§ 30-208
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/md/state-personnel-and-pensions/30-208·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
§30–208.
(a)Every 3 years the Board of Trustees shall review the performance, form, and contents of the annuity contracts offered under the program.
(b)After a review under subsection
(a)of this section, the Board of Trustees may:
(1)eliminate a designated company from participation in the program; or
(2)withdraw approval for a type of annuity contract offered by a designated company under the program.
(1)If a designated company is eliminated from the program or approval for a type of annuity contract is withdrawn, the Board of Trustees:
(i)to the extent permitted under an annuity contract, may direct the transfer of existing balances of participating employees to a new annuity contract; and
(ii)shall give participating employees an opportunity to select an annuity contract with a designated company for future contributions and existing balances subject to transfer under the program, in accordance with item
(i)of this paragraph.
(2)If a participating employee does not make a selection under paragraph (1)(ii) of this subsection within a period specified by the Board of Trustees, the participating employee shall be deemed to have elected for future contributions and existing balances subject to transfer an annuity contract and a designated company specified by the Board of Trustees.
(d)All eligible employees shall have access to the information compiled for the purpose of conducting the review required under this section and shall be notified of the availability of the information by the Board of Trustees.