARIAL VALUE IN ONE OF THE OPTIONAL FORMS SET
OUT IN THIS SUBSECTION. THE ELECTION OF THE OPTION SHALL BE
MADE ON THE FORM PROVIDED FOR THAT PURPOSE AND SHALL BE
FILED WITH THE BOARD OF TRUSTEES. IF A MEMBER DIES PRIOR TO
THE EFFECTIVE DATE OF HIS RETIREMENT, THE ELECTION SHALL BE
VOID AND THE BENEFITS PAYABLE ON HIS ACCOUNT SHALL BE THE
SAME AS THOUGH HIS ELECTION HAD NOT BEEN FILED AND HE HAD
DIED IN ACTIVE SERVICE. A MEMBER WHO HAS ELECTED AN
OPTIONAL BENEFIT MAY CHANGE HIS ELECTION BY NOTIFYING THE
BOARD OF TRUSTEES, BUT A CHANGE MAY NOT BE MADE AFTER THE
FIRST PAYMENT OF HIS ALLOWANCE NORMALLY BECOMES DUE.

OPTION 1. IF A MEMBER DIES BEFORE HE HAS RECEIVED IN
PAYMENTS THE PRESENT VALUE OF HIS RETIREMENT ALLOWANCE AS IT
WAS AT THE TIME OF HIS RETIREMENT, THE BALANCE SHALL BE PAID
TO HIS PERSONAL REPRESENTATIVE OR TO THE PERSON HE HAS MOST
RECENTLY NOMINATED BY WRITTEN DESIGNATION ACKNOWLEDGED AND
FILED WITH THE BOARD OF TRUSTEES.

OPTION 2. WHEN A MEMBER DIES, HIS REDUCED RETIREMENT
ALLOWANCE SHALL BE CONTINUED THROUGHOUT THE LIFE OF AND PAID
TO THE PERSON HE HAS NOMINATED BY WRITTEN DESIGNATION
ACKNOWLEDGED AND FILED WITH THE BOARD OF TRUSTEES AT THE
TIME OF HIS RETIREMENT.

OPTION 3. WHEN A MEMBER DIES, ONE-HALF OF HIS REDUCED
RETIREMENT ALLOWANCE SHALL BE CONTINUED THROUGHOUT THE LIFE
OF AND PAID TO THE PERSON HE HAS NOMINATED BY WRITTEN
DESIGNATION ACKNOWLEDGED AND FILED WITH THE BOARD OF
TRUSTEES AT THE TIME OF HIS RETIREMENT.

OPTION 4. SOME OTHER BENEFIT OR BENEFITS SHALL BE
PAID EITHER TO THE MEMBER OR TO THE PERSON OR PERSONS HE HAS
NOMINATED, IF THE OTHER BENEFIT OR BENEFITS TOGETHER WITH
THE REDUCED RETIREMENT ALLOWANCE:

(I)   ARE CERTIFIED BY THE ACTUARY TO BE OF
EQUIVALENT ACTUARIAL VALUE TO HIS RETIREMENT ALLOWANCE; AND

(II)  APPROVED BY THE BOARD OF TRUSTEES.

(B) IF A RETIRED MEMBER ELECTS TO CHANGE HIS
BENEFICIARY, THE ALLOWANCE FOR A SUBSEQUENT ELECTION SHALL
BE COMPUTED ON THE VALUE OF THE BALANCE IN HIS RESERVES AT
THE TIME THE CHANGE IN BENEFICIARY IS MADE.