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ROBERT L. EHRLICH, JR., Governor Ch. 543
SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall take
effect October 1, 2006.
Enacted May 26, 2006.
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CHAPTER 543
(Senate Bill 860)
AN ACT concerning
Local Government - Investment of Other Postemployment Benefit Benefits
Funds
FOR the purpose of providing that the trustees or other officers in charge of other
certain postemployment benefit benefits funds may only invest the funds in a
certain manner; defining a certain term; and generally relating to the
investment of certain trust funds.
BY repealing and reenacting, with amendments,
Article 95 - Treasurer
Section 22(b) and 22F(a)(7)
Annotated Code of Maryland
(2003 Replacement Volume and 2005 Supplement)
SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That the Laws of Maryland read as follows:
Article 95 - Treasurer
22.
(b) (1) IN THIS SUBSECTION, "OTHER POSTEMPLOYMENT BENEFITS" MEANS
POSTEMPLOYMENT HEALTH CARE BENEFITS, REGARDLESS OF THE TYPE OF PLAN
THAT PROVIDES THEM, AND ALL POSTEMPLOYMENT BENEFITS PROVIDED
SEPARATELY FROM A PENSION PLAN, EXCLUDING BENEFITS DEFINED AS
TERMINATION OFFERS.
(2) The trustees or other officers in charge of any pension or retirement
system or fund OR OTHER POSTEMPLOYMENT BENEFITS FUND of any political
subdivision of the State or any agency or department of the political subdivision may
invest, redeem, sell, exchange, and reinvest moneys under their custody or control as
provided by law by the governing body of the political subdivision and shall comply
with fiduciary standards that at least meet the standards set forth in Title 21,
Subtitle 2 of the State Personnel and Pensions Article in connection with funds under
their custody or control.
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