Maryland Code, STATE PERSONNEL AND PENSIONS 30-201
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Terms Used In Maryland Code, STATE PERSONNEL AND PENSIONS 30-201
- 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
(a) There is an optional retirement program in which eligible employees may participate.
(b) Under the program, annuity contracts offered by a designated company that provide retirement and death benefits may be purchased for participating employees.
(c) (1) The Board of Trustees shall administer the program to the extent provided in this title.
(2) The State Retirement Agency shall carry out the administrative duties of the Board of Trustees.
(d) The program shall be offered by each employing institution.