|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ch. 329
|
|
|
|
|
|
Martin O'Malley, Governor
|
|
|
|
|
|
|
|
|
|
|
|
|
|
generally relating to conforming the State Retirement and Pension System to
federal tax legislation.
BY repealing and reenacting, with amendments,
Article — State Personnel and Pensions
Section 21-313, 21-601(b), (c), and (d), and 21-602
Annotated Code of Maryland
(2004 Replacement Volume and 2006 Supplement)
BY repealing and reenacting, without amendments,
Article - State Personnel and Pensions
Section 21-601(a)
Annotated Code of Maryland
(2004 Replacement Volume and 2006 Supplement)
SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That the Laws of Maryland read as follows:
Article - State Personnel and Pensions
21-313.
(a) In this section, "approved employer" means a participating employer who
[has received a favorable ruling from the Internal Revenue Service] ADOPTS A
RESOLUTION AND FOLLOWS PROCEDURES AS PRESCRIBED BY THE BOARD OF
TRUSTEES for an employer pickup program in accordance with § 414(h)(2) of the
Internal Revenue Code.
(b) The State or other approved employer of a member shall pick up, within
the meaning of § 414(h)(2) of the Internal Revenue Code, the member contributions
required by this Division II.
(c) The member contributions under subsection (b) of this section:
(1) are designated as employee contributions to be picked up by the
employing unit within the meaning of § 414(h)(2) of the Internal Revenue Code and
shall be treated as employer contributions in determining tax treatment under that
section;
(2) shall reduce the compensation of the member in an amount that
equals the member contribution picked up by the employer;
(3) may not be included as gross income of the member until the
pickup amounts are distributed or made available to the member;
|
|
|
|
|
|
|
|
|
|
- 2069 -
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
 |
