Section 30-101 - Definitions. - Maryland Statutes

§ 30-101. Definitions.
 

(a)  In general.- In this title the following words have the meanings indicated. 

(b)  Annuity contract.-  

(1) "Annuity contract" means a fixed or variable annuity contract or combination of fixed or variable annuity contracts authorized under § 403(a) or (b) of the Internal Revenue Code. 

(2) "Annuity contract" includes a custodial account to be invested in regulated investment company stock as provided in § 401(f) or § 403(b)(7) of the Internal Revenue Code. 

(c)  Designated company.- "Designated company" means an entity that: 

(1) on or before March 1, 1993, was designated by the governing board of an employing institution to offer annuity contracts under the program; or 

(2) is designated by the Board of Trustees. 

(d)  Eligible employee.- "Eligible employee" means an individual eligible to participate in the program. 

(e)  Employing institution.- "Employing institution" means: 

(1) the University System of Maryland; 

(2) Morgan State University; 

(3) St. Mary's College; 

(4) the Maryland Higher Education Commission with respect to eligible employees of the Commission; and 

(5) any community college or regional community college established under Title 16 of the Education Article. 

(f)  Participating employee.- "Participating employee" means an eligible employee who elects to participate in the program. 

(g)  Pension system.- "Pension system" means the Employees' Pension System or the Teachers' Pension System. 

(h)  Program.- "Program" means the optional retirement program established under § 30-201 of this title. 

(i)  Retirement system.- "Retirement system" means the Employees' Retirement System or the Teachers' Retirement System. 

(j)  "Supplemental retirement plans" means plans established pursuant to § 30-401 of this title. 
 

[An. Code 1957, art. 73B, §§ 11-101, 11-102; 1994, ch. 6, § 2; 1997, ch. 114, § 1; 1999, ch. 151; 2002, ch. 334; 2003, ch. 81; 2004, ch. 25, § 6; 2009, ch. 354.]