reglab/statecodes huggingface dataset:
2023 Maryland Statutes › State Personnel and Pensions › Division II - Pensions › Title 29 - Benefits Other Than Service Retirement Benefits › Subtitle 3 - Deferred Vested Benefits › Section 29-302.1 - Vested Allowances for Members of Retirement Systems -- Lump-Sum Payment

(a)    This section applies only to an individual who:
(1)    is a former member of:
(i)    the Employees’ Retirement System; or
(ii)    the Teachers’ Retirement System;
(2)    is eligible to receive a vested allowance under § 29-302 of this subtitle; and
(3)    has not elected to receive a benefit under § 29-302 of this subtitle.
(b)    Notwithstanding § 29-302 of this subtitle, an individual under subsection (a) of this section may elect a lump-sum payment equal to the present value of the individual’s vested allowance if:
(1)    the vested allowance is less than $50 a month;
(2)    (i)    the individual is not a member of the Optional Retirement Program and has terminated any employment with a participating employer for the State; or
(ii)    the individual is a member of the Optional Retirement Program and has terminated employment with an employing institution as defined in § 30-101(e) of this article; and
(3)    the individual requests a lump-sum payment of the vested allowance on a form provided by the State Retirement Agency.
2023 Maryland Statutes › State Personnel and Pensions › Division II - Pensions › Title 29 - Benefits Other Than Service Retirement Benefits › Subtitle 3 - Deferred Vested Benefits › Section 29-303.1 - Vested Allowances for Members of Pension Systems -- Lump-Sum Payment

(a)    This section applies only to an individual who:
(1)    is a former member of:
(i)    the Employees’ Pension System; or
(ii)    the Teachers’ Pension System;
(2)    is eligible to receive a vested allowance under § 29-303 of this subtitle; and
(3)    has not elected to receive a benefit under § 29-303 of this subtitle.
(b)    Notwithstanding § 29-303 of this subtitle, an individual under subsection (a) of this section may elect a lump-sum payment equal to the present value of the vested allowance if:
(1)    the vested allowance is less than $50 a month;
(2)    (i)    the individual is not a member of the Optional Retirement Program and has terminated any employment with a participating employer for the State; or
(ii)    the individual is a member of the Optional Retirement Program and has terminated employment with an employing institution as defined in § 30-101(e) of this article; and
(3)    the individual requests a lump-sum payment of the vested allowance on a form provided by the State Retirement Agency.
2023 Maryland Statutes › State Personnel and Pensions › Division II - Pensions › Title 29 - Benefits Other Than Service Retirement Benefits › Subtitle 3 - Deferred Vested Benefits › Section 29-304 - Immediate Vesting for Heads of Units of State Government

(a)    An individual shall have immediate vesting rights on taking office in the State system in which the individual is a member if the individual is:
(1)    a secretary of a principal department of the State government; or
(2)    a head of a department, an office, or any other unit of State government:
(i)    serving at the Governor’s pleasure; or
(ii)    appointed by the Governor for a fixed term and is in the position on or after June 1, 2022.
(b)    An individual who commences employment as the Executive Director of the State Retirement Agency on or after January 1, 2021, shall have immediate vesting rights in the Employees’ Pension System.
2023 Maryland Statutes › State Personnel and Pensions › Division II - Pensions › Title 29 - Benefits Other Than Service Retirement Benefits › Subtitle 3 - Deferred Vested Benefits › Section 29-305 - Immediate Vesting for Constitutional Officers

(a)    In this section, “constitutional officer” means:
(1)    the Attorney General of the State;
(2)    the Comptroller of the State;
(3)    the Lieutenant Governor of the State;
(4)    the Secretary of State; or
(5)    the Treasurer of the State.
(b)    (1)    A constitutional officer who is a member of the Employees’ Pension System:
(i)    on taking office, has immediate vesting rights in the Employees’ Pension System; and
(ii)    except as provided in paragraph (2) of this subsection, is entitled to a retirement allowance as provided in Title 23, Subtitle 4 of this article.
(2)    The retirement allowance of a constitutional officer who serves at least one full term may not be less than 10% of the annual salary received during the constitutional officer's last term.
2023 Maryland Statutes › State Personnel and Pensions › Division II - Pensions › Title 29 - Benefits Other Than Service Retirement Benefits › Subtitle 4 - Cost-of-Living Adjustments › Section 29-401 - Definitions

(a)    In this subtitle the following words have the meanings indicated.
(b)    (1)    “Accumulated cost–of–living adjustment amount” means the sum of all prior cost–of–living adjustments made to an allowance.
(2)    “Accumulated cost–of–living adjustment amount” does not include the cost–of–living adjustment made as of July 1 of the current fiscal year.
(c)    (1)    “Allowance” has the meaning stated in § 20–101 of this article.
(2)    “Allowance” includes an annual retirement allowance adjustment payable as of July 1, 1999 to a retiree of the State Police Retirement System who retired on or before June 30, 1999, under § 24–401(e) of this article.
(d)    “Consumer Price Index” means the annual average Consumer Price Index (all urban consumers, United States city average, all items, not seasonally adjusted, 1967 = 100) for the calendar year ending December 31 as published by the United States Department of Labor, Bureau of Labor Statistics.
(e)    “Cost–of–living adjustment” means the amount by which an allowance is adjusted as of July 1 of a fiscal year.
(f)    “Cost–of–living rate” means the rate computed in accordance with § 29–402(c) of this subtitle that is used to determine a cost–of–living adjustment.
(g)    “Cost–of–living rate cap” means the maximum cost–of–living rate that may be used to determine a cost–of–living adjustment in a fiscal year.
(h)    “Effective date” means:
(1)    for an allowance of a former member, a retiree, or the surviving beneficiary of a deceased member, the first day of the month in which an allowance is first paid to the former member, retiree, or surviving beneficiary; or
(2)    for an allowance of a surviving beneficiary of a former member or a retiree, the first day of the month in which an allowance was first paid to the former member or retiree.
(i)    “Initial allowance” means a basic allowance or an optional allowance paid in accordance with § 21–403 of this  article, not including a cost–of–living adjustment, accumulated cost–of–living adjustment, or any additional annuity.
(j)    “Selection A (Additional member contributions)” means the retirement selection described in § 22–219 of this article.
(k)    “Selection B (Limited cost–of–living adjustment)” means the retirement selection described in § 22–220 of this article.
(l)    “Selection C (Combination formula)” means the retirement selection described in § 22–221 of this article.
2023 Maryland Statutes › State Personnel and Pensions › Division II - Pensions › Title 29 - Benefits Other Than Service Retirement Benefits › Subtitle 4 - Cost-of-Living Adjustments › Section 29-403 - Compound Cost-of-Living Adjustment -- No Rate Cap

(a)    This section applies only to:
(1)    an allowance of a former member, retiree, or surviving beneficiary of a deceased member, former member, or retiree:
(i)    of the Employees’ Retirement System or the Teachers’ Retirement System who elected Selection A (Additional member contributions);
(ii)    who transferred to the Local Fire and Police System from the Employees’ Retirement System; or
(iii)    who transferred to the Law Enforcement Officers’ Pension System from the Employees’ Retirement System and had elected Selection A (Additional member contributions);
(2)    an allowance based on creditable service earned before July 1, 2011, for a former member, retiree, or surviving beneficiary of a deceased member, former member, or retiree of:
(i)    the Correctional Officers’ Retirement System; or
(ii)    the State Police Retirement System; and
(3)    an additional annual allowance adjustment payable to a retiree or the beneficiary of a retiree of the State Police Retirement System under § 24–401(e) of this article.
(b)    A cost–of–living adjustment payable under this section shall be a compound cost–of–living adjustment computed in accordance with § 29–402(d)(2) of this subtitle.
(c)    A cost–of–living adjustment payable under this section is not subject to any cost–of–living rate cap.
(d)    A cost–of–living adjustment payable under this section may not reduce an allowance to an amount that is less than the initial allowance.
2023 Maryland Statutes › State Personnel and Pensions › Division II - Pensions › Title 29 - Benefits Other Than Service Retirement Benefits › Subtitle 4 - Cost-of-Living Adjustments › Section 29-404 - Simple Cost-of-Living Adjustment -- Three Percent Rate Cap

(a)    (1)    Except as provided in paragraph (2) of this subsection, this section applies only to an allowance based on creditable service earned before July 1, 2011, for a former member, retiree, or surviving beneficiary of a deceased member, former member, or retiree of:
(i)    the Employees’ Pension System, if the deceased member, former member, or retiree was an employee of:
1.    a participating governmental unit that has not elected the contributory pension benefit or the Alternate Contributory Pension Selection for its members in accordance with § 31–116 or § 31–116.1 of this article; or
2.    a former participating governmental unit, other than Frederick County, that has withdrawn before July 1, 1998, while a member;
(ii)    the Law Enforcement Officers’ Pension System, only if the deceased member, former member, or retiree transferred to the Law Enforcement Officers’ Pension System from the Employees’ Retirement System and did not elect to participate in the Law Enforcement Officers’ Modified Pension Benefit on or before December 31, 2000, as provided in § 26–211 of this article; or
(iii)    the Local Fire and Police System.
(2)    This section does not apply to an allowance that is subject to adjustment under § 29–403, § 29–405, § 29–406, § 29–407, or § 29–408 of this subtitle.
(b)    A cost–of–living adjustment payable under this section shall be a simple cost–of–living adjustment computed in accordance with § 29–402(d)(3) of this subtitle.
(c)    A cost–of–living adjustment payable under this section shall be subject to a cost–of–living rate cap of 3%.
2023 Maryland Statutes › State Personnel and Pensions › Division II - Pensions › Title 29 - Benefits Other Than Service Retirement Benefits › Subtitle 4 - Cost-of-Living Adjustments › Section 29-405 - Compound Cost-of-Living Adjustment -- Five Percent Rate Cap

(a)    This section applies only to an allowance received by a former member, retiree, or surviving beneficiary of a deceased member, former member, or retiree:
(1)    of the Employees’ Retirement System or the Teachers’ Retirement System who elected Selection B (Limited cost–of–living adjustment); or
(2)    who transferred to the Law Enforcement Officers’ Pension System from the Employees’ Retirement System and had elected Selection B (Limited cost–of–living adjustment).
(b)    A cost–of–living adjustment payable under this section shall be a compound cost–of–living adjustment computed in accordance with § 29–402(d)(2) of this subtitle.
(c)    A cost–of–living adjustment payable under this section shall be subject to a cost–of–living rate cap of 5%.
2023 Maryland Statutes › State Personnel and Pensions › Division II - Pensions › Title 29 - Benefits Other Than Service Retirement Benefits › Subtitle 4 - Cost-of-Living Adjustments › Section 29-406 - Compound Cost-of-Living Adjustment -- Three Percent Rate Cap

(a)    (1)    Except as provided in subsection (a)(2) of this section, this section applies:
(i)    on or after July 1, 1998, only to an allowance based on creditable service earned before July 1, 2011, and received by a former member, retiree, or surviving beneficiary of a deceased member, former member, or retiree of the Employees’ Pension System or the Teachers’ Pension System; and
(ii)    on or after December 31, 2000, only to an allowance based on creditable service earned before July 1, 2011, and received by a former member, retiree, or surviving beneficiary of a deceased member, former member, or retiree of the Law Enforcement Officers’ Pension System.
(2)    This section does not apply if the member, former member, or retiree:
(i)    was an employee of a participating governmental unit that did not elect the contributory pension benefit or the Alternate Contributory Pension Selection for its employees in accordance with § 31–116 or § 31–116.1 of this article;
(ii)    was an employee of a former participating governmental unit, other than Frederick County, that has withdrawn before July 1, 1998, while a member; or
(iii)    transferred to the Law Enforcement Officers’ Pension System from the Employees’ Retirement System and did not elect to participate in the Law Enforcement Officers’ Modified Pension Benefit on or before December 31, 2000, as provided in § 26–211 of this article.
(b)    A cost–of–living adjustment payable under this section shall be a compound cost–of–living adjustment computed in accordance with § 29–402(d)(2) of this subtitle.
(c)    A cost–of–living adjustment payable under this section shall be subject to a cost–of–living rate cap of 3%.
2023 Maryland Statutes › State Personnel and Pensions › Division II - Pensions › Title 29 - Benefits Other Than Service Retirement Benefits › Subtitle 4 - Cost-of-Living Adjustments › Section 29-407 - Effect of Elections; Exceptions

(a)    This section applies only to an allowance received by a former member, retiree, or surviving beneficiary of a deceased member, former member, or retiree of the Employees’ Retirement System or the Teachers’ Retirement System who elected Selection C (Combination formula).
(b)    Except as provided in subsection (c) or (d) of this section, the Board of Trustees shall adjust an allowance subject to this section:
(1)    for creditable service before the effective date of selection, the cost–of–living adjustment as provided by § 29–403 of this subtitle; and
(2)    for creditable service on or after the effective date of selection, the cost–of–living adjustment as provided by § 29–406 of this subtitle.
(c)    For a member, former member, or retiree who was subject to Selection B (Limited cost–of–living adjustment) before electing Selection C (Combination formula), the Board of Trustees shall adjust an allowance subject to this section:
(1)    for creditable service before the effective date of selection, the cost–of–living adjustment as provided by § 29–405 of this subtitle; and
(2)    subject to subsection (d) of this section, for creditable service on or after the effective date of selection, the cost–of–living adjustment as provided by § 29–406 of this subtitle.
(d)    If an allowance is received by a former member, retiree, or a surviving beneficiary of a deceased member, former member, or retiree who, while a member, was an employee of a participating governmental unit that has not elected the contributory pension benefit or the Alternate Contributory Pension Selection for its members in accordance with § 31–116 or § 31–116.1 of this article, or a former participating governmental unit, other than Frederick County, that has withdrawn before July 1, 1998, the Board of Trustees shall adjust the allowance for creditable service on or after the effective date of selection as provided in § 29–404 of this subtitle.
2023 Maryland Statutes › State Personnel and Pensions › Division II - Pensions › Title 29 - Benefits Other Than Service Retirement Benefits › Subtitle 4 - Cost-of-Living Adjustments › Section 29-408 - Compound Cost-of-Living Adjustment -- Two and One-Half/one Percent Rate Cap

(a)    This section applies only to an allowance based on creditable service earned on or after July 1, 2011, for a former member, retiree, or surviving beneficiary of a deceased member, former member, or retiree of:
(1)    the Correctional Officers’ Retirement System;
(2)    the Employees’ Pension System;
(3)    the Law Enforcement Officers’ Pension System;
(4)    the State Police Retirement System; or
(5)    the Teachers’ Pension System.
(b)    A cost–of–living adjustment payable under this section shall be a compound cost–of–living adjustment computed in accordance with § 29–402(d)(2) of this subtitle.
(c)    A cost–of–living adjustment payable under this section shall be subject to a cost–of–living rate cap of:
(1)    2.5% if, for the calendar year ending December 31 in the preceding fiscal year, the total investment performance of the several systems equals or exceeds the assumed rate of investment return established by the Board of Trustees in accordance with § 21–125(c) of this article and in effect as of December 31 of the preceding fiscal year; or
(2)    1% if, for the calendar year ending December 31 in the preceding fiscal year, the total investment performance of the several systems does not equal or exceed the assumed rate of investment return established by the Board of Trustees in accordance with § 21–125(c) of this article and in effect as of December 31 of the preceding fiscal year.
2023 Maryland Statutes › State Personnel and Pensions › Division II - Pensions › Title 29 - Benefits Other Than Service Retirement Benefits › Subtitle 4 - Cost-of-Living Adjustments › Section 29-409 - Suspension and Resumption of Payments

(a)    This section applies only to a retiree of the Employees’ Retirement System or Employees’ Pension System who:
(1)    retired from the Employees’ Retirement System or Employees’ Pension System on or before June 30, 2009;
(2)    before retirement was an employee of the Maryland School for the Deaf; and
(3)    before retirement, as an employee of the Maryland School for the Deaf, was a 10–month employee incorrectly classified as a 12–month employee.
(b)    (1)    If a retiree is receiving a benefit that differs from the benefit the retiree is entitled to receive, the Board of Trustees shall, beginning July 1, 2010, and each subsequent July 1, suspend any annual cost–of–living adjustment the retiree may otherwise be entitled to receive under this subtitle.
(2)    Beginning July 1, 2010, and each subsequent July 1, any adjustment to the retiree’s annual retirement allowance described under paragraph (1) of this subsection shall be calculated using the current retirement allowance the retiree is entitled to receive and not the current retirement allowance the retiree is receiving.
(3)    The Board of Trustees shall suspend any annual cost–of–living adjustment otherwise payable under this subsection until the total amount of retirement allowance the retiree is entitled to receive, including any suspended annual cost–of–living adjustment, equals or exceeds the total amount of retirement allowance the retiree is receiving on July 1, 2010.
(4)    When the total amount of retirement allowance the retiree is entitled to receive, including any suspended annual cost–of–living adjustments, equals or exceeds the total amount of retirement allowance the retiree is receiving on July 1, 2010, the Board of Trustees shall resume adjusting the retiree’s annual allowance on July 1 of each year in accordance with this subtitle, so that the amount of the allowance, including any cost–of–living adjustments, equals the total allowance the retiree is entitled to receive.
(c)    If a retiree dies before the total amount of retirement allowance the retiree was entitled to receive, including any suspended annual cost–of–living adjustments, equals the total amount of retirement allowance the retiree was receiving on July 1, 2010, and the retiree has selected an optional form of allowance under Title 21, Subtitle 4 of this article, the deceased retiree’s beneficiary shall receive a benefit calculated on the retirement allowance the deceased retiree was entitled to receive at the time of the retiree’s death and not what the retiree was receiving at the time of the retiree’s death.
2023 Maryland Statutes › State Personnel and Pensions › Division II - Pensions › Title 29 - Benefits Other Than Service Retirement Benefits › Subtitle 5 - Accumulated Contributions › Section 29-501 - Return of Accumulated Contributions

The Board of Trustees shall pay a member or former member the amount of the member’s or former member’s accumulated contributions if:
(1)    the member or former member separated from employment for a reason other than death or retirement; and
(2)    the member or former member requests the payment.
2023 Maryland Statutes › State Personnel and Pensions › Division II - Pensions › Title 30 - Optional Retirement Program › Subtitle 1 - Definitions › Section 30-101 - Definitions

(a)    In this title the following words have the meanings indicated.
(b)    (1)    “Annuity contract” means a fixed or variable annuity contract or combination of fixed or variable annuity contracts authorized under § 403(a) or (b) of the Internal Revenue Code.
(2)    “Annuity contract” includes a custodial account to be invested in regulated investment company stock as provided in § 401(f) or § 403(b)(7) of the Internal Revenue Code.
(c)    “Designated company” means an entity that is designated by the Board of Trustees.
(d)    “Eligible employee” means an individual eligible to participate in the program.
(e)    “Employing institution” means:
(1)    the University System of Maryland;
(2)    Morgan State University;
(3)    St. Mary’s College;
(4)    the Maryland Higher Education Commission with respect to eligible employees of the Commission; and
(5)    any community college or regional community college established under Title 16 of the Education Article.
(f)    “Participating employee” means an eligible employee who elects to participate in the program.
(g)    “Pension system” means the Employees’ Pension System or the Teachers’ Pension System.
(h)    “Program” means the optional retirement program established under § 30-201 of this title.
(i)    “Retirement system” means the Employees’ Retirement System or the Teachers’ Retirement System.
(j)    “Supplemental retirement plans” means plans established pursuant to § 30–401 of this title.
2023 Maryland Statutes › State Personnel and Pensions › Division II - Pensions › Title 30 - Optional Retirement Program › Subtitle 2 - Optional Retirement Program › Section 30-201 - Establishment of Program

(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.
2023 Maryland Statutes › State Personnel and Pensions › Division II - Pensions › Title 30 - Optional Retirement Program › Subtitle 2 - Optional Retirement Program › Section 30-202 - Powers and Duties of Board of Trustees

(a)    The Board of Trustees may designate not more than five companies from which annuity contracts are to be purchased under the program.
(b)    The Board of Trustees shall approve the form and contents of annuity contracts to be offered by a company that is designated by the Board of Trustees under subsection (a) of this section.
(c)    In making the designation and giving approval under this section, the Board of Trustees shall consider:
(1)    the nature and extent of the rights and benefits to be provided by the annuity contracts for participating employees and their beneficiaries;
(2)    the relation of those rights and benefits to the amount of contributions to be made;
(3)    the suitability of the rights and benefits to the needs of the participating employees and the interests of the employing institutions in the recruitment and retention of participating employees;
(4)    the ability of the company to provide for suitable rights and benefits under the annuity contracts;
(5)    the selection of annuity contracts offered by the company;
(6)    the financial stability of the company and whether the company meets minimum financial criteria, if any, including a minimum net worth requirement, if any, established by the Board of Trustees; and
(7)    the effect of any fees, commissions, or other charges imposed or collected in connection with an annuity contract.
2023 Maryland Statutes › State Personnel and Pensions › Division II - Pensions › Title 30 - Optional Retirement Program › Subtitle 2 - Optional Retirement Program › Section 30-204 - Limitation on Responsibility of Board of Trustees

The Board of Trustees is not responsible for:
(1)    retirement counseling with respect to the program;
(2)    preparing or disseminating information with respect to an annuity contract offered by a designated company; or
(3)    enrolling, terminating, or retiring a participating employee.
2023 Maryland Statutes › State Personnel and Pensions › Division II - Pensions › Title 30 - Optional Retirement Program › Subtitle 2 - Optional Retirement Program › Section 30-205 - Contributions

(a)    Under the program, the State and the participating employees shall contribute, to the extent required, toward the purchase of annuity contracts.
(b)    A participating employee may elect to make contributions to no more than two designated companies under the program for the same payroll period, if the Board of Trustees determines that the election of more than one designated company is administratively feasible.
(c)    (1)    On behalf of each participating employee, the State shall contribute 7.25% of the participating employee’s annual earnable compensation.
(2)    If a participating employee’s compensation is paid from special or federal funds or both, the State’s contribution to the program shall be paid from those funds.
(d)    The Central Payroll Bureau shall pay contributions to the appropriate designated company for the benefit of each participating employee.
2023 Maryland Statutes › State Personnel and Pensions › Division II - Pensions › Title 30 - Optional Retirement Program › Subtitle 2 - Optional Retirement Program › Section 30-206 - Annuity Contracts -- Right to Benefits Fully Vested and Nonforfeitable

In accordance with § 403(b) of the Internal Revenue Code, a participating employee’s rights to benefits under an annuity contract purchased under the program shall be fully vested and nonforfeitable.
2023 Maryland Statutes › State Personnel and Pensions › Division II - Pensions › Title 30 - Optional Retirement Program › Subtitle 2 - Optional Retirement Program › Section 30-207 - Benefits

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.
2023 Maryland Statutes › State Personnel and Pensions › Division II - Pensions › Title 30 - Optional Retirement Program › Subtitle 2 - Optional Retirement Program › Section 30-208 - Review of Designated Companies and Annuity Contracts

(a)    Every 3 years the Board of Trustees shall review the performance, form, and contents of the annuity contracts offered under the program.
(b)    After a review under subsection (a) of this section, the Board of Trustees may:
(1)    eliminate a designated company from participation in the program; or
(2)    withdraw approval for a type of annuity contract offered by a designated company under the program.
(c)    (1)    If a designated company is eliminated from the program or approval for a type of annuity contract is withdrawn, the Board of Trustees:
(i)    to the extent permitted under an annuity contract, may direct the transfer of existing balances of participating employees to a new annuity contract; and
(ii)    shall give participating employees an opportunity to select an annuity contract with a designated company for future contributions and existing balances subject to transfer under the program, in accordance with subparagraph (i) of this paragraph.
(2)    If a participating employee does not make a selection under paragraph (1)(ii) of this subsection within a period specified by the Board of Trustees, the participating employee shall be deemed to have elected for future contributions and existing balances subject to transfer an annuity contract and a designated company specified by the Board of Trustees.
(d)    All eligible employees shall have access to the information compiled for the purpose of conducting the review required under this section and shall be notified of the availability of the information by the Board of Trustees.
2023 Maryland Statutes › State Personnel and Pensions › Division II - Pensions › Title 30 - Optional Retirement Program › Subtitle 2 - Optional Retirement Program › Section 30-209 - Expense Fund

(a)    There is an expense fund for the program to which shall be credited and from which shall be paid all money provided in the State budget to pay the administrative and operational expenses of the program.
(b)    (1)    Each year, the Board of Trustees shall estimate the amount of money required to provide for the administrative and operational expenses of the program for the subsequent fiscal year.
(2)    The amount determined in accordance with paragraph (1) of this subsection shall be collected from the designated companies on an equal basis and credited to the expense fund, as determined by the Board of Trustees.
(c)    The costs incurred by the Board of Trustees in selecting companies and types of annuity contracts to be offered under the program shall be recovered by assessing on an equal basis the companies designated by the Board of Trustees under § 30-202(a) of this subtitle and crediting those amounts to the expense fund.
(d)    Any unexpended funds remaining in the expense fund at the end of the fiscal year shall be held by the Board of Trustees for the exclusive purpose of defraying administrative costs of the program in subsequent years and may not revert to the General Fund of the State.
(e)    The Board of Trustees may invest and reinvest the expense fund as the Board of Trustees determines.
2023 Maryland Statutes › State Personnel and Pensions › Division II - Pensions › Title 30 - Optional Retirement Program › Subtitle 2 - Optional Retirement Program › Section 30-210 - Duties of Employing Institutions

With respect to a participating employee who is employed by an employing institution or an institution over which the employing institution has administrative authority, the employing institution shall administer the participating employee’s enrollment, termination, or retirement under the program.
2023 Maryland Statutes › State Personnel and Pensions › Division II - Pensions › Title 30 - Optional Retirement Program › Subtitle 2 - Optional Retirement Program › Section 30-211 - Duties of Designated Companies

(a)    Before enrolling a participating employee, each designated company shall provide to eligible employees, the Board of Trustees, and the employing institutions any information requested, including a full disclosure of the entire compensation provided to the senior executives of the designated company, and any information requested regarding the designated company or the annuity contracts offered by the designated company.
(b)    Each designated company shall provide and pay for all administrative, informational, and counseling services with respect to the annuity contracts offered by the designated company.
(c)    Each designated company shall cooperate with the employing institution in connection with any concerns that relate to enrollment, termination, or retirement of a participating employee.
(d)    Each designated company shall disclose to the Board of Trustees all fees, commissions, or other charges the designated company imposes or collects with respect to an annuity contract.
2023 Maryland Statutes › State Personnel and Pensions › Division II - Pensions › Title 30 - Optional Retirement Program › Subtitle 2 - Optional Retirement Program › Section 30-212 - Indemnification

A designated company or a company authorized to provide supplemental retirement accounts under § 30–401 of this title shall hold harmless and indemnify the State, the Board of Trustees, employing institutions, and the officers, agents, and employees of the State, the Board of Trustees, and employing institutions from any claims or demands arising from any act or omission on the part of the designated company or a company authorized to provide supplemental retirement accounts under § 30–401 of this title or its officers, agents, or employees, including any claim or demand for payment of benefits or damages arising from the formation, execution, performance, or termination of an annuity contract.
2023 Maryland Statutes › State Personnel and Pensions › Division II - Pensions › Title 30 - Optional Retirement Program › Subtitle 3 - Participation › Section 30-301 - Eligible Employees

(a)    An individual is eligible to participate in the program only if the individual:
(1)    is eligible for membership in a retirement system or a pension system;
(2)    has not previously participated in a State system as an employee of an employing institution or any other unit of State government; and
(3)    is:
(i)    a member of the faculty of an employing institution;
(ii)    a professional employee at a community college or regional community college established under Title 16 of the Education Article;
(iii)    an employee of the University System of Maryland who is in a position designated as exempt under a policy adopted by the University System of Maryland Board of Regents;
(iv)    an employee of Morgan State University who is in a position designated as executive or professional administrative by the Board of Regents of Morgan State University;
(v)    an employee of St. Mary’s College of Maryland who is in a position determined by the Board of Trustees of the College to be an exempt position; or
(vi)    an employee of the Maryland Higher Education Commission who is in a position determined by the Secretary of Higher Education to be a professional position.
(b)    (1)    This subsection applies to an individual who:
(i)    on August 22, 2004, was eligible to participate in the program; and
(ii)    is in a position that, as of August 23, 2004, was reclassified by the University System of Maryland Board of Regents or the Board of Regents of Morgan State University and would no longer be eligible for participation in the program under subsection (a) of this section.
(2)    An individual described under paragraph (1) of this subsection shall continue to participate in the program if the individual:
(i)    would otherwise be eligible for membership in a system under the State Retirement and Pension System; and
(ii)    is employed by an employing institution.
(c)    (1)    This subsection applies to an individual who:
(i)    is in a position that was eligible to participate in the program but was reclassified by the governing board of the individual’s employing institution or the Secretary of Higher Education to a position that would no longer be eligible for participation in the program under subsection (a) of this section; and
(ii)    was a participant in the program on the date immediately preceding the reclassification.
(2)    An individual described under paragraph (1) of this subsection shall continue to participate in the program if the individual:
(i)    would otherwise be eligible for membership in a system under the State Retirement and Pension System; and
(ii)    is employed by an employing institution.
2023 Maryland Statutes › State Personnel and Pensions › Division II - Pensions › Title 30 - Optional Retirement Program › Subtitle 3 - Participation › Section 30-302 - Election to Participate -- in General

(a)    An election to participate in the program shall be made by an eligible employee at commencement of employment.
(b)    An eligible employee’s election to participate in the program is a one–time irrevocable election.
(c)    An individual who previously participated in a State system as an employee of an employing institution or any other unit of State government may not elect to participate in the program.
2023 Maryland Statutes › State Personnel and Pensions › Division II - Pensions › Title 30 - Optional Retirement Program › Subtitle 3 - Participation › Section 30-303 - Election to Participate -- Employees Employed on or After October 1, 1993

(a)    An eligible employee shall elect to:
(1)    join a pension or retirement system in accordance with the provisions of this Division II applicable to that system; or
(2)    participate in the program.
(b)    An eligible employee shall:
(1)    make an election under this section in writing; and
(2)    file the election with the Board of Trustees and the employing institution at commencement of employment.
(c)    An eligible employee’s election under this section is a one–time, irrevocable election.
(d)    The effective date of the election shall be the day of commencement of employment.
2023 Maryland Statutes › State Personnel and Pensions › Division II - Pensions › Title 30 - Optional Retirement Program › Subtitle 3 - Participation › Section 30-304 - Election to Participate -- Transfer on or Before July 1, 1981

Unless an eligible employee transferred to a pension system on or before July 1, 1981, the eligible employee may not elect to participate in the program after transferring to a pension system.
2023 Maryland Statutes › State Personnel and Pensions › Division II - Pensions › Title 30 - Optional Retirement Program › Subtitle 3 - Participation › Section 30-305 - Election to Participate -- Change in Employee Status

(a)    This section applies only to a State employee who is appointed, promoted, transferred, or reclassified to a position in which an employee would be eligible to participate in the program.
(b)    A State employee described in subsection (a) of this section may not elect to participate in the program.
2023 Maryland Statutes › State Personnel and Pensions › Division II - Pensions › Title 30 - Optional Retirement Program › Subtitle 3 - Participation › Section 30-307 - Effect of Participation

(a)    (1)    This subsection applies to an election to participate in the program made on or before June 30, 2017.
(2)    Except as otherwise provided in this section, an election to participate in the program is a waiver of all rights and benefits provided by the retirement or pension system in which the participating employee was a member on the effective date of the election.
(3)    For the purpose of determining eligibility for immediate vested rights or benefits in a retirement system or pension system, an eligible employee who is a member of that State system when the employee elects to participate in the program is deemed to have separated from employment on the effective date of the election.
(4)    The Board of Trustees may only compute retirement system or pension system benefits on the basis of years of creditable service as a member of that State system.
(5)    (i)    This paragraph applies only to a participating employee whose last employer prior to joining the program was a participating employer that does not participate in the employer pick–up program as defined in § 414(h)(2) of the Internal Revenue Code.
(ii)    A participating employee may withdraw any accumulated contributions in the annuity savings fund on or after the effective date of the participating employee’s election to join the program.
(iii)    If a participating employee withdraws the accumulated contributions, the participating employee forfeits any right to a benefit in the State system from which the accumulated contributions were withdrawn.
(b)    (1)    A participating employee is ineligible for membership in a retirement system or pension system while the participating employee is employed in any eligible position by any employing institution.
(2)    A participating employee who is subsequently appointed, promoted, or transferred to another position that is eligible for membership in a State system but is not eligible for participation in the program shall participate in a State system with respect to that position as a condition of employment.
2023 Maryland Statutes › State Personnel and Pensions › Division II - Pensions › Title 30 - Optional Retirement Program › Subtitle 4 - Supplemental Retirement Plans › Section 30-401 - Establishment; Selection of Companies; Contributions; Assets; Indemnification

(a)    An employing institution may:
(1)    establish supplemental retirement plans that provide supplemental retirement accounts offered by a designated company in accordance with § 401(a), § 403(b), or § 457 of the Internal Revenue Code, or any other provision of federal law that authorizes supplemental retirement accounts; and
(2)    authorize its employees or the employees of an institution over which it has administrative authority to participate in one or more of the supplemental retirement plans.
(b)    (1)    Except as provided in paragraph (2) of this subsection, if an employing institution authorizes its employees or the employees of an institution over which it has administrative authority to participate in a supplemental retirement plan, the employing institution shall select one or more of the designated companies under § 30–202 of this title that may offer supplemental retirement accounts to those employees and shall administer the participation of those employees in the supplemental retirement plan.
(2)    With respect to a community or regional college established under Title 16 of the Education Article, other than a community college established under Title 16, Subtitle 5 of the Education Article, if an employing institution authorizes its employees or the employees of an institution over which it has administrative authority to participate in a supplemental retirement plan, the employing institution shall select one or more companies that may offer supplemental retirement accounts to those employees and shall administer the participation of those employees in the supplemental retirement plan.
(c)    Contributions authorized under this section to a supplemental retirement account on behalf of an employee may be made by payroll deduction, a reduction in salary, deferral in compensation in accordance with § 403(b), § 457, or § 414(h) of the Internal Revenue Code, or as otherwise permitted by the Internal Revenue Code and authorized by the employing institution.
(d)    Assets of the supplemental retirement plans may be deposited and invested in accordance with the investment elections allowed under the supplemental retirement plans notwithstanding any other law limiting the types of investments that may be made with State funds or imposing conditions on the deposit of State funds.
(e)    An employee of an employing institution with discretionary authority over the management or administration of any of the supplemental retirement plans or the management or disposition of the assets of any of the supplemental retirement plans is entitled to indemnification and insurance as provided under § 30–210.1 of this title.
2023 Maryland Statutes › State Personnel and Pensions › Division II - Pensions › Title 31 - Participating Governmental Units › Subtitle 1 - Participation in Employees' Systems › Section 31-101 - Definitions

(a)    In this subtitle the following words have the meanings indicated.
(b)    “Agency on aging” means:
(1)    an area agency on aging;
(2)    the Dorchester County Commission on Aging, Inc.;
(3)    the Somerset County Commission on Aging, Inc.;
(4)    the Washington County Commission on Aging, Inc.; and
(5)    the Worcester County Commission on Aging, Inc.
(c)    “Effective date” means the date that an eligible governmental unit commenced or commences participation in an employees’ system.
(d)    “Eligible governmental unit” means a governmental unit that is eligible to participate in the employees’ systems under § 31-102 of this subtitle.
(e)    (1)    “Employee” means a regular employee of an eligible governmental unit.
(2)    “Employee” includes an officer of an eligible governmental unit.
(3)    “Employee” does not include a contractual, emergency, or temporary extra employee.
(f)    “Employees’ system” means the Employees’ Retirement System or the Employees’ Pension System.
(g)    (1)    “Legislative body” means the entity with legislative authority or control over an eligible governmental unit.
(2)    “Legislative body” includes:
(i)    a board of county commissioners;
(ii)    a county council;
(iii)    the legislative body of a municipal corporation;
(iv)    for a community action agency, a governing body as defined in § 8-101 of the Housing and Community Development Article;
(v)    for an agency on aging:
1.    the legislative body of the county that the agency on aging represents; or
2.    for an area agency on aging that represents more than one county, the legislative body of each of the counties included in the jurisdiction of the area agency on aging;
(vi)    for the University of Maryland Medical System Corporation, the Board of Directors of the corporation; and
(vii)    for the Garrett County Office for Children, Youth and Families, the Board of County Commissioners for Garrett County.
(h)    (1)    “Local plan” means a plan or any other arrangement of an eligible governmental unit that is described in § 219(g)(5) of the Internal Revenue Code.
(2)    “Local plan” does not include a plan established under § 457 of the Internal Revenue Code.
2023 Maryland Statutes › State Personnel and Pensions › Division II - Pensions › Title 31 - Participating Governmental Units › Subtitle 1 - Participation in Employees' Systems › Section 31-102 - Eligible Governmental Units

Subject to § 22–202(b) of this article and § 31–109 of this subtitle, the governmental units that are eligible to participate in the employees’ systems are:
(1)    a political subdivision of the State, including:
(i)    a county;
(ii)    a municipal corporation; and
(iii)    a special taxing area; and
(2)    the following governmental units:
(i)    an agency on aging, as designated by the legislative body of the agency on aging;
(ii)    the Allegany County Transit Authority;
(iii)    subject to § 31–104 of this subtitle, the Baltimore Metropolitan Council;
(iv)    a board or commission created by an Act of the General Assembly for public purpose and not for the profit of a private person;
(v)    subject to § 31–105 of this subtitle, the Canal Place Preservation and Development Authority;
(vi)    the Chesapeake Bay Commission;
(vii)    a cooperative library commission;
(viii)    subject to § 31–103 of this subtitle, a community action agency, as designated by the legislative body of the community action agency;
(ix)    a fire department that receives any of its funds from or through a county, municipal corporation, special taxing area, or other political subdivision of the State;
(x)    the Health Planning Council of Appalachia;
(xi)    the Howard County Economic Development Authority;
(xii)    the Interstate Commission on the Potomac River Basin;
(xiii)    the Lower Shore Private Industry Council, Inc.;
(xiv)    the Maryland Environmental Service;
(xv)    subject to § 31–106 of this subtitle, the Maryland Stadium Authority;
(xvi)    a public library association or organization;
(xvii)    subject to § 31–106.2 of this subtitle, the St. Mary’s Nursing Center, Inc.;
(xviii)    the Tri–County Council for Western Maryland, Inc.;
(xix)    the Tri–County Council for Southern Maryland;
(xx)    subject to § 31–107 of this subtitle, the University of Maryland Medical System Corporation;
(xxi)    the Upper Potomac River Commission;
(xxii)    subject to § 31–106.1 of this subtitle, the Maryland African American Museum Corporation;
(xxiii)    the Garrett County Office for Children, Youth and Families;
(xxiv)    the Somerset County Economic Development Commission; and
(xxv)    the Dorchester County Sanitary Commission.