WILLIAM DONALD SCHAEFER, Governor                         Ch. 428

program. If a person does withdraw the person's accumulated contributions, the person
shall forfeit any right to any benefit, whether vested or not, in the respective system, as
applicable.

(b) Any eligible employee electing to participate in [an] THE optional retirement
program shall be ineligible for membership in the Employees' Retirement System, the
Pension System for Employees of the State of Maryland, the Teachers' Retirement
System of the State of Maryland or the Pension System for Teachers of the State of
Maryland so long as the employee is employed in any eligible position by [the] AN
employing institution [or by any other institution establishing an optional retirement
program pursuant to this section. The employee shall participate in the optional
retirement program of that institution].

11-108.

(A)     THE BOARD OF TRUSTEES SHALL ADOPT REGULATIONS THAT ARE
NECESSARY TO CARRY OUT THE PROVISIONS OF THIS SUBTITLE.

(B)     THE BOARD OF TRUSTEES IS NOT RESPONSIBLE FOR:

(1)      RETIREMENT COUNSELING WITH THE RESPECT TO THE OPTIONAL
RETIREMENT PROGRAM;

(2)      PREPARING OR DISSEMINATING INFORMATION WITH RESPECT TO A
PLAN OR COMPANY OR AN ANNUITY CONTRACT OFFERED BY A PLAN OR COMPANY
AN ANNUITY CONTRACT OFFERED BY A COMPANY; OR

(3)      ENROLLING, TERMINATING, OR RETIRING A PARTICIPANT.

(C)     (1) THERE IS AN EXPENSE FUND FOR THE OPTIONAL RETIREMENT
PROGRAM TO WHICH SHALL BE CREDITED AND FROM WHICH SHALL BE PAID ALL
MONEY PROVIDED IN THE STATE BUDGET TO PAY THE ADMINISTRATIVE AND
OPERATIONAL EXPENSES OF THE OPTIONAL RETIREMENT PROGRAM.

(2) THE EXPENSE FUND SHALL BE THE FUND TO WHICH SHALL BE
CREDITED AND FROM WHICH SHALL BE PAID ALL MONEY PROVIDED IN THE STATE
BUDGET TO PAY THE EXPENSES OF ADMINISTERING THE OPTIONAL RETIREMENT
PROGRAM

(I) ALL FEES COLLECTED UNDER PARAGRAPH (3) OF THIS
SUBSECTION SHALL BE CREDITED TO THE EXPENSE FUND.

(II) ALL EXPENSES PROVIDED FOR IN THE STATE BUDGET AS
ENACTED BY THE GENERAL ASSEMBLY FOR ADMINISTERING THE OPTIONAL
RETIREMENT PROGRAM SHALL BE PAID OUT OF THE EXPENSE FUND.

(3) BASED ON THE AMOUNT PROVIDED IN THE STATE BUDGET, THE
STATE SHALL DEDUCT A PERCENTAGE OF THE CONTRIBUTIONS MADE UNDER §
11 106 OF THIS SUBTITLE AND PAY THAT AMOUNT INTO THE EXPENSE FUND. BOARD
OF TRUSTEES SHALL REQUIRE EACH PLAN OR COMPANY PARTICIPATING IN THE
OPTIONAL RETIREMENT PROGRAM TO PAY AN EQUAL SHARE OF THE REGULAR,
ONGOING COSTS OF ADMINISTERING THE OPTIONAL RETIREMENT PROGRAM.

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