Section 21-302 - State guaranty. - Maryland Statutes

§ 21-302. State guaranty.
 

(a)  Obligations of the State.- The following are obligations of the State: 

(1) the payment of all allowances and other benefits payable under this Division II; 

(2) the creation and maintenance of reserves in the accumulation funds of the several systems; 

(3) the crediting of regular interest to the annuity savings funds of the several systems; and 

(4) the payment of the expenses for administration and operation of the several systems. 

(b)  Payment of obligations.- The assets of the several systems shall be used to pay the obligations of the State specified in this section. 

(c)  Minimum annual payments by State.- Each fiscal year the State shall pay to the accumulation fund of each State system at least an amount that when combined with the amount in the accumulation fund of the system is sufficient to provide the allowances and other benefits payable out of the fund during that fiscal year. 
 

[An. Code 1957, art. 73B, §§ 1-303, 1-501; 1994, ch. 6, § 2.]