(a)    This section does not apply to a member of the Maryland Transit Administration Police Force who has the powers granted to a police officer under § 7-207 of this title.

(b)    The Administration may establish and maintain a system of pensions and retirement benefits for any of its employees.

(c)    The Administration may:

(1)    Fix the terms of and restrictions on admission to the system and the classifications in it;

(2)    Provide that individuals eligible for admission to the system are not eligible for admission to or eligible to receive any benefits from any other pension system, except Social Security benefits, if the other system is financed or funded, whether wholly or partially or directly or indirectly, by funds paid or appropriated by the Administration; and

(3)    Provide a system of benefits payable to the beneficiaries and dependents of any participant in the system after the death of the participant, whether accidental or not and whether occurring in the performance of duty or not, subject to any exceptions, conditions, restrictions, and classifications that the Administration provides.

(d)    Unless the Administration determines otherwise, no employee of the Administration and no beneficiary or dependent of any employee of the Administration is eligible to receive any pension, retirement, or other benefit both under the Administration’s system and under any other pension or retirement system established by an acquired transportation system or provided for under any collective bargaining agreement between the Administration and the authorized representatives of its employees.

(e)    The pension system shall be financed or funded as the Administration determines economically feasible.