Ch. 36

1995 LAWS OF MARYLAND

The only changes are in style.

Defined terms: "Commissioner" § 1-101
"County" § 1-101
"Person" § 1-101
"Plan" § 8-301

8-321. LIABILITY OF ADMINISTRATOR.

(A)     IN GENERAL.

WITH RESPECT TO A PLAN, AN ADMINISTRATOR WHO BREACHES A
RESPONSIBILITY IMPOSED ON THE ADMINISTRATOR BY THIS SUBTITLE:

(1)      IS PERSONALLY LIABLE FOR THE RESTITUTION OF MONEY,
PROPERTY, OR OTHER ASSETS TO A PERSON AGGRIEVED BY THE VIOLATION AND
FOR THE RESTORATION TO THE PLAN OF ANY PROFITS REALIZED BY THE
ADMINISTRATOR THAT HAVE BEEN MADE THROUGH USE OF ASSETS OF THE PLAN
BY THE ADMINISTRATOR; AND

(2)      IS SUBJECT TO ANY OTHER EQUITABLE OR REMEDIAL RELIEF THAT
A COURT CONSIDERS APPROPRIATE, INCLUDING REMOVAL OF THE
ADMINISTRATOR.

(B)     FOR BREACH OF RESPONSIBILITY BY ANOTHER ADMINISTRATOR.

IN ADDITION TO ANY LIABILITY THAT AN ADMINISTRATOR MAY HAVE UNDER
SUBSECTION (A) OF THIS SECTION, THE ADMINISTRATOR IS LIABLE FOR A BREACH
OF RESPONSIBILITY UNDER THIS SUBTITLE BY ANOTHER ADMINISTRATOR WITH
RESPECT TO THE SAME PLAN IF THE ADMINISTRATOR:

(1)      KNOWINGLY PARTICIPATES IN OR KNOWINGLY ATTEMPTS TO
CONCEAL AN ACT OR OMISSION OF THE OTHER ADMINISTRATOR INVOLVED IN THE
ADMINISTRATION OF THE SAME PLAN, KNOWING THAT THE ACT OR OMISSION OF
THE OTHER ADMINISTRATOR WOULD BE A VIOLATION OF THIS SUBTITLE;

(2)      BY THE ADMINISTRATOR'S FAILURE TO COMPLY WITH § 8-310 OF
THIS SUBTITLE, HAS ENABLED THE OTHER ADMINISTRATOR TO VIOLATE THIS
SUBTITLE; OR

(3)      KNOWS OF A VIOLATION OF THIS SUBTITLE BY THE OTHER
ADMINISTRATOR, UNLESS THE ADMINISTRATOR MAKES REASONABLE EFFORTS
UNDER THE CIRCUMSTANCES TO REMEDY THE VIOLATION.

(C)     EXEMPTIONS FROM LIABILITY.

(1) AN ADMINISTRATOR IS NOT LIABLE UNDER THIS SUBTITLE, BY
REASON OF A BREACH OF RESPONSIBILITY, FOR A LOSS TO A PARTICIPANT'S OR
BENEFICIARY'S ACCOUNT IF:

(I) THE PLAN PROVIDES FOR INDIVIDUAL ACCOUNTS AND
ALLOWS A PARTICIPANT OR BENEFICIARY TO EXERCISE INVESTMENT CONTROL
OVER ASSETS IN THE PARTICIPANT'S OR BENEFICIARY'S ACCOUNT;

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