Ch. 6                                            1994 LAWS OF MARYLAND

of this article, similar indemnification and insurance is provided only for State
employees, members of the Board of Trustees, and members of the
Investment Committee.. The General Assembly may wish to limit the reach of
subsection (c) of this section.

Defined term: "Supplemental retirement plans" § 35-101

35-302. RESTRICTIONS ON INVESTMENTS.

ASSETS OF THE SUPPLEMENTAL RETIREMENT PLANS MAY BE DEPOSITED AND
INVESTED IN ACCORDANCE WITH THE INVESTMENT ELECTIONS ALLOWED UNDER
THE SUPPLEMENTAL RETIREMENT PLANS NOTWITHSTANDING ANY OTHER LAW
LIMITING THE TYPES OF INVESTMENTS THAT MAY BE MADE WITH STATE FUNDS OR
IMPOSING CONDITIONS ON THE DEPOSIT OF STATE FUNDS.

REVISOR'S NOTE: This section is new language derived without substantive
change from former Art. 73C, § 7.

The reference to "assets of the supplemental retirement plans" is substituted
for the former narrower reference to "moneys deferred" to cover other assets
that may be invested, such as rollovers.

The former reference to "Article 95" is deleted as included in the reference to
"any other law".

Defined term: "Supplemental retirement plans" § 35-101

SUBTITLE 4. TAX SHELTERED ANNUITY PLAN.

35-401. TAX SHELTERED ANNUITY PLAN GENERALLY.

THERE IS A TAX SHELTERED ANNUITY PLAN FOR ELIGIBLE PARTICIPANTS AS
ALLOWED BY § 403(B) OF THE INTERNAL REVENUE CODE.

REVISOR'S NOTE: This section is new language derived without substantive
change from former Art. 73C, § 3(b)(1).

The requirement that "[t]he Board of Trustees" establish the tax deferred
annuity plan is deleted as obsolete since the plan has been established.

The word "sheltered" is substituted for the former term "deferred" to reflect
the name of the plan that is most commonly used.

35-402. PARTICIPANTS IN PLAN.

AN INDIVIDUAL IS ELIGIBLE TO PARTICIPATE IN THE TAX SHELTERED
ANNUITY PLAN IF THE INDIVIDUAL:

(1)      IS ELIGIBLE FOR COVERAGE UNDER § 403(B) OF THE INTERNAL
REVENUE CODE; AND

(2)      IS AN OFFICER OR EMPLOYEE OF:
(I) THIS STATE; OR

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