Single Interval EJB 3.0 Timer in Stateless Session Bean does not invoke @Timeout callback method

Environment

// Example of a simple stateless session ejb 3.0 with Single Interval Timer
package ejbtm;

import java.util.Date;
import java.util.logging.Logger;

import javax.annotation.Resource;
import javax.ejb.Stateless;
import javax.ejb.Timeout;
import javax.ejb.Timer;
import javax.ejb.TimerService;

/**
* Session Bean implementation class MyTimerEJB
*/
@Stateless
public class MyTimerEJB implements MyTimer
{
/**
* Default constructor.
*/
public MyTimerEJB() {
// constructor stub
}
private static final Logger log = Logger.getLogger(MyTimerEJB.class.getName());

private static final String TM_NAME = "MyTestTimer";

@Resource
TimerService timerService;

@Timeout
public void myTimeout(Timer timer)
{
// Why is it not called when MyTestTimer expires?
System.out.println("Timeout myTimeout() called");
System.out.println("... called at: " + new Date(System.currentTimeMillis()));

log.info("Timer fired: timer=" + timer.getInfo());
}

public void startTimer()
{
log.info("Start timer");
log.info("...but first Stop any timers");
stopTimer();
// Create time expiring in 10 sec
long duration = 1000 * 10;

Timer timer = timerService.createTimer(duration, TM_NAME);
System.out.println("Created Timer at : " + new Date(System.currentTimeMillis()));
log.info("Timer created: timer=" + timer.getInfo());
log.info("TimeRemaining=" + timer.getTimeRemaining());
log.info("Next timeout=" + timer.getNextTimeout());


}

public void stopTimer()
{
log.info("Stop timer");

for (Object tm : timerService.getTimers()) {
Timer timer = (Timer)tm;

log.info("Cancel timer: timer=" + timer.getInfo());
timer.cancel();
}
}

public void printTimer()
{
log.info("Print timer");

for (Object tm : timerService.getTimers()) {
Timer timer = (Timer)tm;

log.info("timer=" + timer.getInfo());
}
}
}