MD. Local Government Code Ann. §  17-102 (2021)
2021 Maryland Statutes|Local Government|Division IV - Local Finance|Title 17 - Investment by Local Government|Subtitle 1 - In General|Section 17-102 - Postemployment Benefits Funds

    (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.    (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.    (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.