reglab/housing_qa huggingface dataset:
MD. State Personnel and Pensions Code Ann. §  21-205 (2021)
2021 Maryland Statutes|State Personnel and Pensions|Division II - Pensions|Title 21 - State Retirement and Pension System|Subtitle 2 - Fiduciary Responsibilities|Section 21-205 - Prohibited Transactions Involving System Assets

    In exercising authority, control, or discretion with respect to the several systems, a fiduciary may not:         (1)    use the assets of the several systems for the fiduciary's own interest or account;        (2)    act in a transaction involving the several systems on behalf of a person, or represent a person, if the interests of the person are adverse to the interests of the several systems or the interests of participants;        (3)    receive any consideration for the fiduciary's own account from a person dealing with the several systems in connection with a transaction involving the assets of the several systems; or        (4)    become an endorser or surety or, in any manner, an obligor, for money lent to or borrowed from the Board of Trustees.
MD. State Personnel and Pensions Code Ann. §  21-206 (2021)
2021 Maryland Statutes|State Personnel and Pensions|Division II - Pensions|Title 21 - State Retirement and Pension System|Subtitle 2 - Fiduciary Responsibilities|Section 21-206 - Liability of Fiduciary for Breach of Duty

    (a)    Subject to § 21-207 of this subtitle, a fiduciary who breaches any of the responsibilities, obligations, or duties imposed on a fiduciary by this subtitle:        (1)    is personally liable to the several systems for any losses to the several systems resulting from a breach;        (2)    shall restore to the several systems any profits of the fiduciary made through use of assets of the several systems by the fiduciary; and        (3)    is subject to any equitable or remedial relief, including removal of the fiduciary, that a court considers appropriate.    (b)    A fiduciary is not liable with respect to a breach of fiduciary duty under this subtitle if the breach was committed:        (1)    before the fiduciary became a fiduciary; or        (2)    after the fiduciary ceased to be a fiduciary.
MD. State Personnel and Pensions Code Ann. §  21-207 (2021)
2021 Maryland Statutes|State Personnel and Pensions|Division II - Pensions|Title 21 - State Retirement and Pension System|Subtitle 2 - Fiduciary Responsibilities|Section 21-207 - Indemnification of Fiduciaries

    (a)    Subject to the provisions of this section, the State shall indemnify a fiduciary who is, or is threatened to be made, a party to an action or proceeding, including an administrative or investigative proceeding, by reason of the fiduciary’s service as a fiduciary.    (b)    (1)    In this subsection, “expenses” include:            (i)    reasonable attorney’s fees;            (ii)    judgments;            (iii)    fines; and            (iv)    other expenses that were actually and reasonably incurred by the fiduciary in connection with the action or proceeding.        (2)    With respect to a civil, administrative, or investigative action or proceeding, the State shall indemnify a fiduciary for the expenses of the action or proceeding if the fiduciary acted:            (i)    in good faith; and            (ii)    in a manner the fiduciary reasonably believed to be in or not opposed to the best interest of the several systems.        (3)    With respect to a criminal action or proceeding, the State shall indemnify a fiduciary for the expenses of the action or proceeding if the fiduciary:            (i)    acted in good faith;            (ii)    acted in a manner the fiduciary reasonably believed to be in or not opposed to the best interest of the several systems; and            (iii)    did not have reasonable cause to believe that the fiduciary’s conduct was unlawful.    (c)    Any termination of an action or proceeding does not, of itself, create a presumption that the fiduciary did not meet the standards for indemnification described in subsection (b)(2) and (3) of this section.    (d)    The State may not indemnify:        (1)    a fiduciary with respect to an action or proceeding as to which the fiduciary was held liable for gross negligence or willful misconduct in the performance of the fiduciary’s duty to the several systems; or        (2)    an independent contractor furnishing services to the several systems.    (e)    (1)    The State shall provide insurance for a fiduciary eligible for indemnification under this section.        (2)    For the purpose of paragraph (1) of this subsection, the State may provide self–insurance under terms and conditions satisfactory to the State Treasurer.        (3)    A fiduciary may not be required to pay amounts attributable to liability described in this section because the State does not provide adequate insurance coverage or otherwise fails to indemnify in accordance with this section.
MD. State Personnel and Pensions Code Ann. §  21-208 (2021)
2021 Maryland Statutes|State Personnel and Pensions|Division II - Pensions|Title 21 - State Retirement and Pension System|Subtitle 2 - Fiduciary Responsibilities|Section 21-208 - Agreement Relieving Fiduciary From Liability

    (a)    Except as provided in § 21-204(b) and (c) of this subtitle, a provision in an agreement that purports to relieve a fiduciary from a responsibility, obligation, or duty, or liability for a responsibility, obligation, or duty under this subtitle is against public policy and void.    (b)    This subtitle does not preclude indemnification of a fiduciary in accordance with § 21-207 of this subtitle.
MD. State Personnel and Pensions Code Ann. §  21-209 (2021)
2021 Maryland Statutes|State Personnel and Pensions|Division II - Pensions|Title 21 - State Retirement and Pension System|Subtitle 2 - Fiduciary Responsibilities|Section 21-209 - Disqualification of Fiduciary; Penalties

    (a)    (1)    Notwithstanding any other law, a person may not serve as a fiduciary if the person has been convicted of:            (i)    a felony;            (ii)    a misdemeanor involving moral turpitude;            (iii)    a violation of this subtitle;            (iv)    a conspiracy or attempt to commit a crime described under item (i), (ii), or (iii) of this paragraph; or            (v)    a crime in which a crime described under item (i), (ii), (iii), or (iv) of this paragraph is an element.        (2)    A person may not knowingly allow another person to serve as a fiduciary in violation of paragraph (1) of this subsection.    (b)    Any person who intentionally violates subsection (a) of this section is guilty of a misdemeanor and on conviction is subject to a fine not exceeding $10,000 or imprisonment not exceeding 1 year or both.    (c)    For the purposes of this section, a person is deemed to be convicted on the later of:        (1)    the date of judgment of the trial court; or        (2)    the date of the final sustaining of judgment on appeal.    (d)    A fiduciary may be removed for a violation of subsection (a) of this section.
MD. State Personnel and Pensions Code Ann. §  21-210 (2021)
2021 Maryland Statutes|State Personnel and Pensions|Division II - Pensions|Title 21 - State Retirement and Pension System|Subtitle 2 - Fiduciary Responsibilities|Section 21-210 - Bond

    (a)    The State shall purchase a bond for each fiduciary in accordance with Title 9, Subtitle 17 of the State Government Article.    (b)    (1)    Unless a fiduciary is bonded as required by subsection (a) of this section, the fiduciary may not exercise custody or control of any assets of a State system.        (2)    A fiduciary may not allow another fiduciary to act in violation of paragraph (1) of this subsection.    (c)    The bond required by subsection (a) of this section is the only bond required for a fiduciary to exercise custody or control of any assets of a State system.
MD. State Personnel and Pensions Code Ann. §  21-301 (2021)
2021 Maryland Statutes|State Personnel and Pensions|Division II - Pensions|Title 21 - State Retirement and Pension System|Subtitle 3 - Funding|Section 21-301 - Funds of Several Systems

    (a)    In each State system, there is:        (1)    an accumulation fund;        (2)    an annuity savings fund; and        (3)    an expense fund.    (b)    The Board of Trustees shall credit the assets of each State system to the appropriate fund of the State system according to the purpose for which the assets are held.
MD. State Personnel and Pensions Code Ann. §  21-302 (2021)
2021 Maryland Statutes|State Personnel and Pensions|Division II - Pensions|Title 21 - State Retirement and Pension System|Subtitle 3 - Funding|Section 21-302 - State Guaranty

    (a)    The following are obligations of the State:        (1)    the payment of all allowances and other benefits payable under this Division II;        (2)    the creation and maintenance of reserves in the accumulation funds of the several systems;        (3)    the crediting of regular interest to the annuity savings funds of the several systems; and        (4)    except as provided in § 21–316 of this subtitle, the payment of the expenses for administration and operation of the several systems.    (b)    Subject to § 21–316 of this subtitle, the assets of the several systems shall be used to pay the obligations of the State specified in this section.    (c)    Each fiscal year the State shall pay to the accumulation fund of each State system at least an amount that when combined with the amount in the accumulation fund of the system is sufficient to provide the allowances and other benefits payable out of the fund during that fiscal year.
MD. State Personnel and Pensions Code Ann. §  21-305 (2021)
2021 Maryland Statutes|State Personnel and Pensions|Division II - Pensions|Title 21 - State Retirement and Pension System|Subtitle 3 - Funding|Section 21-305 - Employer Contributions -- Participating Governmental Units

    (a)    In this section, “employees’ systems” means the Employees’ Pension System and the Employees’ Retirement System.    (b)    (1)    Each fiscal year, on behalf of its employees who are members of one of the employees’ systems, a participating governmental unit shall pay an amount equal to or greater than the product of multiplying:            (i)    the aggregate annual earnable compensation of those members; and            (ii)    the sum of the normal contribution rate and the accrued liability contribution rate, as determined under §§ 21–305.1 and 21–305.2 of this subtitle.        (2)    Each fiscal year, in addition to the amounts required to be paid under paragraph (1) of this subsection, a participating governmental unit shall pay:            (i)    the special accrued liability contribution required by § 21–305.3 of this subtitle;            (ii)    any withdrawal liability contribution required by § 21–305.5 of this subtitle;            (iii)    an amount equal to 5% of the aggregate earnable compensation of its employees who are members of the Employees’ Retirement System; and            (iv)    any annual deficit payment required under § 21–305.4(c) of this subtitle.        (3)    Each fiscal year, a participating governmental unit shall reduce the amounts required to be paid under paragraphs (1) and (2) of this subsection by any annual credit allowed to the participating governmental unit under § 21–305.4(b) of this subtitle.    (c)    (1)    The amount determined under subsection (b) of this section for the employees’ systems shall be based on an actuarial determination of the amounts that are required to preserve the integrity of the accumulation fund of the employees’ systems, using:            (i)    the entry–age actuarial cost method;            (ii)    actuarial assumptions adopted by the Board of Trustees; and            (iii)    the asset valuation method recommended by the actuary and adopted by the Board of Trustees.        (2)    Except as provided in subsection (b)(2)(iii) of this section, for the purpose of making the determinations required under this section, the Employees’ Retirement System and the Employees’ Pension System shall be considered together as one State system.    (d)    The actuary shall compute the contributions payable under this section.    (e)    The amounts computed under this section are a charge against the participating governmental unit to be paid in accordance with § 21–309 of this subtitle.
MD. State Personnel and Pensions Code Ann. §  21-305.1 (2021)
2021 Maryland Statutes|State Personnel and Pensions|Division II - Pensions|Title 21 - State Retirement and Pension System|Subtitle 3 - Funding|Section 21-305.1 - Employer Contributions -- Normal Contributions

    (a)    In this section, “employees’ systems” means the Employees’ Pension System and the Employees’ Retirement System.    (b)    As part of each actuarial valuation, the actuary shall determine the normal contributions, net of member contributions, on account of members of the employees’ systems who are employees of participating governmental units.    (c)    Except as provided in subsection (d) of this section, the normal contribution rate for participating governmental units equals the fraction that has:        (1)    as its numerator, the sum of the normal contributions determined under this section; and        (2)    as its denominator, the aggregate annual earnable compensation of the members of the employees’ systems who are employees of participating governmental units.    (d)    On the recommendation of the actuary, the Board of Trustees may adjust the normal contribution rate to reflect:        (1)    experience gains and losses;        (2)    the effect of changes in actuarial assumptions; and        (3)    the effect of legislation enacted after July 1, 1980.
MD. State Personnel and Pensions Code Ann. §  21-305.2 (2021)
2021 Maryland Statutes|State Personnel and Pensions|Division II - Pensions|Title 21 - State Retirement and Pension System|Subtitle 3 - Funding|Section 21-305.2 - Employer Contributions -- Accrued Liability Contributions

    (a)    In this section, “employees’ systems” means the Employees’ Pension System and the Employees’ Retirement System.    (b)    As part of each actuarial valuation, the actuary shall determine the accrued liability contributions on account of members of the employees’ systems who are employees of participating governmental units.    (c)    Each year the Board of Trustees shall set contribution rates for each State system that shall amortize:        (1)    all unfunded liabilities or surpluses accrued as of June 30, 2016, over 100 years;        (2)    all unfunded liabilities or surpluses accrued as of June 30, 2017, over 40 years;        (3)    all unfunded liabilities or surpluses accrued as of June 30, 2018, over 35 years;        (4)    all unfunded liabilities or surpluses accrued as of June 30, 2019, over 30 years;        (5)    all unfunded liabilities or surpluses accrued as of June 30, 2020, over 25 years;        (6)    all unfunded liabilities or surpluses accrued as of June 30, 2021, over 22 years;        (7)    all unfunded liabilities or surpluses accrued as of June 30, 2022, over 20 years; and        (8)    beginning July 1, 2023, any new unfunded liabilities or surpluses that have accrued from July 1 of the preceding fiscal year over the time remaining until June 30, 2041, to reflect:            (i)    experience gains and losses;            (ii)    the effect of changes in actuarial assumptions; and            (iii)    the effect of legislation effective on or after July 1, 2023.
MD. State Personnel and Pensions Code Ann. §  21-305.3 (2021)
2021 Maryland Statutes|State Personnel and Pensions|Division II - Pensions|Title 21 - State Retirement and Pension System|Subtitle 3 - Funding|Section 21-305.3 - Employer Contributions -- Special Accrued Liability Contributions

    (a)    (1)    In this section the following words have the meanings indicated.        (2)    “Employees’ systems” means the Employees’ Pension System and the Employees’ Retirement System.        (3)    “Special accrued liability” means, as to any participating governmental unit, the liability of the employees’ systems on account of the employees of the participating governmental unit who elect to become members under § 23–204(a) of this article.    (b)    Each participating governmental unit shall make a special accrued liability contribution on account of its participation in the employees’ systems.    (c)    The special accrued liability contribution shall be determined by an actuarial valuation of the special accrued liability as of the date of approval of participation by the legislative body of the participating governmental unit.    (d)    Except as provided in subsection (e) of this section, the annual special accrued liability contribution of each participating governmental unit shall be the level annual payment that is sufficient to liquidate, over 25 years beginning on the date of approval by the legislative body of the participating governmental unit, the amount by which the special accrued liability of the participating governmental unit exceeds the sum of:        (1)    the present value, as of the date of approval, of future normal contributions, future accrued liability contributions, future contributions for members of the Employees’ Retirement System required under § 21–305(b)(2)(iii) of this subtitle, future member contributions on behalf of or by members who are employees of the participating governmental unit; and        (2)    any cash and securities transferred to the Employees’ Pension System in accordance with § 31–113(e) of this article.    (e)    Subject to the approval of the Board of Trustees, a participating governmental unit may liquidate its unfunded special accrued liability:        (1)    over a period not to exceed 40 years; or        (2)    subject to the actuary’s concurrence, by means of annual payments other than level annual payments.    (f)    A participating governmental unit may prepay the special accrued liability in whole or in part at any time with interest at the annual rate established by the Board of Trustees as of the date of payment.    (g)    The expense of making the initial special accrued liability actuarial valuation shall be assessed against and paid by the participating governmental unit on whose account it is necessary.
MD. State Personnel and Pensions Code Ann. §  21-305.6 (2021)
2021 Maryland Statutes|State Personnel and Pensions|Division II - Pensions|Title 21 - State Retirement and Pension System|Subtitle 3 - Funding|Section 21-305.6 - Employer Contributions -- Partial Withdrawal

    (a)    (1)    In this section the following words have the meanings indicated.        (2)    “Employees’ systems” means the Employees’ Pension System and the Employees’ Retirement System.        (3)    “Partial withdrawal” means that a participating governmental unit elects to withdraw from participation in the employees’ systems and transfer to a local pension system any of the following groups of employees of the participating governmental unit who consent to the withdrawal:            (i)    firefighters;            (ii)    law enforcement personnel; or            (iii)    subject to the approval of the Board of Trustees, a homogeneous unit of at least 10 employees.    (b)    This section applies only to a participating governmental unit that elects a partial withdrawal from participation in the employees’ systems.    (c)    (1)    On and after the date of a participating governmental unit’s partial withdrawal from the employees’ systems, the participating governmental unit and its employees are not required to make any further contributions to the employees’ systems for those employees who elect to withdraw from the employees’ systems.        (2)    As of the effective date of the partial withdrawal, the participating governmental unit shall continue:            (i)    to make any contributions required under § 21-305(b)(1) and (2) of this subtitle on behalf of those employees who do not elect to withdraw from the employees’ systems; and            (ii)    to reduce the amounts required to be paid under § 21-305(b)(1) and (2) of this subtitle by any annual credit allowed to the participating governmental unit under § 21-305.4(b) of this subtitle.        (3)    As of the effective date of the partial withdrawal, the Board of Trustees shall transfer to the administrative board of the local pension system the assets that are allocable to the employees of the participating governmental unit who elect to withdraw from the employees’ systems as determined under subsection (d) of this section.    (d)    On the recommendation of the actuary, the Board of Trustees shall adopt regulations that set forth the method for:        (1)    computing the assets allocable to the employees of a participating governmental unit who elect to withdraw from the employees’ systems;        (2)    computing the withdrawal liability contribution of the participating governmental unit; and        (3)    determining the portion of any surplus as determined under § 21-305.4(b) of this subtitle, deficit as determined under § 21-305.4(c) of this subtitle, or transition amount as determined under § 21-305.5(i) of this subtitle that is available to the participating governmental unit as of the effective date of the partial withdrawal to compute the assets allocable to the withdrawing employees and the withdrawal liability contribution.
MD. State Personnel and Pensions Code Ann. §  21-309 (2021)
2021 Maryland Statutes|State Personnel and Pensions|Division II - Pensions|Title 21 - State Retirement and Pension System|Subtitle 3 - Funding|Section 21-309 - Employer Contributions -- Payment by Participating Governmental Unit

    (a)    In this section, “participating governmental unit” includes a county required to pay the employer contribution or part of the employer contribution under § 21-307 of this subtitle.    (b)    Each year, the Board of Trustees shall certify to the chief fiscal officer of each participating governmental unit:        (1)    the normal contribution rates, accrued liability contribution rates, special accrued liability contribution rate, and withdrawal liability contribution rate for the participating governmental unit; and        (2)    any amount payable by the participating governmental unit for a magistrate under § 21–307(b) of this subtitle.    (c)    Each participating governmental unit shall:        (1)    include an amount determined based on the rates certified by the Board of Trustees as payable by the participating governmental unit under this section in the next budget, appropriation, or levy of the participating governmental unit after the certification by the Board of Trustees; and        (2)    levy and collect those amounts in the same manner as any other tax.    (d)    (1)    Except as provided in paragraph (3) of this subsection, within 30 days after receiving the certification by the Board of Trustees of the amount payable by the participating governmental unit under this section, the proper fiscal officer of each participating governmental unit shall pay that amount to the Board of Trustees.        (2)    A participating governmental unit that does not pay the amounts certified under this subsection within the time required is liable for:            (i)    a penalty of 10% of the amount due; and            (ii)    interest on delinquent amounts at 10% a year until payment.        (3)    The Secretary of the Board of Trustees may allow a grace period for payment of the amounts certified under this section not to exceed 10 calendar days.        (4)    On notification by the Secretary of the Board of Trustees that a delinquency exists, the State Comptroller immediately shall exercise the right of setoff against any money due or coming due to the delinquent participating governmental unit.    (e)    On receipt of the payments from the fiscal officer of each participating governmental unit, the Board of Trustees shall credit these amounts to the accumulation fund of the appropriate State system.