Section 21-303 - Accumulation funds. - Maryland Statutes

§ 21-303. Accumulation funds.
 

(a)  Credits to accumulation fund.- The Board of Trustees shall credit to the accumulation fund of each State system: 

(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) of this subtitle. 

(b)  Payments from accumulation fund.- 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)  Transfers from accumulation fund to annuity savings fund.-  

(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)  Transfers from accumulation fund to expense fund.- 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. 
 

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