Maryland Code, STATE PERSONNEL AND PENSIONS 29-207
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Terms Used In Maryland Code, STATE PERSONNEL AND PENSIONS 29-207
- 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
If a former member who is eligible for a vested allowance dies before payment of the vested allowance starts, the Board of Trustees, after receiving proof of death, shall pay the former member’s accumulated contributions to:
(1) the designated beneficiary; or
(2) if there is no designated beneficiary, the former member’s estate.