Section 39-104 - Termination of a system. - Maryland Statutes

§ 39-104. Termination of a system.
 

(a)  Distribution of assets.- If a special retirement or pension system is terminated, the governing body of the county shall provide, by ordinance, for a distribution of the assets of the system in an equitable and nondiscriminatory manner to the system's members, former members, retirees, and beneficiaries to the extent they would be eligible to receive a benefit under a system created or operated in accordance with this title. 

(b)  Payment of benefits in accordance with system provisions.- If a special retirement or pension system is terminated, the governing body of the county may not provide for benefits to be paid in accordance with a provision of the system if the benefits are not allowed under § 39-102(e) or (f) of this title. 

(c)  Excess assets to county.- If the assets of the system exceed the amount required to fully fund the benefits under the system that have accrued to the date of the termination and that are payable under this section, the excess shall be returned to the county. 
 

[1995, ch. 616.]