(a) This section applies only to a local plan that is a qualified plan under § 401(a) of the Internal Revenue Code and provides a defined benefit to its participants.
(b) If an eligible governmental unit approves participation in the Correctional Officers’ Retirement System, the operation of the local plan or State system with respect to the local detention center officers 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 local detention center officers who elect to become members shall be transferred to the Correctional Officers’ Retirement 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 pension 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 Correctional Officers’ Retirement System.
(3) The balance of the funds transferred to the Correctional Officers’ Retirement 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.
Structure Maryland Statutes
Title 31 - Participating Governmental Units
Subtitle 2B - Participation in the Correctional Officers' Retirement System
Section 31-2B-01 - Definitions
Section 31-2B-02 - Eligible Governmental Units
Section 31-2B-03 - Approval of Participation; Request to Permit Participation
Section 31-2B-03.1 - Effective Date for Participation
Section 31-2B-04 - Credit for Preexisting Employment
Section 31-2B-05 - Transition From Local to State Plan
Section 31-2B-06 - Local Detention Center Officer of Queen Anne's County