(a) Except for the State supplemental plans that are authorized by employing institutions as defined in § 30-101 of this article, the Supplemental Board shall adopt, implement, and maintain the specific qualified plans that are part of the Optional Defined Contribution System.

(b) (1) Except as provided in paragraph (2) of this subsection, the Supplemental Board shall adopt regulations to carry out this title.

(2) The Supplemental Board is not required to adopt regulations to adopt or amend the plans under the Optional Defined Contribution System.

(c) A participating employee’s interest in the plans under the Optional Defined Contribution System:

(1) shall immediately be 100% vested;

(2) shall be held in trust for the exclusive benefit of the participating employee, except as otherwise required under § 403(b) of the Internal Revenue Code for investments held under a plan that qualifies under § 403(b) of the Internal Revenue Code; and

(3) may be distributed only at the times, in the manner, to the extent, and to the individuals that allow the plans to maintain their tax qualified status under the Internal Revenue Code.