Section 29-303.1 - Vested allowances for members of pension systems - Lump-sum payment(a) This section applies only to an individual who:(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.