(a) In this section, 'other postemployment benefits' means: (1) postemployment health care benefits; and (2) postemployment benefits provided separately from a pension plan. (b) Notwithstanding § 17–101 of this subtitle, the trustees or other officers in charge of a pension or retirement system or fund, other postemployment benefits fund, trust fund account, fund for self–insurance purposes, or facility closure reserve fund of a political subdivision of the State, a unit of a political subdivision of the State, or the Upper Potomac River Commission: (1) may: (i) invest and reinvest money in their custody or control as provided by: 1. a law enacted by the governing body of the political subdivision; or 2. in the case of the Upper Potomac River Commission, rules or procedures established by the Commission; and (ii) sell, redeem, or exchange an investment or reinvestment made under this item; and (2) shall comply with fiduciary standards that at least meet the standards in Title 21, Subtitle 2 of the State Personnel and Pensions Article in connection with money in their custody or control. nd (2) shall comply with fiduciary standards that at least meet the standards in Title 21, Subtitle 2 of the State Personnel and Pensions Article in connection with money in their custody or control. (c) (1) Notwithstanding any other law, a political subdivision of the State or a unit of a political subdivision of the State may enter into an agreement with a third party contractor or vendor for the management or investment of money intended for other postemployment benefits. (2) An agreement entered into under this subsection includes the authority to: (i) create pooled investments under the stewardship of: 1. a political subdivision of the State or a unit of a political subdivision of the State; or 2. a separate body under an agreement with a political subdivision of the State; (ii) create one or more accounts to be managed in coordination with other funds or investments by a third party under an agreement with a political subdivision of the State; and (iii) create distinct funding accounts for payment on behalf of employees of a unit of a political subdivision of the State under an agreement with the political subdivision. vision of the State; and (iii) create distinct funding accounts for payment on behalf of employees of a unit of a political subdivision of the State under an agreement with the political subdivision. (d) (1) Notwithstanding any other law, a political subdivision of the State or a unit of a political subdivision of the State may enter into an agreement with a third party contractor or vendor for the management or investment of money in a facility closure reserve fund. (2) An agreement entered into under this subsection includes the authority to: (i) create pooled investments under the stewardship of: 1. a political subdivision of the State or a unit of a political subdivision of the State; or 2. a separate body under an agreement with a political subdivision of the State; and (ii) create one or more accounts to be managed in coordination with other funds or investments by a third party under an agreement with a political subdivision of the State.
Maryland Legal Code