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§ 30-208. Review of designated companies and annuity contracts

West's Annotated Code of MarylandState Personnel and PensionsEffective: July 1, 2017

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 2. Optional Retirement Program (Refs & Annos)
Effective: July 1, 2017
MD Code, State Personnel and Pensions, § 30-208
§ 30-208. Review of designated companies and annuity contracts
Currentness
Frequency of review
(a) Every 3 years the Board of Trustees shall review the performance, form, and contents of the annuity contracts offered under the program.
Consequences of unfavorable review
(b) After a review under subsection (a) of this section, the Board of Trustees may:
(1) eliminate a designated company from participation in the program; or
(2) withdraw approval for a type of annuity contract offered by a designated company under the program.
Elimination of designated companies
(c)(1) If a designated company is eliminated from the program or approval for a type of annuity contract is withdrawn, the Board of Trustees:
(i) to the extent permitted under an annuity contract, may direct the transfer of existing balances of participating employees to a new annuity contract; and
(ii) shall give participating employees an opportunity to select an annuity contract with a designated company for future contributions and existing balances subject to transfer under the program, in accordance with subparagraph (i) of this paragraph.
(2) If a participating employee does not make a selection under paragraph (1)(ii) of this subsection within a period specified by the Board of Trustees, the participating employee shall be deemed to have elected for future contributions and existing balances subject to transfer an annuity contract and a designated company specified by the Board of Trustees.
Employee access to information
(d) All eligible employees shall have access to the information compiled for the purpose of conducting the review required under this section and shall be notified of the availability of the information by the Board of Trustees.

Credits

Added by Acts 1994, c. 6, § 2, eff. Oct. 1, 1994. Amended by Acts 2017, c. 527, § 1, eff. July 1, 2017; Acts 2017, c. 528, § 1, eff. July 1, 2017.
Formerly Art. 73B, § 11-104.
MD Code, State Personnel and Pensions, § 30-208, MD ST PERS & PENS § 30-208
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