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§ 31-2A-05. Operation of local plans or State systems

West's Annotated Code of MarylandState Personnel and PensionsEffective: July 1, 2023

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 2a. Participation in the Law Enforcement Officers' Pension System (Refs & Annos)
Effective: July 1, 2023
MD Code, State Personnel and Pensions, § 31-2A-05
§ 31-2A-05. Operation of local plans or State 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 Law Enforcement Officers' Pension System, the operation of the local plan or State system with respect to the law enforcement officers, firefighters, emergency medical technicians, or paramedics terminates on the effective date.
Transfers and credits on effective date
(c)(1) On the effective date:
(i) the assets to the credit of the local plan or State system that relate to the law enforcement officers, firefighters, emergency medical technicians, or paramedics who elect to become members shall be transferred to the Law Enforcement Officers' Pension 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 plan or State 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 Law Enforcement Officers' Pension System.
(3) The balance of the funds transferred to the Law Enforcement Officers' Pension 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 1998, c. 494, § 1, eff. Oct. 1, 1998. Amended by Acts 2004, c. 284, § 1, eff. July 1, 2004; 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; Acts 2023, c. 71, § 1, eff. June 1, 2023; Acts 2023, c. 72, § 1, eff. June 1, 2023. ; Acts 2023, c. 188, § 1, eff. July 1, 2023; Acts 2023, c. 189, § 1, eff. July 1, 2023.
MD Code, State Personnel and Pensions, § 31-2A-05, MD ST PERS & PENS § 31-2A-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