Maryland Code, STATE PERSONNEL AND PENSIONS 21-406
Terms Used In Maryland Code, STATE PERSONNEL AND PENSIONS 21-406
- 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
(2) If a designated beneficiary who is receiving payments for life dies on or after the 16th day of a month, the Board of Trustees shall pay to the designated beneficiary’s estate the entire allowance due to the designated beneficiary for the month in which the death occurs.
(b) (1) If a retiree dies on or before the 15th day of a month, the Board of Trustees may not pay any portion of the retiree’s allowance to the designated beneficiary or the retiree’s estate for the month in which the death occurs.
(2) If a retiree dies on or after the 16th day of a month, the Board of Trustees shall pay the entire allowance due to the retiree for the month in which the death occurs:
(i) to the designated beneficiary; or
(ii) if there is no designated beneficiary, to the retiree’s estate.