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 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.
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.