Ch. 428                                         1993 LAWS OF MARYLAND

(4) THE BOARD OF TRUSTEES MAY ASSESS FEES IN EQUAL AMOUNTS TO
THOSE COMPANIES SELECTED TO PARTICIPATE IN THE OPTIONAL RETIREMENT
PROGRAM UNDER § 11-103(B) OF THIS SUBTITLE TO RECOVER ALL COSTS INCURRED
AS PART OF THE SELECTION PROCESS.

(2) EACH YEAR THE BOARD OF TRUSTEES SHALL ESTIMATE THE AMOUNT
OF MONEY REQUIRED TO PROVIDE FOR THE ADMINISTRATIVE AND OPERATIONAL
EXPENSES OF THE OPTIONAL RETIREMENT PROGRAM FOR THE SUBSEQUENT FISCAL
YEAR.

(3) THE AMOUNT DETERMINED IN ACCORDANCE WITH PARAGRAPH (2) OF
THIS SUBSECTION SHALL BE COLLECTED FROM THE DESIGNATED COMPANIES ON AN
EQUAL BASIS AND CREDITED TO THE EXPENSE FUND, AS DETERMINED BY THE BOARD
OF TRUSTEES.

(4) THE COSTS INCURRED BY THE BOARD OF TRUSTEES IN SELECTING
COMPANIES AND TYPES OF ANNUITIES TO BE OFFERED UNDER THE OPTIONAL
RETIREMENT PROGRAM SHALL BE RECOVERED BY ASSESSING ON AN EQUAL BASIS THE
COMPANIES DESIGNATED BY THE BOARD OF TRUSTEES UNDER § 11-103(B) OF THIS
SUBTITLE AND CREDITING THOSE AMOUNTS TO THE EXPENSE FUND.

(4)      (5) ANY UNEXPENDED FUNDS REMAINING IN THE EXPENSE FUND
AT THE END OF THE FISCAL YEAR SHALL BE HELD BY THE BOARD OF TRUSTEES FOR
THE EXCLUSIVE PURPOSE OF DEFRAYING ADMINISTRATIVE COSTS OF THE
OPTIONAL RETIREMENT PROGRAM IN SUBSEQUENT YEARS AND MAY NOT REVERT
TO THE GENERAL FUND OF THE STATE.

(5)      (6) THE BOARD OF TRUSTEES IS AUTHORIZED TO INVEST AND
REINVEST THE EXPENSE FUND AS IT DETERMINES.

11-109.

WITH RESPECT TO PARTICIPANTS WHO ARE EMPLOYED BY AN EMPLOYING
INSTITUTION OR AN INSTITUTION OVER WHICH THE EMPLOYING INSTITUTION HAS
ADMINISTRATIVE AUTHORITY, THE EMPLOYING INSTITUTION SHALL ADMINISTER
THE ENROLLING, TERMINATING, OR RETIRING OF A PARTICIPANT.

11-110.

(A) PRIOR TO ENROLLING A NEW PARTICIPANT, EACH PLAN OR DESIGNATED
COMPANY SHALL PROVIDE TO PROSPECTIVE PARTICIPANTS, THE BOARD OF
TRUSTEES, AND THE EMPLOYING INSTITUTIONS A PROSPECTUS THAT INCLUDES ANY
INFORMATION REQUESTED, INCLUDING A FULL DISCLOSURE OF THE ENTIRE
COMPENSATION PROVIDED TO THE SENIOR EXECUTIVES OF THE PLAN OR
COMPANY, AND ANY INFORMATION REQUESTED REGARDING THE PLAN, COMPANY,
COMPANY OR THE ANNUITY CONTRACTS OFFERED BY THE PLAN OR COMPANY.

(B) EACH PLAN OR DESIGNATED COMPANY SHALL PROVIDE AND PAY FOR
ALL ADMINISTRATIVE, INFORMATIONAL, AND COUNSELING SERVICES WITH
RESPECT TO THE ANNUITY CONTRACTS OFFERED BY THE PLAN OR COMPANY.

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