Maryland Code, STATE PERSONNEL AND PENSIONS 32-208

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Terms Used In Maryland Code, STATE PERSONNEL AND PENSIONS 32-208

Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.

(a) An eligible employee, as defined in § 32-101(b) of this title, of St. Mary’s College of Maryland may not participate in the Optional Defined Contribution System, as provided in this title, if the employee is eligible to participate in a matching supplemental retirement defined contribution plan or a matching feature of a supplemental retirement plan adopted and administered by the Board of Trustees of St. Mary’s College of Maryland.

(b) The Board of Trustees of St. Mary’s College of Maryland may adopt and administer for employees of St. Mary’s College of Maryland:

(1) a matching supplemental retirement defined contribution plan; or

(2) a matching feature to another supplemental retirement plan adopted and administered by the Board of Trustees.

(c) For any fiscal year, any plan established under subsection (b) of this section shall provide to employees described under subsection (a) of this section and who participate in the St. Mary’s College of Maryland supplemental plan or feature, not less than the same level of employer contributions that are available to participating employees under § 32-205 of this subtitle.

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