Section 31-303 – Date Withdrawal Takes Effect
A withdrawal and transfer under § 31-302 of this subtitle takes effect at the end of the State’s fiscal year.
Section 31-304 – Transfer of Accumulated Contributions
If a participating governmental unit withdraws from a State system, the accumulated contributions of the withdrawn employees shall be transferred on the withdrawal date to the administrative board of the local pension system or new State system and credited to the account of those employees.
Section 31-305 – Transfer of Assets
(a) As of the effective date of withdrawal of a participating governmental unit, the Board of Trustees shall transfer to the administrative board of the local pension system or new State system the portion of the assets that are allocable to the withdrawn employees as determined under § 21–305.5, § 21–305.6, § 21–306, § 21–306.1, or […]
Section 31-306 – Payment of Administrative Costs
A participating governmental unit shall pay all administrative costs involved in the withdrawal or reentry if the participating governmental unit: (1) withdraws all or some of its employees from a State system; or (2) elects to participate in a State system for employees who were previously withdrawn.
Section 32-101 – Definitions
(a) In this title the following words have the meanings indicated. (b) (1) “Eligible employee” means a member of the Employees’ Pension System or the Employees’ Retirement System who is subject to Selection C (Combination Formula) as provided in § 22-221 of this article, other than: (i) an employee of a participating governmental unit or a former participating governmental […]
Section 32-201 – Establishment
There is an Optional Defined Contribution System.
Section 32-202 – Administration of System
The Supplemental Board shall administer the Optional Defined Contribution System.
Section 32-203 – Duties of Supplemental Board
(a) Except for the State supplemental plans that are authorized by employing institutions as defined in § 30-101 of this article, the Supplemental Board shall adopt, implement, and maintain the specific qualified plans that are part of the Optional Defined Contribution System. (b) (1) Except as provided in paragraph (2) of this subsection, the Supplemental Board shall adopt […]
Section 32-204 – Employee Contributions
The participating employee contributions shall be made as payrolls are paid by payroll deduction or by a reduction in salary in accordance with the Internal Revenue Code and as provided by the applicable State supplemental plan.
Section 32-205 – Payment of Contributions
(a) For each participating employee who makes contributions under § 32–204 of this subtitle, to the extent funds are provided in the State budget, the State may contribute to the applicable State supplemental plan employer contributions an amount equal to the lesser of the participating employee’s contributions or $600 per fiscal year. (b) (1) This subsection applies to […]