Terms Used In Maryland Code, STATE PERSONNEL AND PENSIONS 31-2B-03.1

  • 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.
(a) Except as provided in subsection (b) of this section, the effective date of participation for an eligible governmental unit is July 1 of the year following the fiscal year in which the eligible governmental unit elects to participate in the Correctional Officers’ Retirement System.

(b) If an eligible governmental unit does not provide the Board of Trustees with the necessary documentation to join the Correctional Officers’ Retirement System on or before the effective date for the eligible governmental unit, the effective date shall be postponed until July 1 of the second year following the fiscal year in which the eligible governmental unit elects to participate in the Correctional Officers’ Retirement System.