Maryland Code, STATE PERSONNEL AND PENSIONS 21-303
Terms Used In Maryland Code, STATE PERSONNEL AND PENSIONS 21-303
- Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
- 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.
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- including: means includes or including by way of illustration and not by way of limitation. See
- state: means :
(1) a state, possession, territory, or commonwealth of the United States; or
(2) the District of Columbia. See
(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 fund of a State system all benefits payable under that State system except for benefits payable from the annuity savings fund of that State system.
(c) (1) Each year the Board of Trustees shall transfer from the accumulation fund of each State system to each member’s account in the annuity savings fund of that State system regular interest on the account as provided in this Division II.
(2) If a retiree who has retired because of disability is restored to membership, the Board of Trustees shall transfer from the accumulation fund of the appropriate State system to the annuity savings fund of that State system an amount equal to the remaining portion of the retiree’s annuity reserve.
(d) (1) Except as provided in paragraph (2) of this subsection, each year, the Board of Trustees shall transfer from the accumulation fund of each State system to the expense fund of that system the amounts required by § 21-315 of this subtitle.
(2) The administrative and operational expenses of the Board of Trustees and the State Retirement Agency, not including amounts as authorized by the Board of Trustees necessary for investment management services and personnel and operational expenses of the Investment Division, shall be paid by participating employers as provided in § 21-316 of this subtitle and may not be transferred from the accumulation fund of each system.
(3) (i) 1. Notwithstanding paragraph (2) of this subsection, if a budget amendment is approved in any fiscal year for administrative and operational expenses for the Board of Trustees and the State Retirement Agency, the Board of Trustees may transfer the amount approved by budget amendment from the accumulation funds of the State Retirement and Pension System to the expense funds of the State Retirement and Pension System.
2. A. Subject to subsubsubparagraph B of this subsubparagraph, any funds transferred from the accumulation funds under subsubparagraph 1 of this subparagraph shall be reimbursed to the accumulation funds on or before June 30 of the second following fiscal year from payments for administrative and operational expenses received by the Board of Trustees under § 21-316 of this subtitle.
B. Any funds transferred from the accumulation funds under subsubparagraph 1 of this subparagraph resulting from an underpayment of administrative and operational expenses owed by the State or local employers under § 21-316 of this subtitle, shall be reimbursed to the accumulation funds as part of the annual or quarterly administrative and operational expense reimbursements on or before June 30 of the second following fiscal year from payments for administrative and operational expenses received by the Board of Trustees under § 21-316 of this subtitle by the appropriate employers.
(ii) Notwithstanding paragraph (2) of this subsection, if the Board of Trustees and the State Retirement Agency receive administrative and operational expenses in excess of the amount expended, the Board of Trustees shall offset the annual or quarterly administrative and operational expense reimbursements of the appropriate employers on or before June 30 of the second following fiscal year by the excess amount of administrative and operational expenses received.