Loading...
(a) Amount of employer contributions.
(1) Group I participants. The County must contribute to the retirement savings plan in quarterly installments, on behalf of each Group I participant, an amount equal to 6 percent for service beginning on the first pay period after June 30, 2011 and 8 percent for service beginning on the first pay period after June 30, 2012 of that participant's regular earnings while a Group I participant during a plan year.
(2) Group II participants. The County must contribute to the retirement savings plan in quarterly installments, on behalf of each Group II participant, an amount equal to 8 percent for service beginning on the first pay period after June 30, 2011 and 10 percent for service beginning on the first pay period after June 30, 2012 of that participant's regular earnings while a Group II participant during a plan year.
(3) Group I and Group II. If during a plan year, the participant is a member of Group I for part of the plan year and a member of Group II for the remaining part of the plan year, the participant must receive a prorated employer contribution based on the number of months the participant qualified for each group.
(4) When a participant rejoins County service after military service that qualified under Section 33-119(b) as credited service, the County must contribute on behalf of the participant the amount that the County would have contributed if the participant had worked for the County during the period of military service.
(A) The County contributions must be based on the gross pay the participant would have earned during the period of military service. If this amount of gross pay is not reasonably ascertainable, the County contributions must be based on the participant’s average gross pay during a period immediately preceding military service. The averaging period is 12 months, or the full length of the participant’s County service, whichever is shorter.
(B) County contributions under this paragraph count toward the maximum annual contribution limits under the Internal Revenue Code for the year for which the contributions are made.
(C) The participant is not entitled to any retroactive allocation of forfeitures or any retroactive crediting of earnings because of employer contributions under this subparagraph.
(b) Treatment of employer contributions.
(1) The County must allocate the County contributions made on behalf of each participant to a County contributions account the Board establishes for that participant. In addition, amounts allocated to the County contributions account must be further allocated to sub-accounts to reflect the proportionate amount of each account invested in each of the applicable investment funds.
(2) As of each valuation date, the Board must value the County contributions account of each participant on a current market value basis by the participant.
(3) A participant who ends employment with the County and who is not vested in the County contributions account must forfeit the full account balance in the County contributions account. The Chief Administrative Officer must consider all forfeitures arising during the plan year under the retirement savings plan in determining the County contributions and must use the forfeitures as provided in Section 33-120(d)(3).
(c) Treatment of transferred employer contributions.
(1) For each employee who elects under Section 33-115(a)(2) or (3) to participate in the retirement savings plan, the Board must establish a separate employer transfer contributions account, or otherwise separately account, for employer contributions and interest transferred from the State of Maryland Retirement or Pension Systems to the Board under Section 33-115(a)(4). The Board must establish a subaccount of the account for each investment fund selected by the participant.
(2) The Chief Administrative Officer may direct the Board to merge the amount transferred under paragraph (1) with the participant's regular account. (1994 L.M.C., ch. 13, § 2; 1996 L.M.C., ch. 27, § 1; 1998 L.M.C., ch. 30, § 1; 2008 L.M.C., ch. 25; § 2; 2009 L.M.C., ch. 15, § 1; 2011 L.M.C., ch. 9, § 1.)
(a) This section applies to a person who was eligible to transfer to the County retirement savings plan under Section 33-115(a)(2) or (3) but remained a participant in the State of Maryland Retirement and Pensions Systems.
(b) The County must pay any mandatory employee contributions directly to the State of Maryland Retirement and Pension Systems by deducting the amount from the person's compensation. The County must treat the contributions as if they were paid by the County. A person may not choose to receive the contributions directly.
(c) The direct payments required by subsection (b) are intended to satisfy the requirements of State law and the Internal Revenue Code for the County to adopt the pick-up plan available under the State of Maryland Retirement and Pension Systems.
(d) The Chief Administrative Officer, on behalf of the County, may sign documents necessary to implement the pick-up plan under this section. (1996 L.M.C., ch. 27, § 1.)
(a) Contribution limitations.
(1) Notwithstanding any other provision in this Division, to the extent required under the Internal Revenue Code, the annual additions described in this Section that are allocated in any limitation year to the retirement accounts of any participant must not exceed the lesser of:
(A) $30,000, effective January 1, 1995, or $40,000, effective January 1, 2002 (the “dollar limitation”); as adjusted by the Internal Revenue Service from time to time to reflect cost of living increases; or
(B) 25 percent of the participant's compensation as defined below, or 100 percent of the participant's compensation, effective January 1, 2002, (the "percentage limitation").
(2) For purposes of this Section, the annual addition must be:
(A) County contributions;
(B) required participant contributions;
(C) forfeitures, but only if the retirement savings plan permits forfeitures to be added to the participant's account; and
(D) after-tax contributions.
(3) In this Section, for purposes of applying Section 415 of the Internal Revenue Code, “compensation” has the same meaning as provided in Treasury Regulation Section 1.415-2(d)(1), including amounts contributed at the election of the participant that are not includible in the gross income of the participant, under Sections 402(g)(3), 125, 457, and (effective January 1, 2001) 132(f)(4) of the Internal Revenue Code. Effective for limitation years after December 31, 2008, compensation must include amounts required to be included by Section 414(u)(12) of the Internal Revenue Code.
(4) For purposes of this Section, the maximum dollar limitation of $30,000 in subsection (a)(1)(A), or $40,000 effective January 1, 2002 and the maximum dollar limitation of $150,000 in subsection (b), or $200,000, effective January 1, 2002, must be automatically increased as permitted by United States Treasury Regulations to reflect cost-of-living adjustments.
(5) Amounts transferred from the State of Maryland Retirement or Pension Systems to the Board under Section 33-115(a)(4) do not constitute an annual addition under paragraph (2).
(b) Compensation limitation. For purposes of this retirement savings plan, for plan years beginning on or after January 1, 2002, only the first $200,000 of a participant's regular earnings, or any other amount permitted under Internal Revenue Code Section 401(a)(17), must be taken into account.
(c) Effective July 1, 2007, all contributions made to a participant’s account within 2 ½ months after termination of employment or within the limitation year that contains the termination from employment must be considered compensation for purposes of Internal Revenue Code Section 415, as amended.
(d) For purposes of this Section, limitation year means calendar year.
(e) For purposes of applying this Section, all defined contribution plans maintained by the County must be aggregated. (1994 L.M.C., ch. 13, § 2; 1996 L.M.C., ch. 27, § 1; 1998 L.M.C., ch. 30, § 2; 2003 L.M.C., ch. 3, § 1; 2003 L.M.C., ch. 13, § 1; 2006 L.M.C., ch. 33, § 1; 2009 L.M.C., ch. 2, § 1; 2010 L.M.C., ch. 49, § 1; 2011 L.M.C., ch. 9, § 1; 2012 L.M.C., ch. 11, § 1; 2017 L.M.C., ch. 7, §1.)
Editor's note—2003 L.M.C., ch. 3, § 2, states: Rule of Interpretation. The amendments made by Section 1 of this Act must be interpreted to comply with requirements stated in letters issued on December 11, 2002, and January 14, 2003, by the Internal Revenue Service to the County regarding the continued qualification of County employee retirement plans. 2003, ch. 3, § 3, states, in part: (i) The amendments made by Section 1 of this Act to Code Section 33-118(a)(3) take effect January 1, 1998. (j) The amendments made by Section 1 of this Act to Code Section 33-118(b) take effect January 1, 2000.
1996 L.M.C., ch. 27, § 1 incorrectly codified 33-118(a)(6) as 33-120(a)(5).1
(a) A participant's credited service is the total years and months of County service the participant rendered under the Retirement Savings Plan, the optional retirement plan, the integrated plan, and the guaranteed retirement income plan. A participant must receive credited service for any period when the participant was a part-time employee contributing to an employer-supported savings program provided by a participating agency. An employee hired before July 1, 2009 must receive 1 year of credited service for each year of County service. Each year of County service ends on the anniversary of the date the participant started working for the County. A participant must also receive one month of credited service for each month during which the participant worked at least one hour for the County. An employee hired on or after July 1, 2009 must receive one year of credited service for each year of participation in a County retirement plan and one month of credited service for each month during which the employee participated in a County retirement plan. A person who transferred to the Retirement Savings Plan under Section 115(a)(3) or (4) must receive credit for County service for creditable State service earned as a State employee of the County Department of Social Services. A person who does not transfer to the Retirement Savings Plan under Section 115(a)(3) or (4) must not receive credit for County service for this State service.
(b) County service includes any period of compulsory or voluntary service in the armed forces of the United States, a state militia, or other military service covered under the Uniformed Services Employment and Reemployment Rights Act, if the participant:
(1) was a member of the Retirement Savings Plan, the optional retirement plan, the guaranteed retirement income plan, or the integrated plan when the military service began;
(2) applied for reemployment or returned to County service within:
(A) 1 year after discharge from the military service, and the participant does not take other employment;
(B) 2 years after completing military service if the member was hospitalized or convalescing from an illness or injury incurred or aggravated during military service, and the participant does not take other employment; or
(C) more than 2 years if circumstances beyond the control of the participant make it impossible or unreasonable for the participant to apply for reemployment within 2 years, and the participant does not take other employment; and
(3) the total period of military service did not exceed 5 years, not including any period of military service described under Section 4312(c)(1) - (4) of Title 38, United States Code.
(c) An employee who did not become a member of the retirement savings plan solely because the employee was called to active duty before completing 180 days of County employment must be eligible to receive contributions under Sections 33-115 and 33-116 if the employee becomes a participant in the retirement savings plan upon re-employment. (1994 L.M.C., ch. 13, § 2; 1996 L.M.C., ch. 27, § 1; 1998 L.M.C., ch. 30, § 1; 2008 L.M.C., ch. 22, § 1; 2008 L.M.C., ch. 25, § 1; 2009 L.M.C., ch. 23, § 1; 2014 L.M.C., ch. 17, § 1.)
(a) Normal Retirement Benefits.
(1) Normal Retirement Benefit. A participant who retires on or after the participant's normal retirement date may receive the participant's total account balances in the retirement savings plan. The Chief Administrative Officer must distribute the value of the participant's account balances to the participant under this Section.
(2) Vesting. If a participant's normal retirement date occurs before the participant's separation from County service, all amounts credited to the participant's County contributions account are 100% vested regardless of the participant's years of credited service.
(3) Deferred Retirement. If a participant's employment continues after the participant's normal retirement date, the participant must continue to participate in the retirement savings plan and the distribution of the participant's benefits must begin in accordance with subsection (i).
(b) Disability Benefits.
(1) Public Safety Employees. If a participant who is a public safety employee incurs a disability before retirement or other separation from service which, in the opinion of a physician selected or approved by the Chief Administrative Officer, renders the participant unable to perform duties satisfactorily for the employment the participant held with the County before the disability, the participant's employment and participation in the retirement savings plan must be terminated and deemed a disability retirement under the following rules:
(A) All amounts credited to the participant’s retirement savings plan account, including County contributions, are 100% vested regardless of the participant's years of credited service.
(B) The Chief Administrative Officer must determine the date on which a disability retirement is effective. After the participant submits a properly completed distribution form, the Chief Administrative Officer must distribute the value of the former participant's account balances to the former participant under this Section.
(2) Non-public safety employees. If a participant who is a non-public safety employee incurs a disability before retirement or other separation from service which makes the participant unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment which can be expected to result in death or which has lasted or can be expected to last for a continuous period of not less than 12 months, the disabled participant must remain a participant in the retirement savings plan under the following rules:
(A) All amounts credited to the participant’s retirement savings account, including County contributions, are 100% vested regardless of the participant's years of credited service.
(B) The participant must remain a participant in the retirement savings plan under this Section until the participant dies, reaches his or her normal retirement date, or recovers from the disability.
(C) In determining the amount of the County contribution under Section 33-117, the participant's regular earnings means the regular earnings the participant would have received for the year if the participant was paid for the full year at the rate of compensation paid in the pay period immediately before the participant became disabled.
(D) The participant must not receive a distribution during any period in which the participant receives a County contribution.
(E) The participant must not make participant contributions under Section 33-116 during the period of disability participation in the retirement savings plan.
(c) Death benefits.
(1) Death Benefit. If a participant dies before receiving the participant's total account balances in the retirement savings plan, the Chief Administrative Officer must distribute the value of the participant's account balances to the participant's beneficiary under this Section.
(2) Vesting. If a participant dies before the participant’s separation from County service, all amounts credited to the participant’s County contributions account are 100% vested regardless of the participant’s years of credited service. For purposes of this subsection, vesting must be in accordance with Section 401(a)(37) of the Internal Revenue Code. Effective January 1, 2007, the beneficiary of a participant on a leave of absence to perform military service with reemployment rights described in Section 414(u) of the Internal Revenue Code, where the participant cannot return to employment on account of his or her death, must be entitled to any additional benefits that would be provided under the retirement savings plan had the participant died as an active employee, in accordance with Section 401(a)(37) of the Internal Revenue Code.
(3) A participant may name a primary beneficiary or beneficiaries and contingent beneficiary or beneficiaries on a designation of beneficiary form filed with the Office of Human Resources, or designee of the Chief Administrative Officer, including a third party service provider. If a participant names 2 or more persons as beneficiaries, the persons are considered co-beneficiaries and share the benefit equally unless the participant specifies otherwise on the designation of beneficiary form. A participant may change any named beneficiary by completing a new designation of beneficiary form. The consent of the beneficiary or beneficiaries is not required to name or change a beneficiary. The designation is effective if received by the Office or the designee of the Chief Administrative Officer, including a third party service provider, during a participant’s lifetime.
(4) If a participant dies without designating a surviving beneficiary or the designation is not enforceable under subsection (5), the surviving spouse or domestic partner (or if there is no surviving spouse or domestic partner, each surviving child, sharing equally with any other surviving child) is the designated beneficiary. If no spouse, domestic partner, or child survives a participant who left no enforceable beneficiary designation, the participant’s estate is the designated beneficiary.
(5) For purposes of this Section, a beneficiary designation is not enforceable if:
(A) the designated beneficiary:
(i) predeceases the member;
(ii) disclaims the benefit; or
(iii) is not an identifiable person; or
(B) the designation is legally void for any reason.
(d) Separation from service before normal retirement, death or disability retirement.
(1) Distribution of account balances. If a participant separates from County service for any reason other than normal retirement, disability retirement, or death, the Chief Administrative Officer must distribute to the participant the vested portion of the participant's account balances under this Section.
(2) Vesting Schedule. A participant is 100% vested in all participant contributions accounts and rollover contributions accounts at all times. The vested interest in a participant's County contributions account must be a percentage of the account, determined on the basis of the participant's years of credited service as follows:
Vested Percentage
|
Years of Credited Service
|
0% | less than 3 |
100% | 3 or more |
(3) Forfeitures.
(A) If a participant has no vested interest in the County contributions account at the time of the participant's separation from service, the participant must forfeit the entire County contributions account as of the date of separation from service.
(B) The Chief Administrative Officer must allow a one-time reinstatement of the forfeited County contributions to an employee who is reemployed by the County within 12 months of separation and again becomes a member of the Retirement Savings Plan. The amount reinstated by the Chief Administrative Officer must be equal to the value of the County contributions account, including investment gains and losses, as of the date of the employee's separation. This provision applies, regardless of the member's separation or reemployment date, if the member requests the reinstatement in writing while the member is an active County employee.
(C) The Chief Administrative Officer must use the forfeitures to pay the operating expenses of the retirement savings plan or to reduce the amount of county contributions.
(e) In service withdrawals. If a participant is employed by the County, no distribution is permitted. Distributions must be made only upon a participant's death, retirement, disability retirement, or separation from County service.
(f) Distribution methods. The Chief Administrative Officer must pay, at the request of the participant or the designated beneficiary, a participant's account balances in the retirement savings plan upon retirement, disability retirement, death, or separation from County service.
(1) Normal method of distribution. Unless the participant elects an optional method, the normal method of distribution must be a lump sum distribution.
(2) Optional method of distribution - Annuity.
(A) A participant may elect, subject to the conditions of this paragraph, to have the entire account balances used to buy an annuity payable in one of the following actuarially equivalent methods:
(i) A joint and survivor annuity payable for the life of the participant, with a survivor's annuity payable for the life of the participant's spouse or domestic partner in an amount at least equal to one-half of the amount of the annuity payable during the joint lives of the participant and the participant's spouse or domestic partner.
(ii) A single life annuity payable for the lifetime of the participant.
(iii) A period certain annuity in which a certain number of payments are guaranteed regardless of when the participant dies.
(B) If benefits under the retirement savings plan are payable as an annuity, the Board must use the account balances of the participant to buy an annuity contract from an insurance company authorized to do business in the State. The contract must provide for payment in the method chosen by the participant.
(3) Optional method of distribution - Installments. A participant may elect to have the entire account balances paid in installments on a monthly or annual basis over a period selected by the participant, subject to applicable restrictions in the Internal Revenue Code and its corresponding regulations.
(4) Optional method of distribution - Transfer to Employees' Retirement System, Annuity Option. A participant may elect to have the participant's entire account balance transferred to the employees' retirement system and have the account balance paid in one of the annuity options available under Section 33-44(g)(2).
(g) Direct rollover distributions. Notwithstanding any provision of this Division that would otherwise limit a participant's election under this Section, a participant or beneficiary may elect in any manner prescribed by the Chief Administrative Officer at any time to have any portion of an eligible rollover distribution paid directly to an eligible retirement plan specified by the participant in a direct rollover. As used in this subsection:
(1) direct rollover means a payment from the retirement savings plan to the eligible retirement plan specified by the participant.
(2) eligible retirement plan means:
(A) an individual retirement account described in Internal Revenue Code Section 408(a), as amended;
(B) an individual retirement annuity described in Internal Revenue Code Section 408(b), as amended, (other than an endowment contract);
(C) a qualified trust;
(D) an annuity plan described in Internal Revenue Code Section 403(a), as amended;
(E) an eligible deferred compensation plan described in Internal Revenue Code Section 457(b), as amended, which is maintained by an eligible employer described in Internal Revenue Code Section 457(e)(1)(A), as amended; and
(F) an annuity contract described in Internal Revenue Code Section 403(b), as amended.
(3) eligible rollover distribution means any distribution to a participant of all or any portion of the participant’s account balance; except:
(A) any distribution which is one of a series of substantially equal periodic payments (not less frequently than annually) made:
(i) for the life (or life expectancy) of the employee or the joint lives (or joint life expectancies) of the employee and the employee’s designated beneficiary; or
(ii) for a specified period of 10 years or more; or
(B) any distribution to the extent such distribution is required under Internal Revenue Code Section 401(a)(9), as amended.
(4) For purposes of this subsection, beneficiary includes a non-spouse beneficiary. A non-spouse beneficiary may make a direct rollover only to an inherited individual retirement account or annuity described in Sections 408(a) or 408(b) of the Internal Revenue Code that is established on behalf of the non-spouse beneficiary. Such rollover shall be made in a manner consistent with Section 402(c)(11) of the Internal Revenue Code and any other applicable guidance.
(h) Benefit distribution date.
(1) The Chief Administrative Officer must pay a participant who retires by reason of normal, deferred, or disability retirement the participant’s account balances in the retirement savings plan. The distribution must begin as soon as administratively feasible after the participant’s retirement and after the date elected by the participant, but no later than April 1 following the later of the calendar year in which the participant attains age 72, or the calendar year in which the participant’s County employment ends.
(2) A participant who has a 100% vested interest in the County contributions account, and whose County employment ends before the participant's death, disability retirement, or normal retirement date, may receive the account balances in the County contribution accounts and the participant contribution accounts before reaching the normal retirement date only upon filing written consent for the distribution with the Chief Administrative Officer. The distribution must be made as soon as administratively feasible after the Chief Administrative Officer receives the written consent for the distribution.
(3) (A) If a participant's County employment ends before the participant has a vested interest in the County contributions and the participant properly completes and submits an application for distribution of the participant’s contribution account, the County must distribute the participant's contribution account as soon as administratively feasible.
(B) If a participant does not properly complete and submit an application for a distribution, the County must distribute the participant’s contribution account under the time limits described in this Section.
(4) Notwithstanding any other provision of this subsection, a participant’s account balance of $1000 or less must be automatically distributed in a lump sum as soon as administratively feasible after termination of employment without a request from the participant.
(i) Required commencement of benefit payments.
(1) The distribution of a participant's or former participant's retirement benefits must begin no later than April 1 following the later of:
(A) the calendar year in which the participant attains age 72; or
(B) the calendar year in which the participant separates from County service.
(2) The distribution may be made as provided in subsection (f).
(j) Notwithstanding the preceding subsections, a participant or beneficiary who would have been required to receive minimum required distributions for 2020 but for the enactment of Internal Revenue Code Section 401(a)(9)(I), must receive those distributions for 2020 unless the participant or beneficiary elects not to receive such distributions.
(k) Period for distribution of death benefits of a participant who was not receiving benefits or did not receive the entire benefit. If a participant dies before payment of all benefits, the benefits must be distributed before the end of the calendar year containing the fifth anniversary of the participant’s death unless:
(1) any portion of the participant’s benefit is payable to, or for the benefit of, an individual designated by the participant as a beneficiary. In such case, the benefits must be distributed by the end of the calendar year containing the tenth anniversary of the participant’s death;
(2) any portion of the participant’s benefit payable to, or for the benefit of, an eligible designated beneficiary as defined in Internal Revenue Code Section 401(a)(9)(E)(ii). In such a case:
(A) the portion of the benefit to which the eligible designated beneficiary is entitled will be distributed over the life of the eligible designated beneficiary or over a period not extending beyond the life expectancy of the eligible designated beneficiary; and
(B) the distributions begin before the end of the calendar year following the calendar year in which the participant’s death occurred; or
(3) (A) if the eligible designated beneficiary is a surviving spouse, the portion of the participant’s benefit to which the surviving spouse is entitled will be distributed over the life of the surviving spouse, or over a period not extending beyond the life expectancy of the surviving spouse; and
(B) the distributions begin before the later of the end of the calendar year following the calendar year in which the participant died or the end of the calendar year in which the participant would have reached age 72.
(4) If the eligible designated beneficiary is a child who has not reached majority, the benefit must be paid within 10 years of the child reaching the age of majority or other designated event permitted under federal regulation.
(l) Limitations of Internal Revenue Code Section 401(a)(9). Distributions under a plan must be subject to the limitations of Section 401(a)(9) of the Internal Revenue Code, including the incidental death benefit rules in Section 401(a)(9)(G) of the Internal Revenue Code, in accordance with any proposed or final regulations under Section 401(a)(9) of the Internal Revenue Code. (1994 L.M.C., ch. 13, § 2; 1999 L.M.C., ch. 30, § 2; 2001 L.M.C., ch. 21, § 1; 2003 L.M.C., ch. 3, § 1; 2003 L.M.C., ch. 13, § 1; 2006 L.M.C., ch. 20, § 1; 2006 L.M.C., ch. 19, § 1; 2009 L.M.C., ch. 2, § 1; 2009 L.M.C., ch. 23, § 1; 2010 L.M.C., ch. 56, § 1; 2012 L.M.C., ch. 11, § 1; 2014 L.M.C., ch. 17, § 1; 2015 L.M.C., ch. 28, § 1; 2017 L.M.C., ch. 7, §1; 2021 L.M.C., ch. 16, §1.)
Editor’s note—2021 L.M.C., ch. 16, § 2 states: Sec. 2. Effective Date. The Council declares that this legislation is necessary for the immediate protection of the public interest. This Act takes effect on the date on which it become law, except:
(a) the amendments in Section 1 to §§ 33-44 and 33-120 increasing the required distribution age from 70 ½ to 72 must take effect for individuals attaining age 70 ½ after December 31, 2019; and
(b) the amendments in Section 1 to §§ 33-44 and 33-120 requiring distributions to beneficiaries upon a participant’s death must take effect for deaths occurring after December 31, 2021.
2003 L.M.C., ch. 3, § 2, states: Rule of Interpretation. The amendments made by Section 1 of this Act must be interpreted to comply with requirements stated in letters issued on December 11, 2002, and January 14, 2003, by the Internal Revenue Service to the County regarding the continued qualification of County employee retirement plans. 2003, ch. 3, § 3, states, in part: (k) The amendment made by Section 1 of this Act to Code Section 33-120 takes effect January 1, 2001.
(a) Investment options.
(1) A participant must direct that contributions allocated to the participant's retirement accounts be invested in one or more of the investment options selected by the Board. The investment options selected by the Board must conform to all applicable requirements of the Internal Revenue Code.
(2) A participant must allocate contributions among the investment options only in percentages of the value of the account balances of the participant, as determined by the Board.
(3) A participant's direction of investment must remain in effect until the participant changes the direction. If a participant does not provide a valid direction of investment, the account balances of the participant, to the extent they are not governed by a valid direction of investment, must be invested in an appropriate investment option selected by the Board.
(b) Change of allocation.
(1) A participant or former participant may change the allocation of the participant's account balances among the investment options in accordance with procedures set by the Board. The changes must take effect on the date or dates set by the Board.
(2) A participant or former participant may designate that the change of the allocation among investment options is effective as to one or both of:
(A) the participant's or former participant's account balances on the effective date of the change; and
(B) the participant's contributions and County contributions made after the effective date of the change.
(c) Gains and losses. The Board must maintain separate and distinct accounts for each participant. The Board must determine the value of an individual account solely with respect to the activity within each participant's account and unrealized gains to a participant's account. (1994 L.M.C., ch. 13, § 2; 2010 L.M.C., ch. 56, § 1.)
Loading...