Ch. 428                                     1993 LAWS OF MARYLAND

(II) A PLAN ADMINISTERED BY THE BOARD OF TRUSTEES OF THE
MARYLAND TEACHERS AND STATE EMPLOYEES SUPPLEMENTAL RETIREMENT
PLANS UNDER ARTICLE 73C, § 3 OF THE CODE; AND

(III) A PLAN ADMINISTERED BY THE BOARD OF TRUSTEES TO THE
EXTENT PROVIDED UNDER § 11-103(C) § 11-103(B) OF THIS SUBTITLE.

(I) ANY ANNUITY CONTRACT THAT IS OF A TYPE APPROVED BY THE
UNIVERSITY OF MARYLAND SYSTEM ON OR BEFORE MARCH 1, 1993 AND ISSUED BY A
COMPANY DESIGNATED BY A GOVERNING BOARD; AND

(II) ANY ANNUITY CONTRACT THAT IS OF A TYPE APPROVED BY THE
BOARD OF TRUSTEES AND ISSUED BY A COMPANY DESIGNATED BY THE BOARD TO THE
EXTENT PROVIDED UNDER § 11-103(B) OF THIS SUBTITLE.                           

(B)     The optional retirement program [provided for in this title may be adopted by
any of the.following boards with respect to the institution or institution's governed' by that
board or with respect to that board's own staff:

(1)     Board/of Regents of the University of Maryland System;

(2)     Board of Trustees of St. Mary's College of Maryland;

(3) Maryland Higher Education Commission with respect to the
Commission and any community college or regional community college established under
Title 16 of the Education Article; and                                   

(4) Board of Regents of Morgan State University] SHALL BE OFFERED BY
EACH EMPLOYING INSTITUTION;

(C)     THE BOARD OF TRUSTEES SHALL ADMINISTER THE OPTIONAL
RETIREMENT PROGRAM TO THE EXTENT PROVIDED IN THIS SUBTITLE AND THE
STATE RETIREMENT AGENCY SHALL CARRY OUT THE ADMINISTRATIVE DUTIES OF
THE BOARD OF TRUSTEES.

11-103.                                                                                     

(a)      [An] UNDER THE optional retirement program [authorized to be
established and maintained by any of the governing board set forth in 11-102 of this
title shall authorize the purchase of], ANNUITY contracts providing retirement and death
benefits [for the persons listed under § 11-101(b) of this title as eligible employees]
MAY BE PURCHASED FOR PARTICIPANTS. Under this optional retirement program, the
State and the participants shall contribute, to the extent authorized or required, toward
the purchase of ANNUITY contracts which shall be issued to and become the property of
the participants.

(b)      [An optional retirement program may be a separate system or fund or may be
a system or fund which participates in a larger system or fund with respect to some or all

of the benefits provided thereunder. The benefits to be provided for or on behalf of
participants under the optional retirement program may be provided through annuity
contracts, both fixed and variable in nature or in combination;

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