Maryland Code, STATE PERSONNEL AND PENSIONS 21-113
Terms Used In Maryland Code, STATE PERSONNEL AND PENSIONS 21-113
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- Person: includes an individual, receiver, trustee, guardian, personal representative, fiduciary, representative of any kind, corporation, partnership, business trust, statutory trust, limited liability company, firm, association, or other nongovernmental entity. See
- state: means :
(1) a state, possession, territory, or commonwealth of the United States; or
(2) the District of Columbia. See
(1) correct the error; and
(2) to the extent practicable, adjust the payment to the retiree or beneficiary to provide the actuarial equivalent to which the retiree or beneficiary is correctly entitled.
(b) (1) Notwithstanding § 21-502 of this title, the Board of Trustees may recover the amount of any improper payment.
(2) After due notice, if a person who receives an improper payment fails to repay the money owed, the Board of Trustees may:
(i) begin an action to recover the amount of the improper payment and the costs of bringing the action; or
(ii) adjust any future monthly payments of that person’s allowance to recover the amount owed.
(3) Subject to the approval of the Board of Trustees, the Executive Director of the State Retirement Agency shall:
(i) determine any monthly adjustment under paragraph (2)(ii) of this subsection; and
(ii) notify the person of the total amount to be recovered, the monthly adjustment, and the period of recovery.