(III) RECEIVE RETIREMENT BENEFITS ONLY TO THE EXTENT
PROVIDED IN THIS SECTION.

(6) THE BOARD OF TRUSTEES IS NOT REQUIRED TO ESTABLISH AN
INDIVIDUAL DROP ACCOUNT FOR EACH DROP MEMBER

(7) EACH YEAR, THE BOARD OF TRUSTEES SHALL PROVIDE A DROP
MEMBER WITH A WRITTEN ACCOUNTING OF THE DROP MEMBER'S ACCOUNT
BALANCE IN THE DROP.

(I) (1) SUBJECT TO PARAGRAPHS (2), (3), AND (4) OF THIS SUBSECTION, ON
TERMINATION OF A DROP MEMBER'S PARTICIPATION IN THE DROP, THE BOARD OF
TRUSTEES SHALL PAY TO THE DROP MEMBER OR, IF THE DROP MEMBER HAS DIED,
THE DESIGNATED BENEFICIARY OF THE DROP MEMBER, THE AMOUNT ACCRUED IN
THE DROP FOR THE DROP MEMBER UNDER SUBSECTION (H)(2) OF THIS SECTION,
REDUCED BY ANY WITHHOLDING TAXES REMITTED TO THE INTERNAL REVENUE
SERVICE OR OTHER TAXING AUTHORITY, IN A LUMP SUM.

(2) THE DESIGNATED BENEFICIARY OF A DROP MEMBER IS:

(I) THE DROP MEMBER'S SURVIVING SPOUSE;

(II) IF THERE IS NOT A SURVIVING SPOUSE OR IF THE SURVIVING
SPOUSE DIES BEFORE THE YOUNGEST CHILD IS 18 YEARS OLD, EACH CHILD OF THE
DECEASED DROP MEMBER WHO IS UNDER 18 YEARS OLD; OR

(III) IF THERE IS NOT A SURVIVING SPOUSE OR A CHILD WHO IS
UNDER 18 YEARS OLD, THE PERSON NAMED AS A BENEFICIARY IN AN
ACKNOWLEDGED WRITTEN DESIGNATION FILED WITH THE BOARD OF TRUSTEES BY
THE DROP MEMBER

(3) A DROP MEMBER OR DESIGNATED BENEFICIARY OF A DROP MEMBER
MAY DIRECT THE BOARD OF TRUSTEES TO PAY ALL OR A PORTION OF THE AMOUNT
ACCRUED FOR THE DROP MEMBER'S BENEFIT UNDER SUBSECTION (H)(2) OF THIS
SECTION DIRECTLY TO THE CUSTODIAN OF AN ELIGIBLE RETIREMENT PLAN AS
PROVIDED IN TITLE 21, SUBTITLE 6 OF THIS ARTICLE.

(4) A DROP MEMBER OR DESIGNATED BENEFICIARY OF A DROP MEMBER
IS ELIGIBLE TO RECEIVE THE AMOUNT DUE UNDER THIS SUBSECTION WITHIN 90
DAYS AFTER THE:

(I) DATE OF TERMINATION OF THE DROP MEMBER'S
PARTICIPATION IN THE DROP;

(II) RECEIPT BY THE BOARD OF TRUSTEES OF A COMPLETED
APPLICATION TO RECEIVE THE DROP AMOUNT, ON THE FORM THAT THE BOARD OF
TRUSTEES PROVIDES; AND

(III) RECEIPT BY THE BOARD OF TRUSTEES OF ANY OTHER
INFORMATION THAT THE BOARD OF TRUSTEES REQUIRES TO PROCESS PAYMENT OF