WILLIAM DONALD SCHAEFER, Governor

Ch. 6

(D)     ELIGIBLE RETIREMENT PLAN.
"ELIGIBLE RETIREMENT PLAN" MEANS:

(1)      AN INDIVIDUAL RETIREMENT ACCOUNT DESCRIBED IN § 408(A) OF
THE INTERNAL REVENUE CODE;

(2)      AN INDIVIDUAL RETIREMENT ANNUITY, OTHER THAN AN
ENDOWMENT CONTRACT, DESCRIBED IN § 408(B) OF THE INTERNAL REVENUE CODE;

(3)      A QUALIFIED TRUST DESCRIBED IN § 401(A) OF THE INTERNAL
REVENUE CODE THAT IS EXEMPT FROM TAX UNDER § 501(A) OF THE INTERNAL
REVENUE CODE; OR

(4)      AN ANNUITY PLAN DESCRIBED IN § 403(A) OF THE INTERNAL
REVENUE CODE.

REVISOR'S NOTE: This subsection formerly was Art. 73B, § 1-602(c).

No changes are made.

Defined term: "Eligible retirement plan" § 21-601

(E)     SUPPLEMENTAL PLAN.

"SUPPLEMENTAL PLAN" MEANS THE BOARD OF TRUSTEES OF THE MARYLAND
TEACHERS AND STATE EMPLOYEES SUPPLEMENTAL RETIREMENT PLANS.

REVISOR'S NOTE: This subsection formerly was Art. 73B, § 1-602(e).

No changes are made.

21-602. ELECTION OF ELIGIBLE ROLLOVER DISTRIBUTION.

(A)     IN GENERAL.

EXCEPT AS PROVIDED IN SUBSECTIONS (B) AND (C) OF THIS SECTION, A
PARTICIPANT MAY ELECT ON THE FORM THE BOARD OF TRUSTEES REQUIRES TO
HAVE ALL OR ANY PART OF AN ELIGIBLE ROLLOVER DISTRIBUTION PAID TO THE
ELIGIBLE RETIREMENT PLAN IN A DIRECT ROLLOVER.

(B)      DISTRIBUTION TO A SURVIVING SPOUSE.

IF AN ELIGIBLE ROLLOVER DISTRIBUTION IS PAYABLE TO THE SURVIVING
SPOUSE OF A MEMBER, FORMER MEMBER, OR RETIREE, THE SURVIVING SPOUSE
MAY ONLY ELECT TO HAVE ALL OR ANY PART OF THE ELIGIBLE ROLLOVER
DISTRIBUTION PAID IN A DIRECT ROLLOVER TO AN INDIVIDUAL RETIREMENT
ACCOUNT OR INDIVIDUAL RETIREMENT ANNUITY.

(C)     SUPPLEMENTAL PLAN PARTICIPANTS.

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