Each State system is established as a qualified defined benefit plan pursuant to 26 U.S.C. §§401(a) and 414(d), or other applicable provision of the Internal Revenue Code, and applicable U.S. Treasury regulations and other guidance. The Board is authorized to adopt rules and regulations which are appropriate or necessary to maintain the qualified status of each State system.

Authority: State Personnel and Pensions Article, §§21-110 and 21-603, Annotated Code of Maryland

Effective date: July 27, 2009 (36:15 Md. R. 1167)

Regulation .02B amended effective January 8, 2024 (50:26 Md. R. 1132)