1. (a) In this section, “other postemployment benefits” means:

   1. (1) postemployment health care benefits; and
   2. (2) postemployment benefits provided separately from a pension plan.

2. (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. (1) may:

      1. (i) invest and reinvest money in their custody or control as provided by:

         1. 1. a law enacted by the governing body of the political subdivision; or
         2. 2. in the case of the Upper Potomac River Commission, rules or procedures established by the Commission; and
      2. (ii) sell, redeem, or exchange an investment or reinvestment made under this item; and
   2. (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.

3. (c)

   1. (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. (2) An agreement entered into under this subsection includes the authority to:

      1. (i) create pooled investments under the stewardship of:

         1. 1. a political subdivision of the State or a unit of a political subdivision of the State; or
         2. 2. a separate body under an agreement with a political subdivision of the State;
      2. (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
      3. (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.

4. (d)

   1. (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. (2) An agreement entered into under this subsection includes the authority to:

      1. (i) create pooled investments under the stewardship of:

         1. 1. a political subdivision of the State or a unit of a political subdivision of the State; or
         2. 2. a separate body under an agreement with a political subdivision of the State; and
      2. (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.

Added by Acts 2013, c. 119, § 2, eff. Oct. 1, 2013. Amended by Acts 2014, c. 423, § 1, eff. July 1, 2014; Acts 2016, c. 568, § 1, eff. Oct. 1, 2016; Acts 2016, c. 569, § 1, eff. Oct. 1, 2016; Acts 2019, c. 363, § 1, eff. July 1, 2019.