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Unannotated Code of Maryland (Last Updated: May 16, 2014) |
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STATE PERSONNEL AND PENSIONS |
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DIVISION II. PENSIONS |
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TITLE 30. OPTIONAL RETIREMENT PROGRAM |
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SUBTITLE 2. OPTIONAL RETIREMENT PROGRAM |
§ 30-205. Contributions
Latest version.
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(a) In general. -- Under the program, the State and the participating employees shall contribute, to the extent required, toward the purchase of annuity contracts.
(b) Limit on number of companies. -- A participating employee may elect to make contributions to no more than two designated companies under the program for the same payroll period, if the Board of Trustees determines that the election of more than one designated company is administratively feasible.
(c) State contributions. --
(1) On behalf of each participating employee, the State shall contribute 7.25% of the participating employee's annual earnable compensation.
(2) If a participating employee's compensation is paid from special or federal funds or both, the State's contribution to the program shall be paid from those funds.
(d) Payment by Central Payroll Bureau. -- The Central Payroll Bureau shall pay contributions to the appropriate designated company for the benefit of each participating employee.