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§ 30-401. Supplemental retirement plans

West's Annotated Code of MarylandState Personnel and PensionsEffective: June 1, 2011

West's Annotated Code of Maryland
State Personnel and Pensions (Refs & Annos)
Division II. Pensions [Titles 20-34] (Refs & Annos)
Title 30. Optional Retirement Program
Subtitle 4. Supplemental Retirement Plans (Refs & Annos)
Effective: June 1, 2011
MD Code, State Personnel and Pensions, § 30-401
§ 30-401. Supplemental retirement plans
Currentness
Establishment and participation in supplemental retirement plans
(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 over which it has administrative authority to participate in one or more of the supplemental retirement plans.
Selection of designated companies by employing institution
(b)(1) Except as provided in paragraph (2) of this subsection, if an employing institution authorizes its employees or the employees of an institution over which it has administrative authority to participate in a supplemental retirement plan, the employing institution shall select one or more of the designated companies under § 30-202 of this title that may offer supplemental retirement accounts to those employees and shall administer the participation of those employees in the supplemental retirement plan.
(2) With respect to a community or regional college established under Title 16 of the Education Article, other than a community college established under Title 16, Subtitle 5 of the Education Article, if an employing institution authorizes its employees or the employees of an institution over which it has administrative authority to participate in a supplemental retirement plan, the employing institution shall select one or more companies that may offer supplemental retirement accounts to those employees and shall administer the participation of those employees in the supplemental retirement plan.
Contributions on behalf of employee
(c) Contributions authorized under this section to a supplemental retirement account on behalf of an employee may be made by payroll deduction, a reduction in salary, deferral in compensation in accordance with § 403(b), § 457, or § 414(h) of the Internal Revenue Code, or as otherwise permitted by the Internal Revenue Code and authorized by the employing institution.
Deposit and investment of supplemental retirement plan assets
(d) Assets of the supplemental retirement plans may be deposited and invested in accordance with the investment elections allowed under the supplemental retirement plans notwithstanding any other law limiting the types of investments that may be made with State funds or imposing conditions on the deposit of State funds.
Indemnification and insurance
(e) An employee of an employing institution with discretionary authority over the management or administration of any of the supplemental retirement plans or the management or disposition of the assets of any of the supplemental retirement plans is entitled to indemnification and insurance as provided under § 30-210.1 of this title.

Credits

Added by Acts 2009, c. 354, § 1, eff. July 1, 2009. Amended by Acts 2011, c. 337, § 1, eff. June 1, 2011.
MD Code, State Personnel and Pensions, § 30-401, MD ST PERS & PENS § 30-401
Current through legislation effective through April 25, 2024, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
End of Document