Lump Sum

State lottery officials announced yesterday that as of Sept. 28, Lotto jackpot winners can collect their prize in a lump sum rather than over 25 years.Players can ask for the "cash option" or mark the "cash" box on the Lotto slip. Lotto winners who choose that option will receive a one-time payout equal to the prize pool portion that would have been used to pay the annuity.If the jackpot annuity value is $5 million, with an interest rate of 6 percent, the cash option will pay a lump sum of approximately $2.7 million.

Its promoters say Maryland's Prepaid College Trust is a great deal, but a lot of parents apparently haven't gotten the word.The first sign-up for the state-supported college savings plan drew to a disappointing close yesterday, with about 1,050 applications received by midafternoon.Ellen Markowitz, the program's administrator, said she expected a flurry of last-minute applications to arrive in the mail early next week.The enrollment period, which began in April, was extended by a month to allow more time for promoting the trust.

A rebounding Maryland Lottery plans to increase payouts this year and is "very likely" to begin offering "millionaire" winners of its flagship Lotto game the option of collecting their prizes in a lump sum, its director said yesterday.Buddy Roogow, who became director in October when lottery sales were in a deep slump, told the Senate Finance Committee in Annapolis that revenues for the fiscal year would comfortably exceed the state's estimate of $334 million.He also outlined a series of ambitious plans to increase the appeal of the state-run numbers games, including a possible move away from the system under which winners of big Lotto prizes collect their winnings in the form of 20-year annuities.

Outgoing Baltimore Schools Superintendent Walter G. Amprey will continue to receive his $140,000 salary and health, pension and other benefits through June 1998, but will not get an additional lump-sum payment for the termination of his city employment, according to documents and interviews.Amprey also retains the right to cash in any unused sick leave and vacation time he has accumulated during his six-year tenure at the helm of city schools, a sum that could amount to 40 percent of his annual salary under the terms of a severance agreement made public yesterday.

A union representing 650 reporters, editors, circulation employees and other workers at The Baltimore Sun Co. approved a three-year contract late Saturday, averting a strike but leaving some members unhappy with the deal.The Washington-Baltimore Newspaper Guild voted 269 to 97 to approve the contract after company negotiators agreed Saturday to delay higher employee contributions for health coverage and to restrict the company's ability to assign Guild-covered work to outside contractors.

MID-MONTH suggestions about your money and career:WATCH YOUR MONEY: "One-third of people interviewed believed it's impossible to lose money in bond funds, although prospectus clearly states you may suffer loss." (John Hancock survey)"Credit history will be part of your job application, especially if you're to handle money, approve purchases, etc. Some slow pay won't hurt, but don't be buried under debt." (Good Housekeeping, March)DO IT NOW: "Your IRA works harder if you contribute in January or February rather than wait till April 15 the following year.

Today's uncertain business world has made entrepreneurs of us all. People who are played out in corporate life are becoming self-employed. Others, still on the company payroll, are moonlighting to build a safety net.Whether you're starting a business in your garage or thinking of free-lancing on the side, your first client will probably be someone you know. You may be flattered when a neighbor or business contact asks you whether you can take on a project. Then comes the awkward question: "What would you charge?"

NEW YORK -- AT&T Corp. announced a giant job cut last week. Over three years, some 40,000 people will hit the streets -- some in early retirement, others frantically hunting for work.By now, a census of downsized workers should turn up enough to populate a small country. In most cases, they left the job with money in hand -- not just severance pay but also a payout from the retirement plan.Displaced workers usually have a choice about how to handle retirement funds.If you are among them, your employer should give you a bye-bye packet, explaining the options offered by your particular plan.

By the time a company offers a buyout to large numbers of employees, you can be sure lawyers, management consultants and out-placement counselors have pored over the package. Key financial and legal terms usually aren't negotiable, but companies are willing to make minor concessions that cost them little or nothing, says Alan Downs, author of the book "Corporate Executions" (AMACOM), who once specialized in designing layoff programs.Here are items companies may be willing to negotiate about:Deadlines.

APPROACHING Halloween, some financial tricks and treats:STOCK TREATS: "Stocks outperformed bonds in 91 percent of the 20-year periods between 1802 [no misprint] and 1992." (Professor Jeremy Siegel, author, "Stocks for the Long Run")Also, stocks were big winners recently. If you invested $1,000 in 1986, here are results: In stocks (Wilshire 5000 index), $3,000; Treasury bonds, $2,000; T-bills, $1,600; portfolio of "typical" investor, $1,900. (Data from Forbes, Oct. 23)NO TRICKS, PLEASE: "Make sure your employer actually forwards your contributions to your 401(k)