HARRY HUGHES, Governor

183

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.

(13) NOTWITHSTANDING ANY OTHER PROVISION IN THIS
SUBTITLE, IF A MEMBER OF THIS PENSION SYSTEM HAS BEEN OR IS
APPOINTED OR ELECTED TO ANY STATE OFFICE, OR PROMOTED BY AN
EXPRESS APPOINTMENT BY THE APPOINTING AUTHORITY WITH THE
EXPRESS CONCURRENCE OF THE SECRETARY OF PERSONNEL, TO ANY
POSITION WITHIN THE STATE GOVERNMENT THAT IS NOT A PART OF
THE CLASSIFIED SERVICE AND IS NOT COVERED BY ARTICLE 64A OF
THE CODE, FOR A FIXED OR INDEFINITE TERM AND DOES NOT
CONTINUE IN OFFICE AFTER SERVING IN THAT POSITION FOR A
PERIOD OF 1 YEAR, REAPPOINTED OR REELECTED, AND IF THE
TERMINATION OF EMPLOYMENT IS INVOLUNTARY AS DETERMINED BY
THE SECRETARY OF PERSONNEL, AFTER HE HAS COMPLETED 16 YEARS
OF CREDITABLE SERVICE, REGARDLESS OF AGE, THE MEMBER INSTEAD
OF WITHDRAWING HIS ACCUMULATED CONTRIBUTIONS, MAY ELECT TO
BE PAID AN UNREDUCED SERVICE ALLOWANCE. IF A MEMBER OF THIS
PENSION SYSTEM, VACATES HIS POSITION BECAUSE OF THE
TERMINATION OF HIS TENURE BY ACT OF THE GENERAL ASSEMBLY
AFTER THE MEMBER HAS 20 YEARS OF CREDITABLE SERVICE,
REGARDLESS OF AGE, HE MAY ELECT TO RECEIVE THE ALLOWANCE FOR
SERVICE RETIREMENT INSTEAD OF WITHDRAWING HIS ACCUMULATED
CONTRIBUTIONS. IF THE BENEFICIARY IS APPOINTED OR ELECTED
TO ANY OFFICE, THE SALARY OR COMPENSATION OF WHICH IS PAID
BY THE STATE, HIS RETIREMENT ALLOWANCE SHALL CEASE, HE MAY