Section 32-207 – State Supplemental Plan
(a) A State supplemental plan that is authorized for eligible employees by an employing institution as defined in § 30–101 of this article may be offered only on the same basis and to the same class of employees as authorized under Chapter 619, § 2 of the Acts of the General Assembly of 1996. (b) The employing […]
Section 32-208 – St. Mary’s College of Maryland; Supplemental Retirement Plans
(a) An eligible employee, as defined in § 32–101(b) of this title, of St. Mary’s College of Maryland may not participate in the Optional Defined Contribution System, as provided in this title, if the employee is eligible to participate in a matching supplemental retirement defined contribution plan or a matching feature of a supplemental retirement plan […]
Section 34-101 – General Consideration
(a) There is a Postretirement Health Benefits Trust Fund. (b) The Postretirement Health Benefits Trust Fund shall be established as a tax–exempt trust, in accordance with § 115 of the Internal Revenue Code or other applicable federal statute. (c) The purpose of the Postretirement Health Benefits Trust Fund is to assist the State in financing the postretirement health […]
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If a participating governmental unit withdraws from a State system, the accumulated contributions of the withdrawn employees shall be transferred on the withdrawal date to the administrative board of the local pension system or new State system and credited to the account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board of the local pension system or new State system the portion of the assets that are allocable to the withdrawn employees as determined under § 21–305.5, § 21–305.6, § 21–306, § 21–306.1, or […]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of its employees from a State system; or (2) elects to participate in a State system for employees who were previously withdrawn.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.