§ 21-303

Maryland § 21-303

• Jurisdiction: Maryland
• Article gsp: State Personnel and Pensions
• Title: 21

Text

(a) 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) or (d) of this subtitle.

(b) 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) (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) 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.