(a) There is a Maryland Small Business Retirement Savings Trust.
(b) (1) The Maryland Small Business Retirement Savings Trust shall be administered by the Board for the purpose of promoting greater retirement savings for Maryland private sector employees in a convenient, voluntary, low–cost, and portable manner.
(2) The Board shall enter into an agreement delegating the administration of the Trust to a third–party administrator.
(c) Money in the Trust may be invested or reinvested as determined by the Board.
(d) Any contributions paid by employees into the Trust may be used only to:
(1) pay benefits to the participants of the Program;
(2) pay the cost for administering the Program; and
(3) make investments for the benefit of the Program.
(e) The Board shall establish, by regulation, dates when an employer shall deposit employee contributions.
(f) The State may not transfer any assets of the Trust to the General Fund or any other fund of the State, or otherwise encumber any assets of the Trust.