§ 12-201
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/md/labor-and-employment/12-201·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
§12–201.
(1)There is a Maryland Small Business Retirement Savings Board.
(2)The Board is a body politic and corporate and is an instrumentality of the State.
(i)Except as provided in subparagraphs
(ii)and
(iii)of this subsection, the Board is not subject to any law, including § 6–106 of the State Government Article, that affects governmental units.
(ii)The Board is subject to:
1. the Open Meetings Act; and
2. the Public Information Act.
(iii)The Board and its employees are subject to the public ethics law.
(b)The Board consists of the following members:
(1)the State Treasurer, or the State Treasurer’s designee;
(2)the Secretary of Labor, or the Secretary’s designee;
(3)the Comptroller, or the Comptroller’s designee; and
(4)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.
(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)The Board shall elect a chair from among the members of the Board.
(e)The appointing authority may remove a member whom the appointing authority appointed, for incompetence or misconduct.