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§ 31-2B-05. Termination of local pension systems

West's Annotated Code of MarylandState Personnel and PensionsEffective: July 1, 2017

West's Annotated Code of Maryland
State Personnel and Pensions (Refs & Annos)
Division II. Pensions [Titles 20-34] (Refs & Annos)
Title 31. Participating Governmental Units
Subtitle 2b. Participation in the Correctional Officers' Retirement System (Refs & Annos)
Effective: July 1, 2017
MD Code, State Personnel and Pensions, § 31-2B-05
§ 31-2B-05. Termination of local pension systems
Currentness
Applicability of section
(a) This section applies only to a local plan that is a qualified plan under § 401(a) of the Internal Revenue Code and provides a defined benefit to its participants.
In general
(b) If an eligible governmental unit approves participation in the Correctional Officers' Retirement System, the operation of the local plan or State system with respect to the local detention center officers terminates on the effective date.
Transfer of assets
(c)(1) On the effective date:
(i) the assets to the credit of the local plan or State system that relate to the local detention center officers who elect to become members shall be transferred to the Correctional Officers' Retirement System; and
(ii) the trustee or other administrative head of the local plan or State system shall certify the proportion of the funds of the local pension system that represents the accumulated contributions of the members as of that date.
(2) The accumulated contributions shall be credited to the respective annuity savings accounts of the members in the Correctional Officers' Retirement System.
(3) The balance of the funds transferred to the Correctional Officers' Retirement System shall be offset against the special accrued liability to be funded by the participating governmental unit as provided by § 21-306.1(d) of this article.

Credits

Added by Acts 2006, c. 258, § 1, eff. July 1, 2006. Amended by Acts 2010, c. 580, § 2, eff. July 1, 2010; Acts 2017, c. 271, § 1, eff. July 1, 2017; Acts 2017, c. 272, § 1, eff. July 1, 2017.
MD Code, State Personnel and Pensions, § 31-2B-05, MD ST PERS & PENS § 31-2B-05
Current through legislation effective through May 9, 2024, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
End of Document