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Ch. 329
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Martin O'Malley, Governor
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(a) Except as provided in subsections (b) and (c) of this section, a participant
may elect on the form the Board of Trustees requires to have all or any part of an
eligible rollover distribution paid to the eligible retirement plan in a direct rollover.
(b) If an eligible rollover distribution is payable to the [surviving spouse]
DESIGNATED BENEFICIARY of a member, former member, or retiree, the [surviving
spouse] DESIGNATED BENEFICIARY may only elect to have all or any part of the
eligible rollover distribution paid in a direct rollover to an individual retirement
account or individual retirement annuity.
(c) A member who is eligible to participate in the plan administered by the
supplemental plan under Title 35, Subtitle 5 of this article may elect to have all or any
part of the eligible rollover distribution paid in a direct rollover to the plan in
accordance with the regulations adopted by the supplemental plan.
SECTION 2. AND BE IT FURTHER ENACTED, That the Laws of Maryland read as
21-601.(e) "Eligible retirement plan" means:
(1) an individual retirement account described in § 408(a) of the
Internal Revenue Code;
(2) an individual retirement annuity, other than an endowment
contract, described in § 408(b) of the Internal Revenue Code;
(3) a qualified trust described in § 401(a) of the Internal Revenue Code
(4) an annuity plan described in § 403(a) of the Internal Revenue
Code;
(5) an annuity plan described in § 403(b) of the Internal Revenue
Code; [or]
(6) a deferred compensation plan that is maintained by an eligible
employer described in § 457 of the Internal Revenue Code or any successor provisions;
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- 2071 -
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