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§ 31-305. Transfer of assets upon withdrawal of a participating governmental unit

West's Annotated Code of MarylandState Personnel and PensionsEffective: July 1, 2010

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 3. Withdrawal by a Participating Governmental Unit (Refs & Annos)
Effective: July 1, 2010
MD Code, State Personnel and Pensions, § 31-305
§ 31-305. Transfer of assets upon withdrawal of a participating governmental unit
Currentness
Assets allocable to withdrawn employees
(a) As of the effective date of withdrawal of a participating governmental unit, the Board of Trustees shall transfer to the administrative board of the local pension system or new State system the portion of the assets that are allocable to the withdrawn employees as determined under § 21-305.5, § 21-305.6, § 21-306, § 21-306.1, or § 26-306.2 of this article.
Transferred assets held in trust
(b) The administrative board of the local pension system or new State system shall hold the transferred assets in trust to provide retirement benefits for the withdrawn employees.

Credits

Added by Acts 1994, c. 6, § 2, eff. Oct. 1, 1994. Amended by Acts 1996, c. 661, § 1, eff. July 1, 1996; Acts 1998, c. 494, § 1, eff. Oct. 1, 1998; Acts 2006, c. 44, § 6, eff. April 8, 2006; Acts 2006, c. 258, § 1, eff. July 1, 2006; Acts 2010, c. 580, § 2, eff. July 1, 2010.
Formerly Art. 73B, §§ 10-106, 10-229.
MD Code, State Personnel and Pensions, § 31-305, MD ST PERS & PENS § 31-305
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.
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