WILLIAM DONALD SCHAEFER, Governor                               Ch. 6

30-208. REVIEW OF DESIGNATED COMPANIES AND ANNUITY CONTRACTS.

(A)     REVIEW REQUIRED.

EVERY 3 YEARS THE BOARD OF TRUSTEES SHALL REVIEW THE PERFORMANCE,
FORM, AND CONTENTS OF THE ANNUITY CONTRACTS OFFERED UNDER THE
PROGRAM.

(B)     ACTION BY BOARD OF TRUSTEES AUTHORIZED.

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

(1)      ELIMINATE A DESIGNATED COMPANY FROM PARTICIPATION IN THE
PROGRAM; OR

(2)      WITHDRAW APPROVAL FOR A TYPE OF ANNUITY CONTRACT
OFFERED BY A DESIGNATED COMPANY UNDER THE PROGRAM.

(C)     EFFECT OF ACTION BY BOARD OF TRUSTEES.

IF A DESIGNATED COMPANY IS ELIMINATED FROM THE PROGRAM OR
APPROVAL FOR A TYPE OF ANNUITY CONTRACT IS WITHDRAWN:

(1)      THE BOARD OF TRUSTEES SHALL GIVE THE RELEVANT
PARTICIPATING EMPLOYEES AN OPPORTUNITY TO SELECT AN ANNUITY CONTRACT
FOR FUTURE CONTRIBUTIONS UNDER THE PROGRAM; AND

(2)      IF A PARTICIPATING EMPLOYEE DOES NOT MAKE A CHANGE WITHIN
A PERIOD SPECIFIED BY THE BOARD OF TRUSTEES, THE PARTICIPATING EMPLOYEE
SHALL BE DEEMED TO HAVE ELECTED FOR FUTURE CONTRIBUTIONS AN ANNUITY
CONTRACT AND A DESIGNATED COMPANY SPECIFIED BY THE BOARD OF TRUSTEES.

(D)     ACCESS TO INFORMATION REQUIRED.

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.

REVISOR'S NOTE: This section formerly was Art. 73B, § 11-104.

In subsection (c)(1) and (2) of this section, the references to selecting an
annuity contract "for future contributions" are added to clarify that a change
of annuity contract does not require a withdrawal or transfer of past
contributions.

The only other changes are in style.

- 643 -