|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
H.B. 705
|
|
|
|
|
|
VETOES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2) "Annuity contract" includes a custodial account to be invested in
regulated investment company stock as provided in § 401(f) or § 403(b)(7) of the
Internal Revenue Code.
(c) "Designated company" means an entity that:
(1) on or before March 1, 1993, was designated by the governing board of
an employing institution to offer annuity contracts under the program; or
(2) is designated by the Board of Trustees.
(d) "Eligible employee" means an individual eligible to participate in the
program.
(e) "Employing institution" means:
(1) the University System of Maryland;
(2) Morgan State University;
(3) St. Mary's College; and
(4) the Maryland Higher Education Commission with respect to eligible
employees of the Commission or any community college or regional community college
established under Title 16 of the Education Article.
(f) "Participating employee" means an eligible employee who elects to
participate in the program.
(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
|
|
|
|
|
|
|
|
|
|
- 5206 -
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
 |
