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ROBERT L. EHRLICH, JR., Governor Ch. 238
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1. ANY BENEFIT PAYMENTS ATTRIBUTABLE TO THE FORMER
VESTED MEMBERS, RETIREES, OR SURVIVING BENEFICIARIES OF DECEASED
MEMBERS, FORMER VESTED MEMBERS, OR RETIREES; AND
2. THE ACTUAL INVESTMENT EXPERIENCE BASED ON THE
ACTUARIAL VALUATION OF ASSETS.
(3) (I) A TRANSFER MADE UNDER PARAGRAPH (2) OF THIS
SUBSECTION SHALL BE COMPLETED WITHIN 1 YEAR OF THE DATE THE
PARTICIPATING GOVERNMENTAL UNIT ELECTS TO WITHDRAW.
(II) AFTER THE TRANSFER HAS BEEN COMPLETED, THE FORMER
VESTED MEMBERS, RETIREES, OR SURVIVING BENEFICIARIES OF DECEASED
MEMBERS, FORMER VESTED MEMBERS, OR RETIREES SHALL BECOME FORMER
VESTED MEMBERS, RETIREES, OR SURVIVING BENEFICIARIES OF DECEASED
MEMBERS, FORMER VESTED MEMBERS, OR RETIREES OF THE EMPLOYEES' PENSION
SYSTEM.
SUBTITLE 5. RETIREES, FORMER VESTED MEMBERS, DEFERRED VESTED RETIREES,
AND SURVIVING BENEFICIARIES OF THE LOCAL FIRE AND POLICE SYSTEM.
23-501.
(A) THIS SECTION APPLIES TO AN INDIVIDUAL WHO IS A FORMER VESTED
MEMBER, RETIREE, OR SURVIVING BENEFICIARY OF A DECEASED MEMBER, FORMER
VESTED MEMBER, OR RETIREE, WHO, ON OR AFTER JUNE 30, 2005, IS REQUIRED TO
BECOME A FORMER VESTED MEMBER, RETIREE, OR SURVIVING BENEFICIARY OF A
DECEASED MEMBER, FORMER VESTED MEMBER, OR RETIREE OF THE EMPLOYEES'
PENSION SYSTEM AS PROVIDED UNDER § 21-306(F) OR (G) OF THIS ARTICLE.
(B) AN INDIVIDUAL DESCRIBED UNDER SUBSECTION (A) OF THIS SECTION
SHALL CONTINUE TO RECEIVE BENEFITS IN ACCORDANCE WITH THE PROVISIONS OF
TITLE 28 OF THIS ARTICLE.
31-302.
(a) The legislative body of a participating governmental unit may withdraw
from participation in the employees' systems and transfer to a local pension system
any of the following groups of employees of the governmental unit who consent to the
withdrawal:
(1) all employees of the participating governmental unit;
(2) fire fighters;
(3) law enforcement personnel; or
(4) subject to the approval of the Board of Trustees, a homogeneous unit
of at least 10 employees.
(b) The legislative body of a participating governmental unit may withdraw
from participation in the Local Fire and Police System and SHALL transfer to a local
- 1275 -
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