1676                                               LAWS OF MARYLAND                           [Ch. 433

Article 73B — Pensions

Section 66 through 70 to be under the new subtitle

"State Employees Deferred Compensation Plan"

Annotated Code of Maryland

(1970 Replacement Volume and 1973 Supplement)

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That new Sections 66 through 70 to be under the
new subtitle "State Employees Deferred Compensation Plan"
be and they are hereby added to Article 73B — Pensions,
of the Annotated Code of Maryland (1970 Replacement
Volume and 1973 Supplement) to read as follows:

Article 73B — Pensions

STATE EMPLOYEES DEFERRED COMPENSATION PLAN
66.

(A)    THE PURPOSE OF THIS SUBTITLE IS TO ENABLE
STATE EMPLOYEES TO PARTICIPATE IN A VOLUNTARY TAX
SHELTERED INCOME DEFERMENT PLAN AND TO OBTAIN THE TAX
ADVANTAGES INHERENT IN SUCH A PLAN SIMILAR TO THE
ADVANTAGES PROVIDED IN TAX SHELTERED VOLUNTARY INCOME
DEFERMENT PLANS SPECIFICALLY AUTHORIZED BY § 403 (B) OF
THE INTERNAL REVENUE CODE OF 1954.

(B)    THE TERM "STATE EMPLOYEES," AS USED IN THIS
SUBTITLE MEANS THOSE OFFICERS AND EMPLOYEES OF THE STATE
OF MARYLAND WHO ARE PAID THROUGH THE CENTRAL PAYROLL
BUREAU OS ARE AUTHORIZED TO BE PAID THROUGH THE CENTRAL
PAYROLL BUREAU PURSUANT TO SECTION 38A OF ARTICLE 64A, AS
ADDED BY CHAPTER 255 OF THE ACTS OF 1973. IT INCLUDES
MEMBERS OF THE GENERAL ASSEMBLY, JUDGES OF THE COURT OF
APPEALS, THE COURT OF SPECIAL APPEALS, THE VARIOUS
CIRCUIT COURTS, THE SUPREME BENCH OF BALTIMORE, THE
DISTRICT COURT, THE MARYLAND TAX COURT, AND THE VARIOUS
ORPHANS' COURTS, AND PART TIME AND CONTRACTUAL EMPLOYEES
PAID THROUGH THE CENTRAL PAYROLL BUREAU OR AUTHORIZED TO
BE PAID THROUGH THE CENTRAL PAYROLL BUREAU BY SECTION 38A
OF ARTICLE 64A.

67.

(A) THE SECRETARY OF PERSONNEL, IN FURTHERANCE OF
THE EXISTING DUTIES CONFERRED UPON HIM BY LAW, AND WITH
THE ADVICE OF THE GOVERNOR'S TASK FORCE ON DEFERRED
COMPENSATION, SHALL PROMPTLY DEVELOP A DEFERRED
COMPENSATION PLAN FOR STATE EMPLOYEES WHICH WILL MEET THE
CRITERIA FOR APPROVAL BY THE INTERNAL REVENUE SERVICE,
AND SHALL REPORT HIS RECOMMENDATIONS TO THE GOVERNOR.
UPON RECEIPT OF THE SECRETARY'S RECOMMENDATIONS, THE