Created in 1985, the Board of Trustees of the Maryland Teachers and State Employees Supplemental Retirement Plans administers the State's supplemental retirement plans (Chapter 741, Acts of 1985). These State plans originated from three sources. In 1963, the Board of Trustees of the Teachers Retirement System established the Maryland Teachers' Tax-Deferred Annuity Plan. The Maryland State Employees Deferred Compensation Plan formed in 1974 (Chapter 433, Acts of 1974). For State employees, a Savings and Investment Plan under Internal Revenue Code sec. 401(k) began in 1984 (Chapter 746, Acts of 1984.)
For State employees covered by the Employees' Contributory Pension System and contributing to an employer-sponsored supplemental retirement plan, the State of Maryland Match Program was authorized effective July 1, 1999. As funded in the State budget, the Program operates up to a maximum contribution of $600 per employee per year (Chapter 530, Acts of 1998).
The nine members of the Board of Trustees are appointed to four-year terms by the Governor who names the chair (State Personnel & Pensions Article, secs. 35-101 through 35-602).
© Copyright July 06, 2007 Maryland State Archives