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.
Section 32-207 – State Supplemental Plan
(a) A State supplemental plan that is authorized for eligible employees by an employing institution as defined in § 30–101 of this article may be offered only on the same basis and to the same class of employees as authorized under Chapter 619, § 2 of the Acts of the General Assembly of 1996. (b) The employing […]
Section 32-208 – St. Mary’s College of Maryland; Supplemental Retirement Plans
(a) An eligible employee, as defined in § 32–101(b) of this title, of St. Mary’s College of Maryland may not participate in the Optional Defined Contribution System, as provided in this title, if the employee is eligible to participate in a matching supplemental retirement defined contribution plan or a matching feature of a supplemental retirement plan […]
Section 34-101 – General Consideration
(a) There is a Postretirement Health Benefits Trust Fund. (b) The Postretirement Health Benefits Trust Fund shall be established as a tax–exempt trust, in accordance with § 115 of the Internal Revenue Code or other applicable federal statute. (c) The purpose of the Postretirement Health Benefits Trust Fund is to assist the State in financing the postretirement health […]
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.