§ 39-102. Creation of special retirement or pension system by county
West's Annotated Code of MarylandState Personnel and Pensions
MD Code, State Personnel and Pensions, § 39-102
§ 39-102. Creation of special retirement or pension system by county
(a) A county may not create a special retirement or pension system that allows the system's benefits to be set or amended by a means other than by ordinance enacted by the governing body of the county.
(b) On or after February 1, 1996, a county may create a special retirement or pension system if the system meets the requirements stated in this section.
(c)(1) A county that creates a special retirement or pension system shall create the system by an ordinance enacted by the governing body of the county.
(d)(1) A county that creates a special retirement or pension system shall:
(ii) make employer contributions and collect employee contributions during the employment of the members that are computed by the system's actuary to be sufficient to provide the reserves needed to cover the benefits payable on account of the system's members, former members, retirees, and beneficiaries; and
(e)(1) Except as provided in paragraph (2) of this subsection, a special retirement or pension system may provide benefits to be paid immediately after separation from service for members who are involuntarily separated after a specified period of service and who would not otherwise be eligible to receive the benefits at that time.
(f) A special retirement or pension system:
Credits
Added by Acts 1995, c. 616, § 1, eff. July 1, 1995.
MD Code, State Personnel and Pensions, § 39-102, MD ST PERS & PENS § 39-102
Current through legislation effective through April 9, 2023, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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