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Ch. 500
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2005 LAWS OF MARYLAND
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CHAPTER 500
(Senate Bill 664)
AN ACT concerning
State Retirement and Pension System - Optional Retirement Allowances -
Designated Beneficiaries
FOR the purpose of prohibiting a member of the State Retirement and Pension
System who elects to receive a certain optional form of retirement allowance
from designating certain beneficiaries; repealing a certain optional form of
retirement allowance; providing for the application of this Act; and generally
relating to designated beneficiaries for optional forms of retirement allowances.
BY repealing and reenacting, with amendments,
Article - State Personnel and Pensions
Section 21-402
Annotated Code of Maryland
(2004 Replacement Volume)
BY repealing
Article - State Personnel and Pensions
Section 21-403(g)
Annotated Code of Maryland
(2004 Replacement Volume)
SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That the Laws of Maryland read as follows:
Article - State Personnel and Pensions
21-402.
(a) Each optional form of allowance shall be the actuarial equivalent of the
basic allowance under the State system of a member.
(b) (1) Subject to paragraph (2) of this subsection, for an optional form of
allowance providing for payment to a designated beneficiary for life, the designated
beneficiary must be an individual.
(2) If the designated beneficiary is a minor or an individual with a
disability, the allowance may be paid into a trust for the benefit of the individual.
(C) (1) THIS SUBSECTION APPLIES TO A MEMBER WHO SELECTS AN
OPTIONAL FORM OF ALLOWANCE AS PROVIDED IN § 21-403(B) OR (E) OF THIS
SUBTITLE.
(2) IF A MEMBER DESIGNATES A BENEFICIARY OTHER THAN THE
MEMBER'S SPOUSE OR DEPENDENT DISABLED CHILD AS DEFINED UNDER § 72(M)(7)
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