§ 17-102. Postemployment benefits funds

   (a) "Other postemployment benefits" defined. -- In this section, "other postemployment benefits" means:

   (1) postemployment health care benefits; and

   (2) postemployment benefits provided separately from a pension plan.

(b) Investment authority of trustees and officers. -- Notwithstanding § 17-101 of this subtitle, the trustees or other officers in charge of a pension or retirement system or fund or other postemployment benefits fund of a political subdivision of the State or a unit of a political subdivision of the State:

   (1) may:

      (i) invest and reinvest money in their custody or control as provided by a law enacted by the governing body of the political subdivision; 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) Third party agreements. --

   (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.

HISTORY: An. Code 1957, art. 95, § 22(a), (b); 2013, ch. 119, § 2.