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§ 12-401. Maryland Small Business Retirement Savings Program

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 4. Maryland Small Business Retirement Savings Program (Refs & Annos)
Effective: July 1, 2016
MD Code, Labor and Employment, § 12-401
§ 12-401. Maryland Small Business Retirement Savings Program
Currentness
Established
(a) There is a Maryland Small Business Retirement Savings Program.
Payroll deposits
(b) The Maryland Small Business Retirement Savings Program shall only include one or more payroll deposit IRA arrangements as determined by the Board.
Duties of Board
(c) The Board shall:
(1) implement a range of investment options and providers; and
(2) select a default investment option for Program participants.
Considerations when selecting investment options
(d) When selecting investment options, the Board shall consider methods to minimize the risk of significant investment losses at the time of a participating employee's retirement.
Option for lifetime income
(e) The Board may provide an investment option that provides an assured lifetime income.
Minimize administrative expenses
(f)(1) The Board shall consider investment options that minimize administrative expenses.
(2) Ongoing annual administrative expenses may not exceed 0.5% of assets under management in the Program.
Investment options that conform with federal law
(g) The Board may not offer any investment options that conflict with federal law.
Liability limitations
(h) The Board may not offer any investment options that could result in liability to the State or its taxpayers.

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, § 12-401, MD LABOR & EMPLY § 12-401
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.
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