Ch. 51                                      2003 LAWS OF MARYLAND

(2000 Edition and October 2002 Supplement, as amended)

BY repealing and reenacting, without amendments,
Article 25 - County Commissioners
Section 3(a)(1) and (g)
Annotated Code of Maryland
(2001 Replacement Volume and 2002 Supplement)

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That the Laws of Maryland read as follows:

Article 32 7 - Carroll County

3-801.

(a)     Carroll County may [offer to its employees a voluntary income deferment
plan to allow its employees the tax benefits authorized by Section 403(e) of the
Internal Revenue Code of 1954] ESTABLISH AND MAINTAIN A GENERAL SYSTEM OF
PENSIONS AND RETIREMENT AND GROUP INSURANCE FOR THE BENEFIT AND
ADVANTAGE OF ITS OFFICERS AND EMPLOYEES AS AUTHORIZED BY ARTICLE 25, §
3(G) OF THE CODE.

(b)     [Carroll County may, by contract, agree with any of its employees to defer,
in whole or in part, each employee's compensation.

(c)] With respect to any plan established under subsection (a) of this section
Carroll County shall have the power[:

(1)] to do such acts as may be necessary to implement, maintain, [and]
administer [the], AND CARRY OUT THE PURPOSES OF ANY SUCH plan[;

(2)     to receive the amount of compensation deferred under the plan and to
use the proceeds, in accordance with any investment election permitted the employee
under the plan, to purchase a fixed or variable life insurance or annuity contract, or
other investment or savings options as may be permitted under the plan, all to be held
by the superintending board, official, or entity. Life insurance and annuity contracts
shall be purchased from insurance companies licensed to write insurance in
Maryland; and

(3)     to take other and further actions as may be necessary to carry out the
purposes of the plan].

[(d)] (C) [The] EXCEPT AS PROVIDED IN ARTICLE 95, § 22(B) OF THE CODE,
THE provisions of Article 95 of the [Annotated] Code and any other law limiting the
types of investments which may be made of county funds or limiting or placing
conditions upon the deposit of county funds are not applicable to the deposit and
investment of moneys deferred pursuant to [the] ANY plan UNDER THIS SECTION, to
the end that such moneys may be deposited and invested in accordance with the
investment elections permitted under the plan.

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