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§ 12-301. Maryland Small Business Retirement Savings Trust

West's Annotated Code of MarylandLabor and EmploymentEffective: July 1, 2016

West's Annotated Code of Maryland
Labor and Employment
Title 12. Maryland Small Business Retirement Savings Program and Trust (Refs & Annos)
Subtitle 3. Maryland Small Business Retirement Savings Trust (Refs & Annos)
Effective: July 1, 2016
MD Code, Labor and Employment, § 12-301
§ 12-301. Maryland Small Business Retirement Savings Trust
Currentness
Established
(a) There is a Maryland Small Business Retirement Savings Trust.
Administration of Trust
(b)(1) The Maryland Small Business Retirement Savings Trust shall be administered by the Board for the purpose of promoting greater retirement savings for Maryland private sector employees in a convenient, voluntary, low-cost, and portable manner.
(2) The Board shall enter into an agreement delegating the administration of the Trust to a third-party administrator.
Investment of trust assets
(c) Money in the Trust may be invested or reinvested as determined by the Board.
Use of employees contributions
(d) Any contributions paid by employees into the Trust may be used only to:
(1) pay benefits to the participants of the Program;
(2) pay the cost for administering the Program; and
(3) make investments for the benefit of the Program.
Regulations
(e) The Board shall establish, by regulation, dates when an employer shall deposit employee contributions.
Transfer or encumbrance of assets of the Trust
(f) The State may not transfer any assets of the Trust to the General Fund or any other fund of the State, or otherwise encumber any assets of the Trust.

Credits

Added by Acts 2016, c. 323, § 1, eff. July 1, 2016; Acts 2016, c. 324, § 1, eff. July 1, 2016.
MD Code, Labor and Employment, § 12-301, MD LABOR & EMPLY § 12-301
Current through legislation effective through April 9, 2023, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
End of Document