In this title the following words have the meanings indicated. “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. “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. “Designated company” means an entity that is designated by the Board of Trustees. “Eligible employee” means an individual eligible to participate in the program. “Employing institution” means: the University System of Maryland; Morgan State University; St. Mary’s College; the Maryland Higher Education Commission with respect to eligible employees of the Commission; and any community college or regional community college established under Title 16 of the Education Article. “Participating employee” means an eligible employee who elects to participate in the program. “Pension system” means the Employees’ Pension System or the Teachers’ Pension System. “Program” means the optional retirement program established under § 30-201 of this title. “Retirement system” means the Employees’ Retirement System or the Teachers’ Retirement System. “Supplemental retirement plans” means plans established pursuant to § 30–401 of this title.