(a) This section applies only to a local plan that is a qualified plan under § 401(a) of the Internal Revenue Code and provides a defined benefit to its participants. (b) If an eligible governmental unit approves participation in the Law Enforcement Officers' Pension System, the operation of the local plan or State system with respect to the law enforcement officers, firefighters, emergency medical technicians, or paramedics terminates on the effective date. (c) (1) On the effective date: (i) the assets to the credit of the local plan or State system that relate to the law enforcement officers, firefighters, emergency medical technicians, or paramedics who elect to become members shall be transferred to the Law Enforcement Officers' Pension System; and (ii) the trustee or other administrative head of the local plan or State system shall certify the proportion of the funds of the local plan or State system that represents the accumulated contributions of the members as of that date. (2) The accumulated contributions shall be credited to the respective annuity savings accounts of the members in the Law Enforcement Officers' Pension System. (3) The balance of the funds transferred to the Law Enforcement Officers' Pension System shall be offset against the special accrued liability to be funded by the participating governmental unit as provided by § 21-306.1(d) of this article.
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