WILLIAM DONALD SCHAEFER, Governor

Ch. 429

(C)      EACH PLAN OR DESIGNATED COMPANY SHALL COOPERATE WITH THE
EMPLOYING INSTITUTION IN CONNECTION WITH ANY CONCERNS RELATING TO
ENROLLING, TERMINATING, OR RETIRING PARTICIPANTS.

(D)     EACH PLAN OR DESIGNATED COMPANY SHALL DISCLOSE TO THE BOARD
OF TRUSTEES ALL FEES, COMMISSIONS, OR OTHER CHARGES IMPOSED OR
COLLECTED WITH AN ANNUITY CONTRACT OR BY THE PLAN OR COMPANY.

11-111.

A PLAN OR COMPANY DESIGNATED TO OFFER ANNUITY CONTRACTS UNDER
THE OPTIONAL RETIREMENT PROGRAM SHALL HOLD HARMLESS AND INDEMNIFY
THE STATE, THE BOARD OF TRUSTEES, EMPLOYING INSTITUTIONS, AND THE
OFFICERS, AGENTS, AND EMPLOYEES OF THE STATE, THE BOARD OF TRUSTEES, AND
EMPLOYING INSTITUTIONS FROM ANY CLAIMS AND DEMANDS ARISING FROM ANY
ACTS OR OMISSION ON THE PART OF THE COMPANY OR ITS OFFICERS, AGENTS, OR
EMPLOYEES, INCLUDING ANY CLAIMS OR DEMANDS FOR PAYMENT OF BENEFITS OR
DAMAGES ARISING FROM THE FORMATION, EXECUTION, PERFORMANCE, OR
TERMINATION OF AN ANNUITY CONTRACT.

SECTION 2. AND BE IT FURTHER ENACTED, That participants in the Optional
Retirement Program are not eligible for the tax deferred annuity plan established by the Board
of Trustees of the Maryland Teachers and State Employees Supplemental Retirement Plans
under Article 73C, § 3 of the Code. Members of the Teachers' Retirement System of the State
of Maryland, Employees' Retirement System of the State of Maryland, Pension System for
Teachers of the State of Maryland, and Pension System for Employees of the State of
Maryland who are eligible for coverage under Article 73C, § 3 of the Code may not contribute
toward the purchase of annuity contracts under the Optional Retirement Program.

SECTION 2. 3. AND BE IT FURTHER ENACTED, That this Act shall take effect
October 1, 1993.

Approved May 27, 1993.

CHAPTER 429
(Senate Bill 318)

AN ACT concerning

Pensions - Expense Funds

FOR the purpose of altering the amount of money that may be provided for the
administrative and operational expenses of each system of the Maryland State
Retirement and Pension Systems for a certain period; and providing for the
termination of this Act.

BY repealing and reenacting, with without amendments,
Article 73B - Pensions

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