Maryland § 32-203
Full text of Maryland Maryland Code § 32-203, with citation guidance and answers to common questions.
§ 32-203.
(a) Except for the State supplemental plans that are authorized by employing institutions as defined in § 30-101 of this article, the Supplemental Board shall adopt, implement, and maintain the specific qualified plans that are part of the Optional Defined Contribution System.
(b) (1) Except as provided in paragraph (2) of this subsection, the Supplemental Board shall adopt regulations to carry out this title.
(2) The Supplemental Board is not required to adopt regulations to adopt or amend the plans under the Optional Defined Contribution System.
(c) A participating employee’s interest in the plans under the Optional Defined Contribution System:
(1) shall immediately be 100% vested;
(2) shall be held in trust for the exclusive benefit of the participating employee, except as otherwise required under § 403(b) of the Internal Revenue Code for investments held under a plan that qualifies under § 403(b) of the Internal Revenue Code; and
(3) may be distributed only at the times, in the manner, to the extent, and to the individuals that allow the plans to maintain their tax qualified status under the Internal Revenue Code.
Frequently Asked Questions About Maryland § 32-203
What does Maryland Code § 32-203 cover?
Section 32-203 is part of the Maryland Code, the codified statutory law of Maryland. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Maryland § 32-203?
A common citation format is "Maryland Code § 32-203" (Maryland). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Maryland law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Maryland official source linked on this page or consult a licensed Maryland attorney.
How does Maryland § 32-203 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Maryland can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Maryland.