It is the policy of the county to maintain a system of retirement pay and benefits for its employees which is adequately funded and insures employees sufficient income to enjoy during their retirement years. Any modifications to such retirement system shall not reduce the overall value of benefits which existed for members immediately prior to such modifications except that benefits may be reduced if necessary to maintain the fiscal integrity of the system after a finding by the county council that such change is necessary.
Before all liabilities with respect to the members and their beneficiaries are satisfied, no person may use or divert any part of the corpus or income of the retirement system to purposes other than the exclusive benefit of the members and beneficiaries. (1978 L.M.C., ch. 44, § 1; 1987 L.M.C., ch. 27, § 3.)
Editor’s note-The above section 33-34 is cited in Fultz v. Shaffer, 111 Md.App. 278, 681 A.2d 568 (1996); quoted in Montgomery County v. Buckman, 333 Md. 516, 636 A.2d 448 (1994) and cited in Benson v. Board of Education of Montgomery County, 280 Md. 338, 373 A.2d 926 (1977).
See County Attorney Opinion dated regarding the County’s liability for errors in the administration of the pension and retirement funds of employees. See County Attorney Opinion dated comparing the limits on Council authority to make changes to retirement benefits with its ability to modify health benefits. See County Attorney Opinion dated regarding health insurance premiums and retirement benefits.
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