Section 31-303 – Date Withdrawal Takes Effect
A withdrawal and transfer under § 31-302 of this subtitle takes effect at the end of the State’s fiscal year.
Section 31-304 – Transfer of Accumulated Contributions
If a participating governmental unit withdraws from a State system, the accumulated contributions of the withdrawn employees shall be transferred on the withdrawal date to the administrative board of the local pension system or new State system and credited to the account of those employees.
Section 31-305 – Transfer of Assets
(a) As of the effective date of withdrawal of a participating governmental unit, the Board of Trustees shall transfer to the administrative board of the local pension system or new State system the portion of the assets that are allocable to the withdrawn employees as determined under § 21–305.5, § 21–305.6, § 21–306, § 21–306.1, or […]
Section 31-306 – Payment of Administrative Costs
A participating governmental unit shall pay all administrative costs involved in the withdrawal or reentry if the participating governmental unit: (1) withdraws all or some of its employees from a State system; or (2) elects to participate in a State system for employees who were previously withdrawn.
Section 31-301 – Definitions
(a) In this subtitle the following words have the meanings indicated. (b) “Employees’ system” has the meaning stated in § 31–101 of this title. (c) “Legislative body” has the meaning stated in § 31–101 of this title. (d) “Local pension system” means a retirement or pension system established by the legislative body of an eligible governmental unit that is […]
Section 31-302 – Withdrawal Generally
(a) Subject to subsection (b) of this section, the legislative body of a participating governmental unit may withdraw from participation in a State system and transfer to a local pension system or another State system any of the following groups of employees of the governmental unit who consent to the withdrawal, and who qualify for membership […]