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 […]
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.
Section 30-205 – Contributions
(a) Under the program, the State and the participating employees shall contribute, to the extent required, toward the purchase of annuity contracts. (b) A participating employee may elect to make contributions to no more than two designated companies under the program for the same payroll period, if the Board of Trustees determines that the election of more […]
Section 30-206 – Annuity Contracts — Right to Benefits Fully Vested and Nonforfeitable
In accordance with § 403(b) of the Internal Revenue Code, a participating employee’s rights to benefits under an annuity contract purchased under the program shall be fully vested and nonforfeitable.