§ 12-204. Additional powers and duties of Board
West's Annotated Code of MarylandLabor and EmploymentEffective: June 1, 2018
Effective: June 1, 2018
MD Code, Labor and Employment, § 12-204
§ 12-204. Additional powers and duties of Board
(a) In addition to the powers and duties set forth elsewhere in this title, the Board:
(6) shall evaluate and establish the process for a participating employer to provide a payroll deposit retirement savings arrangement for covered employees and to forward the employee contribution and related information to the Program or its agents, which may include financial services companies and third-party administrators with the capability to receive and process employee information and contributions for payroll deposit retirement savings arrangements or other arrangements authorized by this title;
(b) The Board shall adopt regulations and take any other action necessary to implement this title consistent with the Internal Revenue Code and regulations issued in accordance with the Internal Revenue Code to ensure that the Program meets all criteria for federal tax deferral or tax-exempt benefits or both.
Credits
Added by Acts 2016, c. 323, § 1, eff. July 1, 2016; Acts 2016, c. 324, § 1, eff. July 1, 2016. Amended by Acts 2018, c. 596, § 1, eff. June 1, 2018.
MD Code, Labor and Employment, § 12-204, MD LABOR & EMPLY § 12-204
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.
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