(a) There is an optional retirement program in which eligible employees may participate.
(b) Under the program, annuity contracts offered by a designated company that provide retirement and death benefits may be purchased for participating employees.
(c) (1) The Board of Trustees shall administer the program to the extent provided in this title.
(2) The State Retirement Agency shall carry out the administrative duties of the Board of Trustees.
(d) The program shall be offered by each employing institution.
Structure Maryland Statutes
Title 30 - Optional Retirement Program
Subtitle 2 - Optional Retirement Program
Section 30-201 - Establishment of Program
Section 30-202 - Powers and Duties of Board of Trustees
Section 30-203 - Written Plan Document; Regulations
Section 30-204 - Limitation on Responsibility of Board of Trustees
Section 30-205 - Contributions
Section 30-206 - Annuity Contracts -- Right to Benefits Fully Vested and Nonforfeitable
Section 30-208 - Review of Designated Companies and Annuity Contracts
Section 30-210 - Duties of Employing Institutions
Section 30-210.1 - Indemnification of Covered Individuals Made Party to Action