WILLIAM DONALD SCHAEFER, Governor

Ch. 234

1-602.

(A)     EXCEPT AS PROVIDED IN PARAGRAPHS (B) AND (C) OF THIS SECTION, A
PARTICIPANT MAY ELECT TO HAVE ALL OR ANY PORTION OF AN ELIGIBLE
ROLLOVER DISTRIBUTION PAID TO THE ELIGIBLE RETIREMENT PLAN IN A DIRECT
ROLLOVER ON THE FORM THE BOARD OF TRUSTEES REQUIRES.

(B)      IF AN ELIGIBLE ROLLOVER DISTRIBUTION IS PAYABLE TO THE
SURVIVING SPOUSE OF A MEMBER, FORMER MEMBER, OR RETIREE, THE SURVIVING
SPOUSE MAY ONLY ELECT TO HAVE ALL OR ANY PORTION OF THE ELIGIBLE
ROLLOVER DISTRIBUTION PAID IN A DIRECT ROLLOVER TO AN INDIVIDUAL
RETIREMENT ACCOUNT OR INDIVIDUAL RETIREMENT ANNUITY.

(C)     A MEMBER WHO IS ELIGIBLE TO PARTICIPATE IN THE PLAN
ADMINISTERED BY THE SUPPLEMENTAL PLAN UNDER ARTICLE 73C, § 4 OF THE CODE
MAY ELECT TO HAVE ALL OR ANY PORTION OF THE ELIGIBLE ROLLOVER
DISTRIBUTION PAID IN A DIRECT ROLLOVER TO THE PLAN IN ACCORDANCE WITH
THE REGULATIONS ADOPTED BY THE SUPPLEMENTAL PLAN.

1-603.

THE BOARD OF TRUSTEES SHALL ADOPT REGULATIONS THAT ARE NECESSARY
TO CARRY OUT THE PROVISIONS OF THIS SUBTITLE AND THAT ARE CONSISTENT
WITH THE REQUIREMENTS OF § 401(A)(31) AND ANY OTHER APPLICABLE SECTIONS
OF THE INTERNAL REVENUE CODE AND THE REGULATIONS UNDER THOSE
SECTIONS.

1-604.

WITHIN A REASONABLE TIME PERIOD BEFORE MAKING AN ELIGIBLE
ROLLOVER DISTRIBUTION, THE BOARD OF TRUSTEES SHALL PROVIDE WRITTEN
NOTICES AS ARE REQUIRED UNDER § 402(F) OF THE INTERNAL REVENUE CODE.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall take effect
October 1, 1993, and shall be construed retroactively and shall be applied and interpreted
to affect all eligible rollover distributions occurring on or after January 1, 1993.

Approved May 11, 1993.

CHAPTER 234
(Senate Bill 398)

AN ACT concerning

Pensions - Expense Funds - Real Estate Investment Management Services

FOR the purpose of altering the amount of money that may be provided by the Board of
Trustees for the Maryland State Retirement and Pension Systems for the
procurement and retention of certain real estate investment management services;
repealing a certain termination date; and providing for the termination of this Act.

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