§ 17–102
Statutes in effect as of October 1, 2026.
Md. Code Ann., Local Gov't § 17-102 (2026)
Title 17. Investment by Local Government
Subtitle 1. In General
§ 17–102LinkCopy Citation
(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.