Maryland State Personnel and Pensions Section 33-202

CAUTION: READ FULL TEXT OF SECTION FOR SPECIAL NOTE

** SPECIAL NOTE: EFFECTIVE - JULY 1, 2006 - CHAPTER 164 - 2005 **

      (a)      Except as provided in subsection (b) of this section, the Secretary or the Secretary's designee may adopt, implement, and maintain the Special Pay Plan.

      (b)      The Secretary may delegate any or all of the Secretary's duties under this title to any other agency or unit of State government.

      (c)      (1)      In accordance with Division II of the State Finance and Procurement Article, the Secretary or the Secretary's designee shall select a designated company offering a Special Pay Plan approved by the Internal Revenue Service.

            (2)      The Secretary or the Secretary's designee shall approve the form and contents of the contract offered to a designated company.

            (3)      The Secretary or the Secretary's designee shall periodically review the investment options offered by the designated company through the Special Pay Plan.

      (d)      The Secretary or the Secretary's designee shall adopt regulations to carry out this title.

      (e)      A participating employee's interest in the Special Pay Plan:

            (1)      shall immediately be 100% vested and be made available to the employee in a manner consistent with the Internal Revenue Code; and

            (2)      shall be held in trust for the exclusive benefit of the participating employee.