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 21-125 – Actuary
(a) The Board of Trustees shall designate an actuary who shall: (1) give technical advice to the Board of Trustees on the operation of the funds of the several systems; and (2) perform other related duties that the Board of Trustees requires. (b) (1) On the basis of actuarial assumptions that the Board of Trustees adopts, each year the actuary […]
Section 21-126 – Medical Boards; Other Physicians
(a) The Board of Trustees shall establish one or more medical boards. (b) (1) Each medical board consists of three members and not more than three alternates. (2) Each medical board member and alternate shall be a physician who is not eligible to be a member of a State system. (3) (i) The Board of Trustees shall appoint the medical board […]
Section 21-128 – Retiree Information for Direct Mailings
(a) In this section, “retiree organization” means an organization in which State retirees participate and that has as one of its primary purposes, representing or providing services to State retirees. (b) This section applies to any retiree organization that has the legal authority to provide services to retirees of the several systems. (c) (1) A retiree organization may submit […]
Section 21-115 – Investment Committee — Membership
(a) The Board of Trustees shall: (1) specify by resolution the number of members of the Investment Committee; and (2) except as provided in subsection (b)(2) of this section, appoint annually the members of the Investment Committee from the members of the Board of Trustees. (b) The Board of Trustees shall ensure that the membership of the Investment Committee […]