There is a Board of Trustees of the Maryland State Employees Supplemental Retirement Plans.

The Board consists of nine members appointed by the Governor. Of the nine members: three shall be from any of the following units: the Department of Budget and Management; the Department of Education; the Office of the State Comptroller; the Office of the State Treasurer; the State Retirement Agency; or the Maryland Higher Education Commission; three shall be individuals who are eligible to participate in one of the supplemental retirement plans, at least one of whom shall be an employee described in § 403(b)(1)(A)(ii) of the Internal Revenue Code; and three shall be members of the public who are not eligible to participate in any of the supplemental retirement plans, at least one of whom shall have experience with deferred compensation and salary reduction plans. The term of a member is 4 years. The terms of members are staggered as required by the terms provided for members of the Board on October 1, 1994. At the end of a term, a member continues to serve until a successor is appointed and qualifies. A member who is appointed after a term has begun serves only for the rest of the term and until a successor is appointed and qualifies. The Governor may remove a member for incompetence or misconduct.

The Governor shall appoint a chairman from among the members of the Board appointed under § 35–202(a)(2)(i) or (ii) of this subtitle.

The Board shall meet at least quarterly at the times and places it determines. Each member of the Board is entitled to reimbursement for expenses under the Standard State Travel Regulations, as provided in the State budget. The Board may employ a staff in accordance with the State budget. The Board may hire consultants, administrators, and other professionals as necessary to help implement, maintain, and administer the supplemental retirement plans. Except as provided in subparagraph (ii) of this paragraph or otherwise by law, employees of the Board are subject to the provisions of Division I of this article that govern nontemporary employees. Employees of the Board whose labor is predominately intellectual and who hold positions that the Board designates as professional or technical positions involving specialized skill, education, and knowledge are in the executive service, management service, or are special appointments of the skilled service or the professional service in the State Personnel Management System. Except as provided in paragraph (5) of this subsection, all expenses, including employee costs, incurred to implement, maintain, and administer the supplemental retirement plans shall be paid from the contributions to or the income or assets of the supplemental retirement plans. Each supplemental retirement plan shall pay a proportionate share of the expenses specified in subparagraph (i) of this paragraph. Administrative expenses to implement, maintain, and administer the supplemental retirement plans shall be as provided in the State budget. At the request of the Board, and subject to an agreement governing the payment of costs, a unit of State government shall help to implement, maintain, and administer the supplemental retirement plans.

The Board shall: implement, maintain, and administer the supplemental retirement plans; submit progress and status reports to participants in the supplemental retirement plans; and submit an annual report to the Governor and, subject to § 2-1257 of the State Government Article, to the General Assembly. In case of doubt as to whether an individual is eligible to participate in any of the supplemental retirement plans, the Board shall determine the individual’s eligibility.