1. (a) As of the effective date of withdrawal of a participating governmental unit, the Board of Trustees shall transfer to the administrative board of the local pension system or new State system the portion of the assets that are allocable to the withdrawn employees as determined under § 21-305.5, § 21-305.6, § 21-306, § 21-306.1, or § 21-306.2 of this article.
2. (b) The administrative board of the local pension system or new State system shall hold the transferred assets in trust to provide retirement benefits for the withdrawn employees.

Added by Acts 1994, c. 6, § 2, eff. Oct. 1, 1994. Amended by Acts 1996, c. 661, § 1, eff. July 1, 1996; Acts 1998, c. 494, § 1, eff. Oct. 1, 1998; Acts 2006, c. 44, § 6, eff. April 8, 2006; Acts 2006, c. 258, § 1, eff. July 1, 2006; Acts 2010, c. 580, § 2, eff. July 1, 2010; Acts 2025, c. 142, § 1, eff. April 22, 2025.

Formerly Art. 73B, §§ 10-106, 10-229.