§ 5-1-202. ESTABLISHED; NAME.

(a)

Established; name. A retirement system is hereby established and placed under the management of the Board of Trustees for the purpose of providing retirement allowances and other benefits under the provisions of this title for employees. The Retirement System so created shall be established as of January 1, 1945. It shall be known as the "Employees' Retirement System of Baltimore County," and by such name all of its business shall be transacted, all of its funds invested, and all of its cash and securities and other property held in trust for the purpose for which received.

(b)

Use of funds. Except as otherwise provided in this title, no part of the corpus or income of the funds of the Retirement System shall be used for, or diverted to, purposes other than for the exclusive benefit of members and other persons entitled to benefits under the Retirement System and paying expenses of the Retirement System not otherwise paid by the employer, before the satisfaction of all liabilities with respect to them. No person shall have any interest in or right in, or to, any part of the assets held under the Retirement System, except as and to the extent expressly provided in this title.

(c)

Plan A and Plan B.

(1)

The Retirement System shall consist of two plans, which shall be known as "Plan A," and "Plan B."

(2)

(i)

Plan A shall consist of members who began service before July 1, 2007.

(ii)

Plan A shall be deemed closed to new members as of July 1, 2007.

(3)

Plan B shall consist of members who began service on or after July 1, 2007.

(4)

Except as otherwise provided in this title, all members and beneficiaries of each plan shall have the same rights and duties as provided in this title and any other applicable law without regard to the plan to which they belong.

(5)

Except as otherwise provided in this title, the Retirement System and the Board of Trustees shall have the same rights and duties as provided in this title and any other applicable law as to each member and beneficiary without regard to the plan to which the member and beneficiary belongs.

(d)

Rights of beneficiaries upon partial or full termination.

(1)

In accordance with § 411 of the Internal Revenue Code, if the Employees Retirement System is terminated or partially terminated, the rights of all affected beneficiaries and members accrued up to the date of termination or partial termination, to the extent funded as of the date of termination or partial termination, or the amounts credited to the beneficiaries' or members' accounts, are nonforfeitable.

(2)

(i)

Except as provided in this paragraph and § 5-1-247(c) of this title, no assets of the Trust shall revert to the county.

(ii)

If any balance of Trust assets remains after all of the allocations described in this section, and after all liabilities with respect to members and retired members and their beneficiaries, if any, are satisfied, then the balance shall be returned to the county, and the Trust shall terminate.

(iii)

On making such distribution, the Trustees shall be discharged from all obligations under the Trust and no member shall have any further right or claim in the Trust.

(1988 Code, § 23-37) (Bill No. 69-95, § 8, 7-1-1995; Bill No. 32-03, § 1, 7-1-2004; Bill No. 30-10, § 2, 7-1-2010; Bill No. 65-12, § 1, 11-30-2012; Bill No. 46-13, § 1, 10-20-2013; Bill No. 36-18 , § 1, 7-1-2018)

Editor's note:
  Section 4 of Bill No. 65-12 provides that Plan A of the Employees' Retirement System of Baltimore County, as defined in § 5-1-202(c) of the Baltimore County Code, 2003, in Section 1 of this Act, shall be deemed to be closed to new members retroactive to July 1, 2007.
  Section 2 of Bill No. 46-13 provides that this Act, having by passed by the affirmative vote of five members of the County Council, shall take effect on October 20, 2013 retroactive to July 1, 2002.