Maryland § 21-403
Full text of Maryland Maryland Code § 21-403, with citation guidance and answers to common questions.
§ 21-403.
(a) (1) Under Option 1, if a retiree dies before receiving payments equal to the actuarial equivalent present value of the retiree’s basic allowance computed at the time of retirement, the Board of Trustees shall pay the balance as a single payment:
(i) to the designated beneficiary; or
(ii) if there is no designated beneficiary, to the retiree’s estate.
(2) (i) At the time of retirement, a member may designate more than one beneficiary for the optional benefit provided in paragraph (1) of this subsection.
(ii) If, at the time of retirement, a member does designate more than one beneficiary for the optional benefit provided in paragraph (1) of this subsection, the single payment will be paid in equal shares to each of the designated beneficiaries.
(b) Under Option 2, when a retiree dies, the Board of Trustees shall pay the retiree’s reduced allowance to the designated beneficiary for the designated beneficiary’s life.
(c) Under Option 3, when a retiree dies, the Board of Trustees shall pay 50% of the retiree’s reduced allowance to the designated beneficiary for the designated beneficiary’s life.
(d) (1) Under Option 4, if a retiree dies before receiving payments equal to the value of the retiree’s accumulated contributions at the time of retirement, the Board of Trustees shall pay the balance as a single payment:
(i) to the designated beneficiary; or
(ii) if there is no designated beneficiary, to the retiree’s estate.
(2) (i) At the time of retirement, a member may designate more than one beneficiary for the optional benefit provided in paragraph (1) of this subsection.
(ii) If, at the time of retirement, a member does designate more than one beneficiary for the optional benefit provided in paragraph (1) of this subsection, the single payment will be paid in equal shares to each of the designated beneficiaries.
(e) (1) Subject to paragraph (2) of this subsection, under Option 5, when a retiree dies, the Board of Trustees shall pay the retiree’s reduced allowance to the designated beneficiary for the designated beneficiary’s life.
(2) If the designated beneficiary dies before the retiree, then:
(i) beginning in the month following the date of death of the designated beneficiary, the Board of Trustees shall pay the retiree the basic allowance; or
(ii) 1. the retiree may designate a new beneficiary in accordance with § 21–404 of this subtitle; and
2. the Board of Trustees shall pay the retiree an allowance as provided in § 21–404(e)(2) of this subtitle.
(f) (1) Subject to paragraph (2) of this subsection, under Option 6, when a retiree dies, the Board of Trustees shall pay 50% of the retiree’s reduced allowance to the designated beneficiary for the designated beneficiary’s life.
(2) If the designated beneficiary dies before the retiree, then:
(i) beginning in the month following the date of death of the designated beneficiary, the Board of Trustees shall pay the retiree the basic allowance; or
(ii) 1. the retiree may designate a new beneficiary in accordance with § 21–404 of this subtitle; and
2. the Board of Trustees shall pay the retiree an allowance as provided in § 21–404(e)(2) of this subtitle.
Frequently Asked Questions About Maryland § 21-403
What does Maryland Code § 21-403 cover?
Section 21-403 is part of the Maryland Code, the codified statutory law of Maryland. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Maryland § 21-403?
A common citation format is "Maryland Code § 21-403" (Maryland). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Maryland law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Maryland official source linked on this page or consult a licensed Maryland attorney.
How does Maryland § 21-403 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Maryland can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Maryland.