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Ch. 493
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2005 LAWS OF MARYLAND
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[(f)] (G) (1) Subject to paragraph (2) of this subsection, under Option 6,
when a retiree dies, the Board of Trustees shall pay 50% of the retiree's reduced
allowance to the designated beneficiary for the designated beneficiary's life.
(2) If the designated beneficiary dies before the retiree, then:
(i) from the date of death of the designated beneficiary, the Board
of Trustees shall pay the retiree the basic allowance; or
(ii) 1. the retiree may designate a new beneficiary in accordance
with § 21-404 of this subtitle; and
2. the Board of Trustees shall pay the retiree an allowance as
provided in § 21-404(d)(2) OF THIS SUBTITLE.
[(g)] (H) Under Option 7, the Board of Trustees shall pay a retiree or, on the
death of a retiree, the designated beneficiary benefits according to a method of
payment requested before the retiree's retirement, if:
(1) the actuary for the Board of Trustees certifies that the method of
payment is the actuarial equivalent of the retiree's basic allowance; and
(2) the Board of Trustees approves the method of payment.
21-406.
(a) (1) [When] IF a designated beneficiary who is receiving payments for
life dies ON OR AFTER THE 1ST DAY OF THE MONTH AND ON OR BEFORE THE 15TH
DAY OF THE A MONTH, THE BOARD OF TRUSTEES MAY NOT PAY ANY PORTION OF THE
DESIGNATED BENEFICIARY'S MONTHLY BENEFIT ALLOWANCE TO THE DESIGNATED
BENEFICIARY'S ESTATE FOR THE MONTH IN WHICH THE DEATH OCCURS.
(2) IF A DESIGNATED BENEFICIARY WHO IS RECEIVING PAYMENTS FOR
LIFE DIES ON OR AFTER THE 16TH DAY OF THE A MONTH, the Board of Trustees shall
pay to the designated beneficiary's estate the [part of the] FULL MONTHLY ENTIRE
allowance due to the designated beneficiary for the month in which the death occurs.
(b) (1) [When] IF a retiree dies ON OR AFTER THE 1ST DAY OF THE MONTH
AN© ON OR BEFORE THE 15TH DAY OF THE A MONTH, THE BOARD OF TRUSTEES MAY
NOT PAY ANY PORTION OF THE RETIREE'S MONTHLY BENEFIT ALLOWANCE TO THE
DESIGNATED BENEFICIARY OR THE RETIREE'S ESTATE FOR THE MONTH IN WHICH
THE DEATH OCCURS.
(2) IF A RETIREE DIES ON OR AFTER THE 16TH DAY OF THE A MONTH,
the Board of Trustees shall pay the [part of the] FULL MONTHLY ENTIRE allowance
due to the retiree for the month in which the death occurs:
(1) (I) to the designated beneficiary; or
(2) (II) if there is no designated beneficiary, to the retiree's estate.
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- 2874 -
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