Terms Used In Maryland Code, STATE PERSONNEL AND PENSIONS 30-204

  • 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.
  • Contract: A legal written agreement that becomes binding when signed.
The Board of Trustees is not responsible for:

(1) retirement counseling with respect to the program;

(2) preparing or disseminating information with respect to an annuity contract offered by a designated company; or

(3) enrolling, terminating, or retiring a participating employee.