Section 40-101 - Local pension systems.
§ 40-101. Local pension systems.
(a) "Local jurisdiction" defined.- In this section, "local jurisdiction" means any county or municipal corporation in the State.
(b) Adherence to certain principles.- 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.
(c) Construction of section.- 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.
[2005, ch. 146.]