ROBERT L. EHRLICH, JR., Governor                             Ch. 229

(II) THE INDIVIDUAL IS A MEMBER OF THE OPTIONAL RETIREMENT
PROGRAM AND HAS TERMINATED EMPLOYMENT WITH THE STATE AN EMPLOYING
INSTITUTION AS DEFINED IN § 30-101(E) OF THIS ARTICLE; AND

(3)      THE INDIVIDUAL REQUESTS A LUMP-SUM PAYMENT OF THE VESTED
ALLOWANCE ON A FORM PROVIDED BY THE STATE RETIREMENT AGENCY.

29-303.1.

(A)     THIS SECTION APPLIES ONLY TO AN INDIVIDUAL WHO:
(1) IS A FORMER MEMBER OF:

(I)      THE EMPLOYEES' PENSION SYSTEM; OR

(II)     THE TEACHERS' PENSION SYSTEM;

(2) IS A MEMBER OF THE OPTIONAL RETIREMENT PROGRAM;

(3) (2) IS ELIGIBLE TO RECEIVE A VESTED ALLOWANCE UNDER §
29-303 OF THIS SUBTITLE; AND

(4)      (3) HAS NOT ELECTED TO RECEIVE A BENEFIT UNDER § 29-303 OF
THIS SUBTITLE.

(B)     NOTWITHSTANDING § 29-303 OF THIS SUBTITLE, AN INDIVIDUAL UNDER
SUBSECTION (A) OF THIS SECTION MAY ELECT A LUMP-SUM PAYMENT EQUAL TO
THE PRESENT VALUE OF THE VESTED ALLOWANCE IF:

(1)      THE VESTED ALLOWANCE IS LESS THAN $50 A MONTH;

(2)      (I) THE INDIVIDUAL IS NOT A MEMBER OF THE OPTIONAL
RETIREMENT PROGRAM AND HAS TERMINATED ANY EMPLOYMENT WITH A
PARTICIPATING EMPLOYER FOR THE STATE; OR

(II) THE INDIVIDUAL IS A MEMBER OF THE OPTIONAL RETIREMENT
PROGRAM AND HAS TERMINATED EMPLOYMENT WITH THE STATE AN EMPLOYING
INSTITUTION AS DEFINED IN § 30-101(E) OF THIS ARTICLE; AND

(3)      THE INDIVIDUAL REQUESTS A LUMP-SUM PAYMENT OF THE VESTED
ALLOWANCE ON A FORM PROVIDED BY THE STATE RETIREMENT AGENCY.

30-307.

(d) (1) THIS SECTION APPLIES ONLY TO A PARTICIPATING EMPLOYEE
WHOSE LAST EMPLOYER PRIOR TO JOINING THE PROGRAM WAS A PARTICIPATING
EMPLOYER THAT DOES NOT PARTICIPATE IN THE EMPLOYER PICK-UP PROGRAM AS
DEFINED IN § 414(H)(2) OF THE INTERNAL REVENUE CODE.

(2) A participating employee may withdraw any accumulated
contributions in the annuity savings fund on or after the effective date of the
participating employee's election to join the program.

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