(a)(1) The Board consists of nine members appointed by the Governor.
(i) three shall be from any of the following units:
1. the Department of Budget and Management;
2. the Department of Education;
3. the Office of the State Comptroller;
4. the Office of the State Treasurer;
5. the State Retirement Agency; or
6. the Maryland Higher Education Commission;
(ii) three shall be individuals who are eligible to participate in one of the supplemental retirement plans, at least one of whom shall be an employee described in § 403(b)(1)(A)(ii) of the Internal Revenue Code; and
(iii) three shall be members of the public who are not eligible to participate in any of the supplemental retirement plans, at least one of whom shall have experience with deferred compensation and salary reduction plans.
(b)(1) The term of a member is 4 years.
(2) The terms of members are staggered as required by the terms provided for members of the Board on October 1, 1994.
(3) At the end of a term, a member continues to serve until a successor is appointed and qualifies.
(4) A member who is appointed after a term has begun serves only for the rest of the term and until a successor is appointed and qualifies.
(c) The Governor may remove a member for incompetence or misconduct.
Credits
Added by Acts 1994, c. 6, § 2, eff. Oct. 1, 1994. Amended by Acts 1996, c. 242, § 1, eff. Oct. 1, 1996; Acts 1996, c. 349, § 13, eff. July 1, 1996; Acts 1997, c. 20, § 3, eff. April 8, 1997.
Current through legislation effective through May 9, 2024, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
