4046

VETOES

(II) FOR PURPOSES OF THIS PARAGRAPH (1),
EMPLOYEE CONTRIBUTIONS THAT ARE TO BE ROLLED OVER INCLUDE
CONTRIBUTIONS THAT:

1.  ARE HELD IN THE ANNUITY SAVINGS FUND
UNDER §§ 14 AND 122 , 89, 122, AND 150 OF THIS ARTICLE;

2.  WERE DEPOSITED IN THE ANNUITY SAVINGS
FUND UNDER §§ 14 AND 122 , 89, 122, AND 150 OF THIS ARTICLE IN
ACCORDANCE WITH CONTRACTS BETWEEN THE EMPLOYEE AND THE EMPLOYER
OF THE EMPLOYEE; OR

3.  WERE MADE BY EITHER A REDUCTION IN
SALARY OR IN LIEU OF AN INCREASE IN COMPENSATION.

(2)  SUBJECT TO THE TERMS OF THE ANNUITY PLAN, AN
EMPLOYEE MAY HAVE CONTRIBUTIONS MADE ON BEHALF OF THE EMPLOYEE TO
THE TAX DEFERRED ANNUITY PLAN, IN ACCORDANCE WITH A CONTRACT WITH
THE EMPLOYER, BY A REDUCTION IN SALARY OR IN LIEU OF A SALARY
INCREASE.

(3)  AN EMPLOYEE PARTICIPATING IN THE ANNUITY PLAN
SHALL CHOOSE AN INVESTMENT OPTION AVAILABLE UNDER THE PLAN IN THE
FORM OF:

(I)  AN ANNUITY CONTRACT;

(II)  A CUSTODIAL ACCOUNT; OR

(III)  A COMBINATION OF ITEMS (I) AND (II) OF
THIS PARAGRAPH.

(4)  THE BOARD OF TRUSTEES SHALL INVEST THE AMOUNTS
ROLLED OVER OR CONTRIBUTED, UNDER PARAGRAPHS (1) AND (2),
RESPECTIVELY, OF THIS SUBSECTION, IN THE INVESTMENT OPTIONS
ELECTED BY EACH EMPLOYEE UNDER PARAGRAPH (3) OF THIS SUBSECTION.

(5)  THE INVESTMENT OPTIONS AVAILABLE UNDER THE
ANNUITY PLAN SHALL BE PROVIDED THROUGH 1 OR MORE BROKERS,
INSURANCE COMPANIES, OR INVESTMENT COMPANIES AUTHORIZED TO DO
BUSINESS IN THIS STATE.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall
take effect July 1, 1985.

The Honorable Benjamin L. Cardin
Speaker of the House of Delegates

May 28, 1985