§ 1-7 Exclusive benefit.
Current through 2026-07-17. Source: City of Balt., Md., Ord. 26-129. Published by the Baltimore City Department of Legislative Reference.
Balt., Md., Code art. 22A, § 1-7 (2026)
§ 1-7 Exclusive benefit.LinkCopy Citation
(a)In general.
Notwithstanding any other provision of <cite data-path="|22A">this article</cite>, other than subsection (b) of this section, no part of the assets of the Retirement Savings Plan may be used for or diverted to any purposes other than for the exclusive benefit of members and beneficiaries.
(b)Exception for mistake of fact.
(1)
An employer contribution made by mistake of fact may be returned to the appropriate participating employer after payment of the mistaken contribution.
(2)
The amount returned:
(i)
must be reduced by its proportionate share of losses and expenses; and
(ii)
may not be increased by any gains.
History: Ord. 14-216
History: Ord. 20-458