Terms Used In Maryland Code, STATE PERSONNEL AND PENSIONS 35-301

  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Fiduciary: A trustee, executor, or administrator.
  • Indemnification: In general, a collateral contract or assurance under which one person agrees to secure another person against either anticipated financial losses or potential adverse legal consequences. Source: FDIC
  • Person: includes an individual, receiver, trustee, guardian, personal representative, fiduciary, representative of any kind, corporation, partnership, business trust, statutory trust, limited liability company, firm, association, or other nongovernmental entity. See
(a) In this section, “fiduciary” means a person with discretionary authority or control over:

(1) the management or administration of any of the supplemental retirement plans; or

(2) the management or disposition of the assets of any of the supplemental retirement plans.

(b) A fiduciary is subject to the duties and responsibilities imposed on fiduciaries by Title 21, Subtitle 2 of this article.

(c) A fiduciary is entitled to indemnification and insurance as provided under § 21-207 of this article.