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Ch. 329
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2007 Laws of Maryland
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(4) shall be paid by the State or other approved employer from the
same source of funds that is used to pay compensation to the member; and
(5) for purposes of this Division II, shall be treated in the same
manner and to the same extent as member contributions made before establishment of
the employer pickup program.
21-601.
(a) In this subtitle the following words have the meanings indicated.
(b) "Direct rollover" means a payment by the State Retirement Agency
directly to the eligible retirement plan specified by the participant OR THE
SURVIVING SPOUSE OF A PARTICIPANT.
(d) (1) "Eligible rollover distribution" means a distribution:
(I) on or after January 1, 1993, to a participant of all or any
part of the balance to the credit of the participant in any State system;
(II) ON OR AFTER JANUARY 1, 2002, TO THE SURVIVING
SPOUSE OF A MEMBER, FORMER MEMBER, OR RETIREE OF ALL OR ANY PART OF
THE BALANCE TO THE CREDIT OF THE MEMBER, FORMER MEMBER, RETIREE, OR
SURVIVING SPOUSE IN ANY STATE SYSTEM; OR
(III) ON OR AFTER JANUARY 1, 2007, TO THE DESIGNATED
BENEFICIARY OF A MEMBER, FORMER MEMBER, OR RETIREE OF ALL OR ANY
PART OF THE BALANCE TO THE CREDIT OF THE MEMBER, FORMER MEMBER,
RETIREE, OR DESIGNATED BENEFICIARY IN ANY STATE SYSTEM.
(2) "Eligible rollover distribution" does not include:
(i) any distribution that is one of a series of substantially equal
periodic payments that are made at least annually for the life or life expectancy of the
participant or the joint lives or joint life expectancies of the participant and the
participant's beneficiary;
(ii) any distribution that is one of a series of substantially equal
periodic payments made for a specified period of at least 10 years; or
(iii) any distribution that is required under § 401(a)(9) of the
Internal Revenue Code.
21-602.
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- 2070 -
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