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Session Laws, 1985
Volume 760, Page 3500   View pdf image
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3500

LAWS OF MARYLAND

Ch. 741

FISCAL PLANNING, AND EDUCATION; THE COMPTROLLER OF THE TREASURY;
THE STATE TREASURER; THE STATE RETIREMENT AGENCY; OR THE STATE
BOARD FOR HIGHER EDUCATION;

(2)  3 MEMBERS WHO ARE ELIGIBLE TO PARTICIPATE IN 1 OR
MORE OF THE PLANS, PROVIDED THAT AT LEAST 1 MEMBER SHALL BE AN
EMPLOYEE AS DESCRIBED IN SECTION 403(B)(1)(A)(II) OF THE INTERNAL
REVENUE CODE; AND

(3)  3 MEMBERS OF THE PUBLIC WHO ARE NOT ELIGIBLE TO
PARTICIPATE IN THE PLANS, PROVIDED THAT AT LEAST 1 MEMBER HAS
EXPERIENCE WITH DEFERRED COMPENSATION AND SALARY REDUCTION PLANS.

(C)  (1) THE TERM OF A MEMBER IS 4 YEARS.

(2)  THE TERMS OF MEMBERS ARE STAGGERED AS REQUIRED BY
THE TERMS PROVIDED FOR MEMBERS OF THE BOARD ON JULY 1, 1985.

(3)  THE GOVERNOR SHALL APPOINT A CHAIRMAN FROM AMONG
THE MEMBERS OF THE BOARD APPOINTED UNDER PARAGRAPH (B)(1) OF THIS
SECTION.

(4)  THE MEMBERS SHALL SERVE AT THE PLEASURE OF THE
GOVERNOR.

(D)  THE BOARD OF TRUSTEES SHALL:

(1)  TAKE ANY ACTION NECESSARY TO IMPLEMENT, MAINTAIN,
AND ADMINISTER THE PLANS;

(2)  MEET QUARTERLY;

(3)  SUBMIT AN ANNUAL REPORT TO THE GOVERNOR, AND
SUBJECT TO § 2-1312 OF THE STATE GOVERNMENT ARTICLE, TO THE
GENERAL ASSEMBLY;

(4)  COORDINATE THE PLANS OFFERED UNDER THIS ARTICLE;

(5)  SUBMIT PROGRESS AND STATUS REPORTS TO
PARTICIPANTS IN THE PLANS;

(6)  MAINTAIN RECORDS OF ITS ACCOUNTS AND
TRANSACTIONS;

(7)  APPOINT EMPLOYEES; AND

(8)  HIRE CONSULTANTS, ADMINISTRATORS, AND OTHER
PROFESSIONAL ASSISTANCE TO AID IN THE IMPLEMENTATION,
MAINTENANCE, AND ADMINISTRATION OF THE PLANS.

(E)  EMPLOYEES OF THE BOARD SHALL BE CLASSIFIED EMPLOYEES
SUBJECT TO THE PROVISIONS OF ARTICLE 64A, EXCEPT FOR EMPLOYEES
HOLDING POSITIONS DESIGNATED BY THE BOARD OF TRUSTEES AS
PROFESSIONAL OR TECHNICAL POSITIONS THAT INVOLVE SPECIALIZED
SKILL, EDUCATION, AND KNOWLEDGE, AND WHOSE LABOR IS PREDOMINATELY

 

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Session Laws, 1985
Volume 760, Page 3500   View pdf image
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