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§ 30-205. Contributions

West's Annotated Code of MarylandState Personnel and Pensions

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)
MD Code, State Personnel and Pensions, § 30-205
§ 30-205. Contributions
Currentness
Contributions toward purchase of annuity contracts
(a) Under the program, the State and the participating employees shall contribute, to the extent required, toward the purchase of annuity contracts.
Contributions to multiple companies
(b) A participating employee may elect to make contributions to no more than two designated companies under the program for the same payroll period, if the Board of Trustees determines that the election of more than one designated company is administratively feasible.
Amount of contributions
(c)(1) On behalf of each participating employee, the State shall contribute 7.25% of the participating employee's annual earnable compensation.
(2) If a participating employee's compensation is paid from special or federal funds or both, the State's contribution to the program shall be paid from those funds.
Payments by Central Payroll Bureau
(d) The Central Payroll Bureau shall pay contributions to the appropriate designated company for the benefit of each participating employee.

Credits

Added by Acts 1994, c. 6, § 2, eff. Oct. 1, 1994. Amended by Acts 1996, c. 619, § 1, eff. July 1, 1996.
Formerly Art. 73B, §§ 11-103, 11-105, 11-106.
MD Code, State Personnel and Pensions, § 30-205, MD ST PERS & PENS § 30-205
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.
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