Md. Code, Local Gov't § 17-102

(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; or 2. 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; or 2. 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; or 2. 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.