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.