Ch. 428

1993 LAWS OF MARYLAND

11-104..                   

(A)     EVERY 3 YEARS THE BOARD OF TRUSTEES SHALL REVIEW:

(1)      THE PERFORMANCE OF UNDER THE THE PLAN ADMINISTERED BY
THE BOARD OF TRUSTEES AND THE PLAN OFFERED BY THE EMPLOYING
INSTITUTIONS AS OF JANUARY 1, 1993 ANNUITY CONTRACTS OFFERED UNDER EACH
PLAN IN THE OPTIONAL RETIREMENT PROGRAM; AND

(2)      THE TYPES OF FORM AND CONTENTS OF THE ANNUITY CONTRACTS:
OFFERED UNDER EACH PLAN IN THE OPTIONAL RETIREMENT PROGRAM.

(I) OFFERED UNDER THE PLAN ADMINISTERED BY THE BOARD OF
TRUSTEES;

(II) OFFERED UNDER THE PLAN OFFERED BY THE EMPLOYING
INSTITUTIONS AS OF JANUARY 1, 1993; OR

(III) OTHERWISE APPROVED BY THE BOARD OF TRUSTEES AS
PROVIDED IN § 11-103(C) OF THIS SUBTITLE.

(B)      AFTER A REVIEW UNDER SUBSECTION (A) OF THIS SECTION, THE BOARD
OF TRUSTEES MAY:

(1)      ELIMINATE A COMPANY OR PLAN FROM PARTICIPATION IN THE
OPTIONAL RETIREMENT PROGRAM; OR

(2)      WITHDRAW APPROVAL FOR A TYPE OF ANNUITY CONTRACT
OFFERED BY A COMPANY OR PLAN UNDER THE OPTIONAL RETIREMENT PROGRAM.

(C)      IF A COMPANY OR PLAN IS ELIMINATED FROM THE OPTIONAL
RETIREMENT PROGRAM OR APPROVAL FOR A TYPE OF ANNUITY CONTRACT IS
WITHDRAWN:

(1)      THE BOARD OF TRUSTEES SHALL GIVE THE RELEVANT
PARTICIPANTS AN OPPORTUNITY TO SELECT AN ANNUITY CONTRACT UNDER THE
OPTIONAL RETIREMENT PROGRAM; AND

(2)       IF A PARTICIPANT DOES NOT MAKE A CHANGE WITHIN A PERIOD
SPECIFIED BY THE BOARD OF TRUSTEES, THE PARTICIPANT SHALL BE DEEMED TO
HAVE ELECTED A COMPANY AND AN ANNUITY CONTRACT AND A COMPANY OR
PLAN SPECIFIED BY THE BOARD OF TRUSTEES.

(D)     ALL ELIGIBLE EMPLOYEES SHALL HAVE ACCESS TO THE INFORMATION
COMPILED FOR THE PURPOSE OF CONDUCTING THE REVIEW REQUIRED UNDER
THIS SECTION AND SHALL BE NOTIFIED OF THE AVAILABILITY OF THE
INFORMATION BY THE BOARD OF TRUSTEES.

[11-104.] 11-105.

(a) Elections to participate in an optional retirement program shall be made as
provided in this section.                                                                              

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