MARVIN MANDEL, Governor

1677

GOVERNOR MAY, BY EXECUTIVE ORDER, PROMPTLY INAUGURATE AND
IMPLEMENT THE PLAN, WITHOUT THE NEED FOR FURTHER
LEGISLATIVE ACTION. NOTHING HEREIN, HOWEVER,, SHALL
PRECLUDE THE GENERAL ASSEMBLY FROM FURTHER LEGISLATING
WITH RESPECT TO THE PLAN.

(B) THE PLAN MAY PROVIDE FOR A BOARD OF TRUSTEES
TO EXERCISE OVERALL SUPERVISION OVER AND ADMINISTRATION
OF THE PLAN, AND, TO THAT END, THE EXECUTIVE ORDER MAY
PROVIDE FOR THE ESTABLISHMENT OF AN INDENTURE OF TRUST
FOR THE PLAN AND & BOARD OF TRUSTEES TO SUPERINTEND THE
ADMINISTRATION THEREOF. THE BOARD OF TRUSTEES OR SUCH
OTHER OFFICIAL OR ENTITY CHARGED WITH SUPERINTENDING THE
ADMINISTRATION OF THE PLAN, SHALL BE DESIGNATED AND
APPOINTED BY THE GOVERNOR, AND SHALL HAVE THE POWERS:

(1) TO DO SUCH ACTS AS MAY BE NECESSARY
IMPLEMENT, MAINTAIN, AND ADMINISTER THE PLAN.

TO

(2)    TO RECEIVE THE AMOUNT OF COMPENSATION
DEFERRED PURSUANT TO § 68 HEREOF AND TO USE SUCH
PROCEEDS, IN ACCORDANCE WITH ANY INVESTMENT ELECTION
PERMITTED THE EMPLOYEE UNDER THE PLAN, TO PURCHASE A
FIXED OR VARIABLE LIFE INSURANCE OR ANNUITY CONTRACT, OR
SUCH OTHER INVESTMENT OR SAVINGS OPTIONS AS MAY BE
PERMITTED UNDER THE PLAN, OR A COMBINATION OF THE SAME,
ALL TO BE HELD BY THE SUPERINTENDING BOARD, OFFICIAL, OR
ENTITY. EACH SUCH FIXED OR VARIABLE LIFE INSURANCE AND
ANNUITY CONTRACT SHALL BE PURCHASED FROM ONE OR MORE
INSURANCE COMPANIES LICENSED TO WRITE INSURANCE IN
MARYLAND.

(3)    TO TAKE SUCH OTHER AND FURTHER ACTIONS
AS MAY BE NECESSARY TO CARRY OUT THE PURPOSES OF THIS
SUBTITLE.

68.

THE STATE, THROUGH THE SECRETARY OF PERSONNEL, MAY,
BY CONTRACT, AGREE WITH ANY OF THE STATE EMPLOYEES TO
DEFER, IN WHOLE OR IN PART, SUCH EMPLOYEE'S COMPENSATION.

69.

THE DEFERRED COMPENSATION PLAN AUTHORIZED BY THIS
ACT SHALL EXIST AND SERVE IN ADDITION TO ANY OTHER
RETIREMENT, PENSION, OS BENEFIT SYSTEM ESTABLISHED BY THE
STATE, AND NO DEFERRAL OF INCOME UNDER SUCH DEFERRED
COMPENSATION PLAN SHALL EFFECT A REDUCTION OF THE AMOUNT
OF ANY SUCH RETIREMENT, PENSION, OR OTHER BENEFIT
PROVIDED BY LAW. ANY SUM DEFERRED UNDER SUCH DEFERRED
COMPENSATION PLAN SHALL BE INCLUDED IN THE EMPLOYEE'S
COMPENSATION FOR PURPOSES OF COMPUTING F.I.C.A.
CONTRIBUTIONS AND CONTRIBUTIONS TO A STATE RETIREMENT