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 […]
Section 30-301 – Eligible Employees
(a) An individual is eligible to participate in the program only if the individual: (1) is eligible for membership in a retirement system or a pension system; (2) has not previously participated in a State system as an employee of an employing institution or any other unit of State government; and (3) is: (i) a member of the faculty of […]
Section 30-302 – Election to Participate — in General
(a) An election to participate in the program shall be made by an eligible employee at commencement of employment. (b) An eligible employee’s election to participate in the program is a one–time irrevocable election. (c) An individual who previously participated in a State system as an employee of an employing institution or any other unit of State government […]
Section 30-101 – Definitions
(a) In this title the following words have the meanings indicated. (b) (1) “Annuity contract” means a fixed or variable annuity contract or combination of fixed or variable annuity contracts authorized under § 403(a) or (b) of the Internal Revenue Code. (2) “Annuity contract” includes a custodial account to be invested in regulated investment company stock as provided in […]
Section 30-201 – Establishment of Program
(a) There is an optional retirement program in which eligible employees may participate. (b) Under the program, annuity contracts offered by a designated company that provide retirement and death benefits may be purchased for participating employees. (c) (1) The Board of Trustees shall administer the program to the extent provided in this title. (2) The State Retirement Agency shall carry […]
Section 30-202 – Powers and Duties of Board of Trustees
(a) The Board of Trustees may designate not more than five companies from which annuity contracts are to be purchased under the program. (b) The Board of Trustees shall approve the form and contents of annuity contracts to be offered by a company that is designated by the Board of Trustees under subsection (a) of this section. […]
Section 30-203 – Written Plan Document; Regulations
The Board of Trustees shall adopt and maintain a written plan document for the program and may adopt regulations that it deems necessary to carry out this title.
Section 30-204 – Limitation on Responsibility of Board of Trustees
The Board of Trustees is not responsible for: (1) retirement counseling with respect to the program; (2) preparing or disseminating information with respect to an annuity contract offered by a designated company; or (3) enrolling, terminating, or retiring a participating employee.