(a) This section applies only to an individual who: (1) is a former member of: (i) the Employees' Retirement System; or (ii) the Teachers' Retirement System; (2) is eligible to receive a vested allowance under § 29-302 of this subtitle; and (3) has not elected to receive a benefit under § 29-302 of this subtitle. (b) Notwithstanding § 29-302 of this subtitle, an individual under subsection (a) of this section may elect a lump-sum payment equal to the present value of the individual's 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 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.
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