2868                                 LAWS OF MARYLAND                               Ch. 820

election by due notice to the board of trustees, but no
change may be made after the first payment of the allowance
becomes normally due.

(1)  If the member dies before receiving in
payments the present value of his or her retirement
allowance as it was at the time of retirement, the balance
shall be paid to his or her legal representatives or to such
person nominated by the member's written designation duly
acknowledged and filed with the board of trustees; or

(2)  Upon the member's death, the reduced
retirement allowance shall be continued throughout the life
of and paid to such person nominated by written designation
duly acknowledged and filed with the board of trustees at
the time of retirement; or

(3)  Upon the member's death, one half of the
reduced retirement allowance shall be continued throughout
the life of and paid to such person nominated by the
member's written designation duly acknowledged and filed
with the board of trustees at the time of retirement; or

(4)  Some other benefit or benefits shall be paid
either to the member or to such person or persons nominated,
if those other benefit or benefits, together with the
reduced retirement allowance, are certified by the actuary
to be of equivalent actuarial value to the retirement
allowance, and are approved by the board of trustees.

(B) NOTWITHSTANDING THE PROVISIONS OF THIS SUBSECTION
OR ANY OTHER PROVISIONS OF THIS ARTICLE, THE HEIRS OF ANY
MEMBER WHOSE DEATH OCCURRED AFTER JULY 1, 1977 AND BEFORE
JULY 1, 1978 AND WITHIN 30 DAYS OF THE DATE OF RETIREMENT
SHALL BE ELIGIBLE FOR THE BENEFITS WHICH THE HEIRS WOULD
HAVE BEEN ENTITLED TO IF THE DEATH HAD OCCURRED AFTER JULY
1, 1978.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act
shall take effect July 1, 1980.

Approved May 27, 1980.

CHAPTER 821

(Senate Bill 131)

AN ACT concerning

Employee Stock Ownership Plans - Broadened
Ownership Act