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2007 Laws of Maryland
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Ch. 355
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(3) (i) The Department of Budget and Management shall provide
the funding for the Commission to hire more than one actuarial consulting firm and a
health care consulting firm.
(ii) 1. The Commission may request up to two actuarial
valuations annually.
2. If the Commission requests two actuarial valuations
in the same year, each shall be performed by a different actuarial consulting firm.
(g) On or before December 31, 2008, the Commission shall issue a final
report of its findings and recommendations to the Governor and, in accordance with §
2-1246 of the State Government Article, the General Assembly.
SECTION 2. AND BE IT FURTHER ENACTED, That, on That:
(a) On or before August 1, 2007, the State Retirement Agency shall request
a determination letter ruling from the Internal Revenue Service that confirms the
qualification of the Postretirement Health Benefits Trust Fund under Section 1 of this
Act as a tax-exempt trust established in accordance with § 115 of the Internal
Revenue Code.
SECTION 3. AND BE IT FURTHER ENACTED, That Section 1 of this Act shall
take effect contingent on receipt of a determination letter from the Internal Revenue
Service that confirms that the Postretirement Health Benefits Trust Fund qualifies as
a tax exempt trust established in accordance with § 115 of the Internal Revenue Code.
If a favorable determination letter is received, Section 1 of this Act shall take effect the
first day of the month after the State Retirement Agency receives the letter. If the
State Retirement Agency does not receive a favorable determination letter, Section 1
of this Act, with no further action required by the General Assembly, shall be null and
void and of no further force and effect.
(b) The State Retirement Agency, within 5 days after receiving the
determination letter ruling from the Internal Revenue Service, shall forward a copy of
the ruling to the Executive Director of the Department of Legislative Services, 90
State Circle. Annapolis. Maryland 21401.
SECTION 2. 4. 3. AND BE IT FURTHER ENACTED, That, subject to
Section 3 of this Act, this Act shall take effect July 1, 2007.
Approved by the Governor, May 8, 2007.
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- 2276 -
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