HARRY HUGHES, Governor 3503
RETIREMENT, PENSION, OR BENEFIT SYSTEM ESTABLISHED BY THE STATE,
AND NO DEFERRAL OF INCOME UNDER THESE PLANS SHALL EFFECT A
REDUCTION OF THE AMOUNT OF ANY RETIREMENT, PENSION, OR OTHER
BENEFIT PROVIDED BY LAW.
(B) ANY SUM DEFERRED UNDER THE 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 SYSTEM, BUT MAY NOT BE INCLUDED FOR THE PURPOSES OF
COMPUTING FEDERAL OR STATE TAXES WITHHELD ON BEHALF OF THE
NOTWITHSTANDING THE PROVISIONS OF ARTICLE 95 OR ANY OTHER
LAW LIMITING THE TYPES OF INVESTMENTS WHICH MAY BE MADE OF STATE
FUNDS OR PLACING CONDITIONS UPON THE DEPOSIT OF STATE FUNDS,
MONEYS DEFERRED PURSUANT TO THIS ARTICLE MAY BE DEPOSITED AND
INVESTED IN ACCORDANCE WITH THE INVESTMENT ELECTIONS PERMITTED
UNDER THE PLANS.
(A) IN THIS SECTION, "FIDUCIARY" MEANS A PERSON WHO
EXERCISES OR HAS THE AUTHORITY TO EXERCISE CONTROL OR
(1) CONCERNING THE MANAGEMENT OR ADMINISTRATION OF A
PLAN CREATED UNDER THIS ARTICLE; OR
(2) CONCERNING THE MANAGEMENT OR DISPOSITION OF THE
ASSETS OF A PLAN CREATED UNDER THIS ARTICLE.
(B) A FIDUCIARY IS SUBJECT TO THE DUTIES AND
RESPONSIBILITIES IMPOSED BY ARTICLE 73B.
(C) A FIDUCIARY IS ENTITLED TO INDEMNIFICATION AND
INSURANCE AS PROVIDED UNDER § 13A OF ARTICLE 73B.
SECTION 4. AND BE IT FURTHER ENACTED, That notwithstanding
any other provision of law governing procurement of services, the
Board of Trustees may amend the contract with the administrator
of the deferred compensation plan for State employees to include
administration of the other two plans described and authorized in
Section 2 of this Act.
SECTION 5. AND BE IT FURTHER ENACTED, That of the members
initially appointed by the Governor to the Board, 3 members shall
have a term of 2 years, 3 members shall have a term of 3 years,
and 3 members shall have a term of 4 years.