Section 30-306 – Application for Contract Required
An election of the program by an eligible employee is only effective when the election is accompanied by an appropriate application, if required, for the issuance of an annuity contract under the program.
Section 30-307 – Effect of Participation
(a) (1) This subsection applies to an election to participate in the program made on or before June 30, 2017. (2) Except as otherwise provided in this section, an election to participate in the program is a waiver of all rights and benefits provided by the retirement or pension system in which the participating employee was a member […]
Section 30-401 – Establishment; Selection of Companies; Contributions; Assets; Indemnification
(a) An employing institution may: (1) establish supplemental retirement plans that provide supplemental retirement accounts offered by a designated company in accordance with § 401(a), § 403(b), or § 457 of the Internal Revenue Code, or any other provision of federal law that authorizes supplemental retirement accounts; and (2) authorize its employees or the employees of an institution […]
Section 30-207 – Benefits
Benefits under the program: (1) shall be payable to participating employees or their beneficiaries in accordance with the terms of the annuity contracts; and (2) are not payable by the State or governing board of an employing institution.
Section 30-208 – Review of Designated Companies and Annuity Contracts
(a) Every 3 years the Board of Trustees shall review the performance, form, and contents of the annuity contracts offered under the program. (b) After a review under subsection (a) of this section, the Board of Trustees may: (1) eliminate a designated company from participation in the program; or (2) withdraw approval for a type of annuity contract offered […]
Section 30-209 – Expense Fund
(a) There is an expense fund for the program to which shall be credited and from which shall be paid all money provided in the State budget to pay the administrative and operational expenses of the program. (b) (1) Each year, the Board of Trustees shall estimate the amount of money required to provide for the administrative and […]
Section 30-210 – Duties of Employing Institutions
With respect to a participating employee who is employed by an employing institution or an institution over which the employing institution has administrative authority, the employing institution shall administer the participating employee’s enrollment, termination, or retirement under the program.
Section 30-210.1 – Indemnification of Covered Individuals Made Party to Action
(a) In this section, “covered individual” means an employee of an employing institution with discretionary authority over the management or administration of any of the supplemental retirement plans or the management or disposition of the assets of any of the supplemental retirement plans. (b) Subject to the provisions of this section, the State shall indemnify a covered […]
Section 30-211 – Duties of Designated Companies
(a) Before enrolling a participating employee, each designated company shall provide to eligible employees, the Board of Trustees, and the employing institutions any information requested, including a full disclosure of the entire compensation provided to the senior executives of the designated company, and any information requested regarding the designated company or the annuity contracts offered by […]
Section 30-212 – Indemnification
A designated company or a company authorized to provide supplemental retirement accounts under § 30–401 of this title shall hold harmless and indemnify the State, the Board of Trustees, employing institutions, and the officers, agents, and employees of the State, the Board of Trustees, and employing institutions from any claims or demands arising from any […]