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2017 Maryland Code
Labor and Employment
Title 12 - Maryland Small Business Retirement Savings Program and Trust.
Subtitle 4 - Maryland Small Business Retirement Savings Program.
§ 12-401. Program established.
Universal Citation: MD Lab & Emp Code § 12-401 (2017)
- (a) In general. -- There is a Maryland Small Business Retirement Savings Program.
- (b) Payroll deposit IRA arrangements. -- The Maryland Small Business Retirement Savings Program shall only include one or more payroll deposit IRA arrangements as determined by the Board.
- (c) Investment options; default option. -- The Board shall:
- (1) implement a range of investment options and providers; and
- (2) select a default investment option for Program participants.
- (d) Considerations for selection of options. -- When selecting investment options, the Board shall consider methods to minimize the risk of significant investment losses at the time of a participating employee's retirement.
- (e) Option for assured lifetime income. -- The Board may provide an investment option that provides an assured lifetime income.
- (f) Minimization of administrative expenses. --
- (1) The Board shall consider investment options that minimize administrative expenses.
- (2) Ongoing annual administrative expenses may not exceed 0.5% of assets under management in the Program.
- (g) Prohibited -- Conflict with federal law. -- The Board may not offer any investment options that conflict with federal law.
- (h) Prohibited -- Options with potential liability to State or taxpayers. -- The Board may not offer any investment options that could result in liability to the State or its taxpayers.
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