State Personnel and Pensions (GSP) — Title 32. Optional Defined Contribution System

“Eligible employee” means a member of the Employees’ Pension System or the Employees’ Retirement System who is subject to Selection C (Combination Formula) as provided in § 22-221 of this article, other than:

“Eligible employee” includes:

“State supplemental plan” means a plan qualified under the Internal Revenue Code and:

“State supplemental plan” includes:

Except as provided in paragraph (2) of this subsection, the Supplemental Board shall adopt regulations to carry out this title.

The Supplemental Board is not required to adopt regulations to adopt or amend the plans under the Optional Defined Contribution System.

shall immediately be 100% vested;

shall be held in trust for the exclusive benefit of the participating employee, except as otherwise required under § 403(b) of the Internal Revenue Code for investments held under a plan that qualifies under § 403(b) of the Internal Revenue Code; and

may be distributed only at the times, in the manner, to the extent, and to the individuals that allow the plans to maintain their tax qualified status under the Internal Revenue Code.

Subject to paragraph (3) of this subsection, for each participating employee who makes contributions under § 32–204 of this subtitle, the State shall contribute to the applicable State supplemental plan employer contributions an amount equal to the lesser of the participating employee’s contributions or $600 per fiscal year.

Subject to paragraph (3) of this subsection, if a participating employee who makes contributions under § 32–204 of this subtitle provides documentation to the State of the amount the employee paid toward the employee’s higher education student loan payments during the current fiscal year, the State shall contribute to the applicable State supplemental plan employer contributions an amount equal to the lesser of the participating employee’s higher education student loan payments or $600 per current fiscal year.

A participating employee may not receive a State contribution under paragraphs (1) and (2) of this subsection during the same fiscal year.

This subsection applies to participating employees who are paid through the Central Payroll Bureau.

As payrolls are paid, the Central Payroll Bureau shall pay the employer contributions to the applicable State supplemental plan as directed by the Supplemental Board.

The payments shall be charged against the budgets of the units employing the participating employees.

If a participating employee’s salary is paid from special funds or federal funds, or both, the employer contribution for that employee shall be paid from those funds.

This subsection applies to participating employees who are not paid through the Central Payroll Bureau.

The Supplemental Board shall provide by regulation how employer contributions and participating employee contributions are to be made.

The payments shall be charged against the budgets of the units employing the participating employees who are employed by the State.

If a participating employee’s salary is paid from special funds or federal funds, or both, the employer contribution shall be paid from those funds.

the Supplemental Board determines that employees of the Northeast Maryland Waste Disposal Authority are eligible to participate in and contribute to one or more of the State supplemental plans; and

the Northeast Maryland Waste Disposal Authority makes an irrevocable election to participate in the Optional Defined Contribution System.

a matching supplemental retirement defined contribution plan; or

a matching feature to another supplemental retirement plan adopted and administered by the Board of Trustees.