Application for Service or Disability Retirement -Maryland
RETIREMENT ALLOWANCE OPTIONS
YOU MAY CHOOSE ONLY ONE OF THE FOLLOWING OPTIONS.
INDICATE YOUR SELECTION BY SIGNING IN THE APPROPRIATE BOX BELOW.
BASIC ALLOWANCE:
The Basic Allowance pays you the largest possible amount of money each month until your death. All monthly
payments stop at your death, including beneficiary health coverage for state employees. After your death, your
beneficiary or estate will receive one payment if your death occurs on the 16
th
of the month or later.
SIGNATURE DATE
OPTION 1:
Provides a lower monthly benefit than the Basic Allowance, but guarantees monthly payments that equal the total of
your retirement benefit=s Present Value. The Present Value of your benefit is figured at the time of your retirement. If
you die before receiving monthly payments that add up to the Present Value, the remaining payments will be paid in a
lump sum to your designated beneficiary or beneficiaries who remain alive. For state employees: Option 1 does not
provide for continued beneficiary health coverage after your death.
SIGNATURE DATE
OPTION 2:
Provides a lower monthly benefit than the Basic Allowance, but guarantees that after your death the same monthly
benefit will continue to be paid to your surviving beneficiary for his or her lifetime. No further payments will be made
after the deaths of you and your beneficiary. If you choose this option, you must send proof of your beneficiary=s date
of birth with this application. Retirees electing Option 2 cannot designate a beneficiary who is more than 10 years
younger unless the beneficiary is the retiree=s spouse or disabled child.
SIGNATURE DATE
OPTION 3:
Provides a lower monthly benefit than the Basic Allowance, but guarantees that after your death one half of the
monthly benefit paid to you will be paid to your surviving beneficiary for his or her lifetime. No further payments will be
made after the deaths of you and your beneficiary. If you choose this option, you must send proof of your beneficiary=s
date of birth with this application.
SIGNATURE DATE
OPTION 4:
Provides a lower monthly benefit than the Basic Allowance, but Guarantees the return of your accumulated
contributions and interest as established when you retire. If you die before you have recovered the full amount of your
accumulated contributions and interest, the remainder will be paid in a lump sum to your designated beneficiary or
beneficiaries who remain alive. For state employees: Option 4 does not provide for continued beneficiary health
coverage after your death.
SIGNATURE DATE
OPTION 5:
Provides a lower monthly benefit than the Basic Allowance, but guarantees that after your death the same monthly
benefit paid to you will be paid to your surviving beneficiary for his or her lifetime. It also provides that your monthly
benefit will Apop-up@ to the Basic Allowance for your lifetime the month following the death of your beneficiary if your
beneficiary dies before you. If your original beneficiary dies and you are collecting the Basic Allowance and decide to
name a new beneficiary, your benefit will be recalculated under Option 5 based on the new beneficiary designation.
If you choose this option, you must send proof of your beneficiary=s date of birth with this application. Retirees electing
Option 5 cannot designate a beneficiary who is more than 10 years younger unless the beneficiary is the retiree=s
spouse or disabled child.
SIGNATURE DATE
OPTION 6:
Provides a lower monthly benefit than the Basic Allowance, but guarantees that after your death one half of the
monthly benefit paid to you will be paid to your surviving beneficiary for his or her lifetime. It also provides that your
monthly benefit will Apop-up@ to the Basic Allowance for your lifetime the month following the death of your beneficiary
if your beneficiary dies before you. If your original beneficiary dies and you are collecting the Basic Allowance and
decide to name a new beneficiary, your benefit will be recalculated under Option 6 based on the new beneficiary
designation. If you choose this option, you must send proof of your beneficiary=s date of birth with this application.
SIGNATURE DATE
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