§ 21–206
Statutes in effect as of October 1, 2026.
Md. Code Ann., State Pers. & Pens. § 21-206 (2026)
Title 21. State Retirement and Pension System
Subtitle 2. Fiduciary Responsibilities
§ 21–206LinkCopy Citation
(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.