(a) Monthly payment. A participant's annual pension, including a disability retirement pension, shall be paid monthly, with each monthly payment equal to one-twelfth of the annual amount. Payment shall be made on the first day of each month commencing on the first day of the month coinciding with or next following the retirement date elected by the participant for a normal retirement pension or early retirement pension and, for a disability retirement pension, on the first day of the month coinciding with or next following the disability retirement date. For a disability retirement pension, the initial payment shall be prorated for the portion of the month from the disability retirement date to the first day of the month when the initial payment is due.
(b) Quarterly payment. If the monthly pension payable to a retired participant is less than $50, payment may be made quarterly at one-fourth the annual rate.
(c) Lump sum payment. If the actuarially equivalent lump sum value of a participant's pension benefit is less than $5,000, the lump sum amount may be paid instead of the benefit otherwise payable to the participant under this article, with the consent of the participant.
(d) Locating persons entitled to benefits. The Personnel Officer shall make a reasonable effort to locate all persons entitled to benefits under a plan. Should the Personnel Officer be unable to locate any person entitled to a benefit, such benefit will remain in the pension fund and shall be payable to such person at any future date that such person is located by the Personnel Officer. Before the Personnel Officer can deem a person unlocatable, the Personnel Officer shall send a certified letter to such person at his or her last known address advising the person that benefit payments shall be suspended until the person responds to such certified letter.
(1985 Code, Art. 7, § 1-401) (Bill No. 90-01; Bill No. 2-14)