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Ch. 334
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2002 LAWS OF MARYLAND
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(g) "Pension system" means the Employees' Pension System or the Teachers'
Pension System.
(h) "Program" means the optional retirement program established under §
30-201 of this title.
(i) "Retirement system" means the Employees' Retirement System or the
Teachers' Retirement System.
30-210.
(a) With respect to a participating employee who is employed by an employing
institution or an institution over which the employing institution has administrative
authority, the employing institution shall administer the participating employee's
enrollment, termination, or retirement under the program.
(b) (1) AN EMPLOYING INSTITUTION MAY AUTHORIZE ITS EMPLOYEES OR
THE EMPLOYEES OF AN INSTITUTION OVER WHICH IT HAS ADMINISTRATIVE
AUTHORITY TO PARTICIPATE IN A SUPPLEMENTAL RETIREMENT ACCOUNT:
(I) ESTABLISH SUPPLEMENTAL RETIREMENT PLANS THAT
PROVIDE SUPPLEMENTAL RETIREMENT ACCOUNTS OFFERED BY A DESIGNATED
COMPANY IN ACCORDANCE WITH § 401(A), § 401(K), § 403(B), OR § 457 OF THE INTERNAL
REVENUE CODE, OR ANY OTHER PROVISION OF FEDERAL LAW THAT AUTHORIZES
SUPPLEMENTAL RETIREMENT ACCOUNTS; AND
(II) AUTHORIZE ITS EMPLOYEES OR THE EMPLOYEES OF AN
INSTITUTION OVER WHICH IT HAS ADMINISTRATIVE AUTHORITY TO PARTICIPATE IN
ONE OR MORE OF THE SUPPLEMENTAL RETIREMENT PLANS.
(2) If an employing institution authorizes its employees or the employees
of an institution over which it has administrative authority to participate in a
supplemental retirement account, the employing institution shall designate the
companies that may offer supplemental retirement accounts to those employees and
shall administer the participation of those employees in the supplemental retirement
account.
[(2)] (3) Contributions authorized under this subsection to a
supplemental retirement account on behalf of an employee may be made by payroll
deduction [or by], a reduction in salary, OR DEFERRAL IN COMPENSATION in
accordance with § 403(b), § 457, or § 414(h) of the Internal Revenue Code.
SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall be
construed to apply retroactively and shall be applied to and interpreted to affect
supplemental retirement accounts authorized and supplemental annuity
contributions made after December 31, 2001.
SECTION 3. AND BE IT FURTHER ENACTED, That this Act shall take effect
June 1, 2002.
Approved May 6, 2002.
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- 2852 -
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