(a) In this section, “local jurisdiction” means any county or municipal corporation in the State.
(b) (1) Subject to any other provision of State or federal law, a local jurisdiction that establishes a public pension system on or after July 1, 2005, is required to adhere to the principles incorporated in the Uniform Management of Public Employee Retirement Systems Act that address the investment and management of funds for a public pension system.
(2) Subject to any other provision of State or federal law, any pension plan controlled by the Upper Potomac River Commission on or after July 1, 2019, is required to adhere to the principles incorporated in the Uniform Management of Public Employee Retirement Systems Act that address the investment and management of funds for a public pension system.
(c) This section may not be construed to affect the authority of the legislative governing body of a local jurisdiction over the budget for a public pension system established on or after July 1, 2005.