Maryland Code, STATE PERSONNEL AND PENSIONS 30-208
Terms Used In Maryland Code, STATE PERSONNEL AND PENSIONS 30-208
- 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.
(b) After a review under subsection (a) of this section, the Board of Trustees may:
(1) eliminate a designated company from participation in the program; or
(2) withdraw approval for a type of annuity contract offered by a designated company under the program.
(c) (1) If a designated company is eliminated from the program or approval for a type of annuity contract is withdrawn, the Board of Trustees:
(i) to the extent permitted under an annuity contract, may direct the transfer of existing balances of participating employees to a new annuity contract; and
(ii) shall give participating employees an opportunity to select an annuity contract with a designated company for future contributions and existing balances subject to transfer under the program, in accordance with subparagraph (i) of this paragraph.
(2) If a participating employee does not make a selection under paragraph (1)(ii) of this subsection within a period specified by the Board of Trustees, the participating employee shall be deemed to have elected for future contributions and existing balances subject to transfer an annuity contract and a designated company specified by the Board of Trustees.
(d) All eligible employees shall have access to the information compiled for the purpose of conducting the review required under this section and shall be notified of the availability of the information by the Board of Trustees.