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Ch. 395
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2000 LAWS OF MARYLAND
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(II) USED TO INCREASE THE DROP MEMBER'S AVERAGE FINAL
COMPENSATION EXCEPT AS PROVIDED IN SUBSECTION (K) OF THIS SECTION.
(5) DURING THE PERIOD THAT A DROP MEMBER PARTICIPATES IN THE
DROP, THE DROP MEMBER SHALL:
(I) CONTINUE TO RECEIVE COMPENSATION, HEALTH INSURANCE,
AND OTHER BENEFIT OPTIONS ESTABLISHED UNDER THE STATE EMPLOYEE AND
RETIREE HEALTH AND WELFARE BENEFIT PROGRAM ADMINISTERED BY THE
SECRETARY OF THE DEPARTMENT OF BUDGET AND MANAGEMENT, AND ANY OTHER
BENEFITS AS AN EMPLOYEE OF THE STATE;
(II) BE SUBJECT TO THE PERSONNEL LAW, REGULATIONS, AND
POLICIES APPLICABLE TO AN EMPLOYEE OF THE STATE AGENCY FOR WHICH THE
MEMBER IS EMPLOYED; AND
(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.
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- 2166 -
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