(b) The Maryland Small Business Retirement Savings Program shall only include one or more payroll deposit IRA arrangements as determined by the Board.

(c) The Board shall:

(1) implement a range of investment options and providers; and

(2) select a default investment option for Program participants.

(d) When selecting investment options, the Board shall consider methods to minimize the risk of significant investment losses at the time of a participating employee’s retirement.

(e) The Board may provide an investment option that provides an assured lifetime income.

(f) (1) The Board shall consider investment options that minimize administrative expenses.

(2) Ongoing annual administrative expenses may not exceed 0.5% of assets under management in the Program.

(g) The Board may not offer any investment options that conflict with federal law.

(h) The Board may not offer any investment options that could result in liability to the State or its taxpayers.