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ROBERT L. EHRLICH, JR., Governor
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Ch. 146
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FOR the purpose of requiring a county or municipal corporation in the State that
establishes a public pension system on or after a certain date to adhere to
certain principles with regard to the investment and management of certain
public funds; providing that certain provisions of this Act may not be construed to
affect the authority of the State or certain local jurisdictions over the budget for
certain public pension plans; requiring the Board of Trustees of the State
Retirement and Pension System and the governing bodies of certain local
pension systems established before a certain date to certify certain information
to the Joint Committee on Pensions on or before a certain date; and generally
relating to the investment of funds by governing bodies of State and local
pension systems.
BY adding to
Article - State Personnel and Pensions
Section 40-101 to be under the new title "Title 40. Operation of Retirement
Plans"
Annotated Code of Maryland
(2004 Replacement Volume)
SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That the Laws of Maryland read as follows:
Article - State Personnel and Pensions
TITLE 40. OPERATION OF RETIREMENT PLANS.
40-101.
(A) IN THIS SECTION, "LOCAL JURISDICTION" MEANS ANY COUNTY OR
MUNICIPAL CORPORATION IN THE STATE.
(B) SUBJECT TO ANY OTHER PROVISION OF STATE OR FEDERAL LAW, A LOCAL
JURISDICTION THAT ESTABLISHES A PUBLIC PENSION SYSTEM ON OR AFTER JULY 1,
2005, IS REQUIRED TO ADHERE TO THE PRINCIPLES INCORPORATED IN THE UNIFORM
MANAGEMENT OF PUBLIC EMPLOYEE RETIREMENT SYSTEMS ACT THAT ADDRESS
THE INVESTMENT AND MANAGEMENT OF FUNDS FOR A PUBLIC PENSION SYSTEM.
(C) THIS SECTION MAY NOT BE CONSTRUED TO AFFECT THE AUTHORITY OF
THE LEGISLATIVE GOVERNING BODY OF A LOCAL JURISDICTION OVER THE BUDGET
FOR A PUBLIC PENSION SYSTEM ESTABLISHED ON OR AFTER JULY 1, 2005.
SECTION 2. AND BE IT FURTHER ENACTED, That:
(a) In this section, "local system" means a county or municipal public pension
system.
(b) (1) On or before July 1, 2006, the Board of Trustees for the State
Retirement and Pension System and the governing body of any local system
established before July 1, 2005, shall certify to the Joint Committee on Pensions that
the plan provisions governing these public plans adhere to the principles incorporated
- 987 -
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