Maryland Code, STATE PERSONNEL AND PENSIONS 39-104
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Terms Used In Maryland Code, STATE PERSONNEL AND PENSIONS 39-104
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- County: means a county of the State or Baltimore City. See
- Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. Source: U.S. Courts
(a) If a special retirement or pension system is terminated, the governing body of the county shall provide, by ordinance, for a distribution of the assets of the system in an equitable and nondiscriminatory manner to the system’s members, former members, retirees, and beneficiaries to the extent they would be eligible to receive a benefit under a system created or operated in accordance with this title.
(b) If a special retirement or pension system is terminated, the governing body of the county may not provide for benefits to be paid in accordance with a provision of the system if the benefits are not allowed under § 39-102(e) or (f) of this title.
(c) If the assets of the system exceed the amount required to fully fund the benefits under the system that have accrued to the date of the termination and that are payable under this section, the excess shall be returned to the county.