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 […]
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 35-101 – Definitions
(a) In this title the following words have the meanings indicated. (b) “Board” means the State Board of Trustees of the Maryland Teachers and State Employees Supplemental Retirement Plans. (c) “Supplemental retirement plans” means the deferred compensation, tax sheltered annuity, salary reduction savings plans, and any other plans authorized by this title.
Section 35-102 – Effects of Plans
(a) The supplemental retirement plans are in addition to any other retirement, pension, or benefit system established by the State. (b) A deferral of compensation under any of the supplemental retirement plans does not reduce the amount of any retirement, pension, or other benefit provided by law.
Section 35-201 – Board Established
There is a Board of Trustees of the Maryland Teachers and State Employees Supplemental Retirement Plans.
Section 35-202 – Membership
(a) (1) The Board consists of nine members appointed by the Governor. (2) Of the nine members: (i) three shall be from any of the following units: 1. the Department of Budget and Management; 2. the Department of Education; 3. the Office of the State Comptroller; 4. the Office of the State Treasurer; 5. the State Retirement Agency; or 6. the Maryland Higher Education Commission; […]
Section 35-203 – Chairman
The Governor shall appoint a chairman from among the members of the Board appointed under § 35–202(a)(2)(i) or (ii) of this subtitle.