3480                                             LAWS OF MARYLAND                                        Ch. 745

TERMINATED, ALL MONEYS REMAINING IN THE FUND SHALL BE PAID OVER
TO THE GENERAL FUND OF THE CITY.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall
take effect June 1, 1984.

Approved May 29, 1984.

CHAPTER 746

(Senate Bill 693)

AN ACT concerning

Merit System - Profit Sharing and Salary Reduction for
Employees of the State

FOR the purpose of requiring the Secretary of Personnel to
develop and obtain Internal Revenue Service approval of a
profit sharing and salary reduction plan for State employees
under certain provisions of the Internal Revenue Code;
requiring the General Assembly to appropriate for State
employees certain surplus revenues under the plan; providing
that the State shall make no additional contributions over
and above the deferred compensation contributions of the
employees; permitting State employees to take the share of
the surplus in cash or place it in trust; providing for
State matching of employee contributions to the trust; and
generally relating to profit sharing and salary reduction
plans for employees of the State.

BY adding to

Article 64A - Merit System
Section 28

Annotated Code of Maryland
(1983 Replacement Volume)

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That the Laws of Maryland read as follows:

Article 64A - Merit System

28.

(A) THE SECRETARY OF PERSONNEL SHALL DEVELOP AND OBTAIN
INTERNAL REVENUE SERVICE APPROVAL OF A PROFIT SHARING AND SALARY
REDUCTION PLAN FOR EMPLOYEES OF THE STATE, AS PERMITTED UNDER §
401(K) OF THE INTERNAL REVENUE CODE.