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.
Section 35-501 – Salary Reduction Savings Plan Generally
(a) There is a salary reduction savings plan for eligible participants as allowed by § 401(k) of the Internal Revenue Code. (b) The Board shall obtain approval from the Internal Revenue Service for the salary reduction savings plan.
Section 35-502 – Participants in Plan
An individual is eligible to participate in the salary reduction savings plan if the individual is: (1) an officer of this State; or (2) an employee of this State, including a contractual employee.
Section 35-601 – Deferred Compensation Plan Generally
There is a deferred compensation plan for eligible participants as allowed by § 457 of the Internal Revenue Code.
Section 35-602 – Participants in Plan
An individual is eligible to participate in the deferred compensation plan if the individual is: (1) an officer of this State; (2) an employee of this State, including a contractual employee; (3) an employee of the Northeast Maryland Waste Disposal Authority; (4) an independent contractor who performs service under § 21–304(c) of the Education Article; or (5) an employee of […]
Section 35-701 – Established
There is a Defined Contribution Plan for eligible participants as allowed by § 401(a) of the Internal Revenue Code.
Section 35-702 – Eligibility
An individual is eligible to participate in the Defined Contribution Plan if the individual is an eligible employee as defined in § 32-101 of this article.
Section 35-204 – Meetings; Expenses; Staff
(a) The Board shall meet at least quarterly at the times and places it determines. (b) Each member of the Board is entitled to reimbursement for expenses under the Standard State Travel Regulations, as provided in the State budget. (c) (1) The Board may employ a staff in accordance with the State budget. (2) The Board may hire consultants, administrators, […]
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 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 […]