Maryland Code, STATE PERSONNEL AND PENSIONS 31-2A-05
Terms Used In Maryland Code, STATE PERSONNEL AND PENSIONS 31-2A-05
- Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- state: means :
(1) a state, possession, territory, or commonwealth of the United States; or
(2) the District of Columbia. See - Trustee: A person or institution holding and administering property in trust.
(b) If an eligible governmental unit approves participation in the Law Enforcement Officers’ Pension System, the operation of the local plan or State system with respect to the law enforcement officers, firefighters, or paramedics terminates on the effective date.
(c) (1) On the effective date:
(i) the assets to the credit of the local plan or State system that relate to the law enforcement officers, firefighters, or paramedics who elect to become members shall be transferred to the Law Enforcement Officers’ Pension System; and
(ii) the trustee or other administrative head of the local plan or State system shall certify the proportion of the funds of the local plan or State system that represents the accumulated contributions of the members as of that date.
(2) The accumulated contributions shall be credited to the respective annuity savings accounts of the members in the Law Enforcement Officers’ Pension System.
(3) The balance of the funds transferred to the Law Enforcement Officers’ Pension System shall be offset against the special accrued liability to be funded by the participating governmental unit as provided by § 21-306.1(d) of this article.