Benefits under the program:
(1) shall be payable to participating employees or their beneficiaries in accordance with the terms of the annuity contracts; and
(2) are not payable by the State or governing board of an 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