3284

JOINT RESOLUTIONS

WHEREAS, The Internal Revenue Code requires that these
annuities be purchased through the employer; and

WHEREAS, Some public school systems and other eligible
employing units in this State have provided for the purchase
of qualifying annuities while other qualifying employing
units have not provided for the purchase of these annuities;
and

WHEREAS, Qualifying employing units can provide for the
purchase of these annuities under existing administrative
procedures; and

WHEREAS, The purchase of annuities is a project which
requires careful thought and some expertise; now, therefore,
be it

RESOLVED BY THE GENERAL ASSEMBLY OF MARYLAND, That the
Governor is urged to organize a task force, to consist of
members appointed by the Governor, as follows:

(1) One representative from the Comptroller's
Office;

(2) Six representatives from qualifying

employing units; and

(3) Two other individuals with expertise in the
field of purchasing tax deferred annuities; and be it
further

RESOLVED, That the task force study these problems and

present recommendations to the appropriate official

detailing a method to be used in selecting tax deferred
annuities to be purchased under § 403 of the Internal
Revenue Code; and be it further

RESOLVED, That copies of this Resolution be sent to the
Honorable Harry Hughes, Governor of Maryland; the Honorable
Louis L. Goldstein, Comptroller of the Treasury, State
Treasury Building, Annapolis, Maryland, 21404; and William
G. Sykes, State Board of Education, 200 West Baltimore
Street, Baltimore, Maryland 21201.

(2) One representative from the State Board for
Higher Education;

(3)  One representative from the Department of
Education;

(4)  One representative from the Department of
Budget and Fiscal Planning; and

(5)  Three other individuals with expertise in
the field of purchasing tax deferred annuities; and be it
further