Section 31-113 – Effect of Participation
(a) This section applies only to a local plan that is a qualified plan under § 401(a) of the Internal Revenue Code and provides a defined benefit to its participants. (b) Except as provided in subsection (c) of this section, the operation of the local plan of an eligible governmental unit terminates on the effective date. (c) (1) An […]
Section 31-107 – Eligible Employees of University of Maryland Medical System Corporation
The only employees of the University of Maryland Medical System Corporation who are eligible to participate in the employees’ systems under this subtitle are employees who were: (1) members of an employees’ system; and (2) (i) employees of the University of Maryland on June 30, 1988, who became Medical System Corporation employees on or before July 1, 1988; […]
Section 31-114 – Duties of Fiscal Officer
The chief fiscal officer of each participating governmental unit shall: (1) submit to the Board of Trustees the information that the Board of Trustees requires; and (2) with respect to each employee of the participating governmental unit, cause to be performed the duties that would be performed by the head of a State unit employing members of […]
Section 31-108 – Employees of Worcester County
An employee of Worcester County is not eligible to participate in the employees’ systems under this subtitle if the employee: (1) is employed by Worcester County on July 1, 1994; (2) was an employee of the Worcester County Sanitary Commission on October 31, 1993; and (3) is a member of the Worcester County Sanitary District Pension Plan or […]
Section 31-109 – Approval of Participation; Request to Permit Participation
(a) Subject to subsection (b) of this section, the legislative body of an eligible governmental unit may approve participation by its employees in the Employees’ Pension System if: (1) the legislative body adopts a resolution in the form prescribed by the Board of Trustees; and (2) the eligible governmental unit operates a local plan, only if: (i) at least […]
Section 31-109.1 – Effective Date of Participation
(a) Except as provided in subsection (b) of this section, the effective date of participation for an eligible governmental unit is July 1 of the year following the fiscal year in which the eligible governmental unit elects to participate in the Employees’ Pension System. (b) If an eligible governmental unit does not provide the Board of Trustees […]
Section 30-305 – Election to Participate — Change in Employee Status
(a) This section applies only to a State employee who is appointed, promoted, transferred, or reclassified to a position in which an employee would be eligible to participate in the program. (b) A State employee described in subsection (a) of this section may not elect to participate in the program.
Section 30-306 – Application for Contract Required
An election of the program by an eligible employee is only effective when the election is accompanied by an appropriate application, if required, for the issuance of an annuity contract under the program.
Section 30-307 – Effect of Participation
(a) (1) This subsection applies to an election to participate in the program made on or before June 30, 2017. (2) Except as otherwise provided in this section, an election to participate in the program is a waiver of all rights and benefits provided by the retirement or pension system in which the participating employee was a member […]
Section 30-401 – Establishment; Selection of Companies; Contributions; Assets; Indemnification
(a) An employing institution may: (1) establish supplemental retirement plans that provide supplemental retirement accounts offered by a designated company in accordance with § 401(a), § 403(b), or § 457 of the Internal Revenue Code, or any other provision of federal law that authorizes supplemental retirement accounts; and (2) authorize its employees or the employees of an institution […]