Maryland Code, STATE PERSONNEL AND PENSIONS 21-301
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Terms Used In Maryland Code, STATE PERSONNEL AND PENSIONS 21-301
- Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- state: means :
(1) a state, possession, territory, or commonwealth of the United States; or
(2) the District of Columbia. See
(a) In each State system, there is:
(1) an accumulation fund;
(2) an annuity savings fund; and
(3) an expense fund.
(b) The Board of Trustees shall credit the assets of each State system to the appropriate fund of the State system according to the purpose for which the assets are held.