Maryland Code, STATE PERSONNEL AND PENSIONS 30-205
Terms Used In Maryland Code, STATE PERSONNEL AND PENSIONS 30-205
- 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.
- state: means :
(1) a state, possession, territory, or commonwealth of the United States; or
(2) the District of Columbia. See
(b) A participating employee may elect to make contributions to no more than two designated companies under the program for the same payroll period, if the Board of Trustees determines that the election of more than one designated company is administratively feasible.
(c) (1) On behalf of each participating employee, the State shall contribute 7.25% of the participating employee’s annual earnable compensation.
(2) If a participating employee’s compensation is paid from special or federal funds or both, the State’s contribution to the program shall be paid from those funds.
(d) The Central Payroll Bureau shall pay contributions to the appropriate designated company for the benefit of each participating employee.