In a small saucepan, heat milk to scalding. Remove from heat and allow to cool until lukewarm.
In a small bowl, dissolve 1 tsp sugar in warm water, stir in yeast, and allow to bloom.
In a large mixing bowl, combine butter, sugar, and egg. Add bloomed yeast and stir in milk. Add cardamom, salt, and flour a little at a time until the dough is not sticky and easy to handle.
Turn out dough onto a floured surface and knead until smooth, approximately 5 minutes. Place in a greased bowl, cover with a dish towel and let rise until doubled, about 1-1 ½ hours.
Fill & Form
In a small bowl, combine almond paste, brown sugar, and softened butter. TIP: The almond paste is easier to blend if you cut it into small pieces first.
Roll dough out into a rectangle.
Drop mounds of the filling on top of the dough. Spread the filling out the best that you can to create an even layer.
Roll the dough tightly lengthwise and bring the ends together to form a circle. Place on an ungreased cookie sheet or parchment paper
Use kitchen scissors to snip 2/3 of the way through the ring at 1-inch intervals. Take each section and slightly turn it onto its side.
Set aside and allow the dough to rise until double, approximately 1 hour.
Bake at 350° for 25-30 minutes. Remove from oven and allow to cool.
Make Buttercream & Decorate
In a small bowl, combine the powdered sugar, butter, milk, and almond extract. Mix until smooth.
Top cooled tea ring with buttercream frosting, maraschino cherries, and almonds.