Section 35-205 – Duties of the Board
(a) The Board shall: (1) implement, maintain, and administer the supplemental retirement plans; (2) submit progress and status reports to participants in the supplemental retirement plans; and (3) submit an annual report to the Governor and, subject to § 2-1257 of the State Government Article, to the General Assembly. (b) In case of doubt as to whether an individual is […]
Section 37-201 – Scope of Title
(a) Subject to subsection (b) of this section, this title applies to transfers from a State or local retirement or pension system to another State or local retirement or pension system only if: (1) each system is operated on an actuarial basis; and (2) under each system contributions that are computed to be sufficient to provide the reserves […]
Section 35-301 – Fiduciary
(a) In this section, “fiduciary” means a person with discretionary authority or control over: (1) the management or administration of any of the supplemental retirement plans; or (2) the management or disposition of the assets of any of the supplemental retirement plans. (b) A fiduciary is subject to the duties and responsibilities imposed on fiduciaries by Title 21, Subtitle […]
Section 37-202 – When Transfer Allowed
(a) A member of a State or local retirement or pension system may transfer service credit attained as a result of that membership to another State or local retirement or pension system if the member, without incurring a break in employment, accepts employment or an office that: (1) requires or allows the member to participate in the […]
Section 35-302 – Restrictions on Investments
(a) Assets of the supplemental retirement plans may be deposited and invested in accordance with the investment elections allowed under the supplemental retirement plans as selected and determined by the Board in accordance with the statements of investment policy adopted by the Board from time to time notwithstanding any other law limiting the types of investments […]
Section 37-203 – Transfers in General
(a) This section does not apply to a transfer of service credit to or from the State Alternate Contributory Employees’ Pension System, the State Alternate Contributory Teachers’ Pension System, the State Contributory Employees’ Pension System, the State Contributory Law Enforcement Officers’ Pension System, the State Contributory Teachers’ Pension System, the State Reformed Contributory Employees’ Pension System, […]
Section 35-401 – Tax Sheltered Annuity Plan Generally
There is a tax sheltered annuity plan for eligible participants as allowed by § 403(b) of the Internal Revenue Code.
Section 35-402 – Participants in Plan
An individual is eligible to participate in the tax sheltered annuity plan if the individual: (1) is eligible for coverage under § 403(b) of the Internal Revenue Code; and (2) is an officer or employee of: (i) this State; or (ii) any other governmental entity in this State, including a county board of education.
Section 35-403 – Contributions
Subject to the conditions that the Board may set and in accordance with a contract between the participant and the employer, a participant may have contributions made to the tax sheltered annuity plan on the participant’s behalf by a salary reduction or in place of a salary increase.
Section 35-404 – Effect on Other Plans
This section does not prohibit a county board of education from adopting a plan for its employees that qualifies under § 403(b) of the Internal Revenue Code.