Postemployment benefits funds

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    (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.


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