{"data":{"id":"us-md/md.-code-local-government-17-102","jurisdiction":"us-md","citation":"Md. Code, Local Government § 17–102","heading":"","body":"(a) In this section, “other postemployment benefits” means:\n(1) postemployment health care benefits; and\n(2) postemployment benefits provided separately from a pension\nplan.\n(b) Notwithstanding § 17–101 of this subtitle, the trustees or other officers\nin charge of a pension or retirement system or fund, other postemployment benefits\nfund, trust fund account, fund for self–insurance purposes, or facility closure reserve\nfund of a political subdivision of the State, a unit of a political subdivision of the State,\nor the Upper Potomac River Commission:\n(1) may:\n(i) invest and reinvest money in their custody or control as\nprovided by:\n1. a law enacted by the governing body of the political\nsubdivision; or\n2. in the case of the Upper Potomac River Commission,\nrules or procedures established by the Commission; and\n(ii) sell, redeem, or exchange an investment or reinvestment\nmade under this item; and\n(2) shall comply with fiduciary standards that at least meet the\nstandards in Title 21, Subtitle 2 of the State Personnel and Pensions Article in\nconnection with money in their custody or control.\n(c) (1) Notwithstanding any other law, a political subdivision of the\nState or a unit of a political subdivision of the State may enter into an agreement\nwith a third party contractor or vendor for the management or investment of money\nintended for other postemployment benefits.\n(2) An agreement entered into under this subsection includes the\nauthority to:\n(i) create pooled investments under the stewardship of:\n1. a political subdivision of the State or a unit of a\npolitical subdivision of the State; or\n2. a separate body under an agreement with a political\nsubdivision of the State;\n(ii) create one or more accounts to be managed in coordination\nwith other funds or investments by a third party under an agreement with a political\nsubdivision of the State; and\n(iii) create distinct funding accounts for payment on behalf of\nemployees of a unit of a political subdivision of the State under an agreement with\nthe political subdivision.\n(d) (1) Notwithstanding any other law, a political subdivision of the\nState or a unit of a political subdivision of the State may enter into an agreement\nwith a third party contractor or vendor for the management or investment of money\nin a facility closure reserve fund.\n(2) An agreement entered into under this subsection includes the\nauthority to:\n(i) create pooled investments under the stewardship of:\n1. a political subdivision of the State or a unit of a\npolitical subdivision of the State; or\n2. a separate body under an agreement with a political\nsubdivision of the State; and\n(ii) create one or more accounts to be managed in coordination\nwith other funds or investments by a third party under an agreement with a political\nsubdivision of the State.","path":["Article - Local Government"],"source_url":"https://mgaleg.maryland.gov/mgawebsite/Laws/StatuteText?article=glg\u0026section=17-102","current_through":"2026-01-01","vintage":"","retrieved_at":"2026-09-14T19:59:58Z","sha256":"64775a5deb61a18ac47e39aa31400b7fce45d8356c0218970d19b82e00481231","source_id":"us-md","stale":false,"prev":"us-md/md.-code-local-government-17-101","next":"us-md/md.-code-local-government-17-103"},"notice":"GroundRules: Original legal text. Not legal advice."}