Section 17-102 - Postemployment benefits funds(a) In this section, "other postemployment benefits" means: (1) postemployment health care benefits; and(2) postemployment benefits provided separately from a pension plan.(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) may: (i) invest and reinvest money in their custody or control as provided by:1. a law enacted by the governing body of the political subdivision; or2. in the case of the Upper Potomac River Commission, rules or procedures established by the Commission; and(ii) sell, redeem, or exchange an investment or reinvestment made under this item; and(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.(c)(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) An agreement entered into under this subsection includes the authority to: (i) create pooled investments under the stewardship of:1. a political subdivision of the State or a unit of a political subdivision of the State; or2. a separate body under an agreement with a political subdivision of the State;(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(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.(d)(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) An agreement entered into under this subsection includes the authority to: (i) create pooled investments under the stewardship of:1. a political subdivision of the State or a unit of a political subdivision of the State; or2. a separate body under an agreement with a political subdivision of the State; and(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.Amended by 2019 Md. Laws, Ch. 363,Sec. 1, eff. 7/1/2019.Amended by 2016 Md. Laws, Ch. 569,Sec. 1, eff. 10/1/2016.Amended by 2016 Md. Laws, Ch. 568,Sec. 1, eff. 10/1/2016.Amended by 2014 Md. Laws, Ch. 423,Sec. 1, eff. 7/1/2014.Revised and recodified by 2013 Md. Laws, Ch. 119,Sec. 2, eff. 10/1/2013.