(I) administered by the Supplemental Board; OR

(II) AUTHORIZED FOR ELIGIBLE EMPLOYEES BY AN EMPLOYING
INSTITUTION AS DEFINED IN § 30-101 OF THIS ARTICLE.

(2) "State supplemental plan" includes:

(i) a salary reduction plan qualified under § 401(k) of the Internal

Revenue Code;

(ii) a tax sheltered annuity plan qualified under § 403(b) of the
Internal "Revenue Code;

(iii) a deferred compensation plan qualified under § 457 of the
Internal Revenue Code; or

(iv) a plan qualified under § 401(a) of the Internal Revenue Code.

(f) "Supplemental Board" means the State Board of Trustees of the Maryland
Teachers and State Employees Supplemental Retirement Plans established under §
35-201 of this article.

32-203.

(a) [The] EXCEPT FOR THE STATE SUPPLEMENTAL PLANS THAT ARE
AUTHORIZED BY EMPLOYING INSTITUTIONS AS DEFINED IN § 30-101 OF THIS
ARTICLE, THE Supplemental Board shall adopt, implement, and maintain the specific
qualified plans that are part of the Optional Defined Contribution System.

(b) (1) Except as provided in paragraph (2) of this subsection, the
Supplemental Board shall adopt regulations to carry out this title.

(2) The Supplemental Board is not required to adopt regulations to adopt
or amend the plans under the Optional Defined Contribution System.

(c) A participating employee's interest in the plans under the Optional
Defined Contribution System:

(1) shall immediately be 100% vested;

(2) shall be held in trust for the exclusive benefit of the participating
employee, except as otherwise required under § 403(b) of the Internal Revenue Code
for investments held under a plan that qualifies under § 403(b) of the Internal
Revenue Code; and

(3) may be distributed only at the times, in the manner, to the extent,
and to the individuals that allow the plans to maintain their tax qualified status
under the Internal Revenue Code.

32-204.

The participating employee contributions shall be made as payrolls are paid by
payroll deduction or by a reduction in salary in accordance with the Internal Revenue
Code and as provided by the applicable State supplemental plan.