Maryland Code, STATE PERSONNEL AND PENSIONS 30-206
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Terms Used In Maryland Code, STATE PERSONNEL AND PENSIONS 30-206
- 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.
In accordance with § 403(b) of the Internal Revenue Code, a participating employee’s rights to benefits under an annuity contract purchased under the program shall be fully vested and nonforfeitable.