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2017 Maryland Code
Labor and Employment
Title 12 - Maryland Small Business Retirement Savings Program and Trust.
Subtitle 2 - Establishment; Powers and Duties of Board.
§ 12-201. Maryland Small Business Retirement Savings Board established.
Universal Citation: MD Lab & Emp Code § 12-201 (2017)
- (a) In general. -- There is a Maryland Small Business Retirement Savings Board.
- (b) Membership. -- The Board consists of the following members:
- (1) the State Treasurer, or the State Treasurer's designee;
- (2) the Secretary of Labor, Licensing, and Regulation, or the Secretary's designee; and
- (3) nine members with expertise in retirement programs and benefits, investments, financial systems and controls, or small business, appointed as follows:
- (i) three members, appointed by the Governor;
- (ii) three members, appointed by the President of the Senate; and
- (iii) three members, appointed by the Speaker of the House of Delegates.
- (c) Term. --
- (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, 2016.
- (3) At the end of a term a member continues to serve until a successor is appointed and qualifies.
- (4) A member who is appointed after a term has begun serves only for the rest of the term and until a successor is appointed and qualifies.
- (d) Chair. -- The Board shall elect a chair from among the members of the Board.
- (e) Removal. -- The Governor may remove a member for incompetence or misconduct.
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