Section 21-208 – Agreement Relieving Fiduciary From Liability
(a) Except as provided in § 21-204(b) and (c) of this subtitle, a provision in an agreement that purports to relieve a fiduciary from a responsibility, obligation, or duty, or liability for a responsibility, obligation, or duty under this subtitle is against public policy and void. (b) This subtitle does not preclude indemnification of a fiduciary in […]
Section 21-306.2 – Employer Contributions — Correctional Officers’ Retirement System
(a) (1) Each fiscal year, on behalf of its employees who are members of the Correctional Officers’ Retirement System, a participating governmental unit shall pay an amount equal to or greater than the product of multiplying: (i) the aggregate annual earnable compensation of those members; and (ii) the sum of the normal contribution rate and the accrued liability contribution […]
Section 21-209 – Disqualification of Fiduciary; Penalties
(a) (1) Notwithstanding any other law, a person may not serve as a fiduciary if the person has been convicted of: (i) a felony; (ii) a misdemeanor involving moral turpitude; (iii) a violation of this subtitle; (iv) a conspiracy or attempt to commit a crime described under item (i), (ii), or (iii) of this paragraph; or (v) a crime in which a […]
Section 21-210 – Bond
(a) Except as provided in subsection (c) of this section, the State shall purchase a bond for each fiduciary in accordance with Title 9, Subtitle 17 of the State Government Article. (b) (1) Unless a fiduciary is bonded as required by subsection (a) of this section, the fiduciary may not exercise custody or control of any assets of […]
Section 21-301 – Funds of Several Systems
(a) In each State system, there is: (1) an accumulation fund; (2) an annuity savings fund; and (3) an expense fund. (b) The Board of Trustees shall credit the assets of each State system to the appropriate fund of the State system according to the purpose for which the assets are held.
Section 21-302 – State Guaranty
(a) The following are obligations of the State: (1) the payment of all allowances and other benefits payable under this Division II; (2) the creation and maintenance of reserves in the accumulation funds of the several systems; (3) the crediting of regular interest to the annuity savings funds of the several systems; and (4) except as provided in § 21–316 […]
Section 21-303 – Accumulation Funds
(a) The Board of Trustees shall credit to the accumulation fund of each State system: (1) all employer contributions to the State system; (2) all interest, dividends, and other income derived from the assets of the State system; and (3) amounts transferred under § 21–311(c) or (d) of this subtitle. (b) The Board of Trustees shall pay from the accumulation […]
Section 21-304 – Employer Contributions — State
(a) (1) In this section the following words have the meanings indicated. (2) With respect to local employees, “aggregate annual earnable compensation” means the total annual earnable compensation payable by a local employer to all of its local employees, calculated as of June 30 of the second prior fiscal year before the fiscal year for […]
Section 21-305 – Employer Contributions — Participating Governmental Units
(a) In this section, “employees’ systems” means the Employees’ Pension System and the Employees’ Retirement System. (b) (1) Each fiscal year, on behalf of its employees who are members of one of the employees’ systems, a participating governmental unit shall pay an amount equal to or greater than the product of multiplying: (i) the aggregate annual earnable compensation of […]
Section 21-305.1 – Employer Contributions — Normal Contributions
(a) In this section, “employees’ systems” means the Employees’ Pension System and the Employees’ Retirement System. (b) As part of each actuarial valuation, the actuary shall determine the normal contributions, net of member contributions, on account of members of the employees’ systems who are employees of participating governmental units. (c) Except as provided in subsection (d) of this […]