Maryland § 12-401
Full text of Maryland Maryland Code § 12-401, with citation guidance and answers to common questions.
§ 12-401.
(a) There is a Maryland Small Business Retirement Savings Program.
(b) The Maryland Small Business Retirement Savings Program shall only include one or more payroll deposit IRA arrangements as determined by the Board.
(c) The Board shall:
(1) implement a range of investment options and providers; and
(2) select a default investment option for Program participants.
(d) When selecting investment options, the Board shall consider methods to minimize the risk of significant investment losses at the time of a participating employee’s retirement.
(e) The Board may provide an investment option that provides an assured lifetime income.
(f) (1) The Board shall consider investment options that minimize administrative expenses.
(2) Ongoing annual administrative expenses may not exceed 0.5% of assets under management in the Program.
(g) The Board may not offer any investment options that conflict with federal law.
(h) The Board may not offer any investment options that could result in liability to the State or its taxpayers.
Frequently Asked Questions About Maryland § 12-401
What does Maryland Code § 12-401 cover?
Section 12-401 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 § 12-401?
A common citation format is "Maryland Code § 12-401" (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 § 12-401 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.