Section 30-101 - Definitions.
§ 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.]