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.
Section 31-303 – Date Withdrawal Takes Effect
A withdrawal and transfer under § 31-302 of this subtitle takes effect at the end of the State’s fiscal year.
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 31-304 – Transfer of Accumulated Contributions
If a participating governmental unit withdraws from a State system, the accumulated contributions of the withdrawn employees shall be transferred on the withdrawal date to the administrative board of the local pension system or new State system and credited to the account of those employees.
Section 35-201 – Board Established
There is a Board of Trustees of the Maryland Teachers and State Employees Supplemental Retirement Plans.
Section 31-305 – Transfer of Assets
(a) As of the effective date of withdrawal of a participating governmental unit, the Board of Trustees shall transfer to the administrative board of the local pension system or new State system the portion of the assets that are allocable to the withdrawn employees as determined under § 21–305.5, § 21–305.6, § 21–306, § 21–306.1, or […]
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; […]