(1) is a former member of:

(i) the Employees’ Pension System; or

(ii) the Teachers’ Pension System;

(2) is eligible to receive a vested allowance under § 29-303 of this subtitle; and

(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 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.