Annual Report of Executive Director to Board of
Trustees fir Maryland State Retirement eb-
Pensiw Systems (to include dam on commissions
paid) due Dec. 15.
Annual Report to General Assembly on actual
expenditure to procure ^retain investment
management services during preceding fiscal year
due Dec. 31.
Quarterly Report of Investment Division to Board of
Trustees fir Maryland State Retirement &
Pension Systems on commissions paid on
investments.

ORGANIZATIONAL STRUCTURE

BOARD OF TRUSTEES FOR MARYLAND
STATE RETIREMENT & PENSION SYSTEMS
INVESTMENT COMMITTEE

Alfred D. Johnson, Jr., Chairperson
......................... 825-2900

MARYLAND STATE RETIREMENT AGENCY
Herbert L. Dyer, Executive Director (appointed
by Board of Trustees) ........... 225-4051
Harriet B. Granet, General Counsel ... 225-4036

FISCAL AFFAIRS
Brian J. Rowc, Chitf'Financial Officer
...................... 225-4031

ACCOUNTING
Harvey 'Biaitzyk, Director ..225-4171

INVESTMENT OPERATIONS
LoisE. Glaros,Manyer . . . 225-1028

AUDIT
Kenneth R. Williams, Director
................... 225-4071

LEGISLATIVE PROGRAMS & RESEARCH
J. Howard Plcines,2Xr«tor . . . 225-4052

RETIREMENT ADMINISTRATION
DIVISION

Margaret A. Bury, Retirement Albninutrator
......................... 225-4054
William C. Lcgg, Special Assistant . 225-4014

MEMBER RELATIONS & COUNSELING
Richard Gawrych, Director .... 225-4030

BENEFITS PROCESSING
J. Barry Schaub, Director 225-4030

OFFICE SERVICES
Florence C. Bukosky, .Dwwror . 225-4070

SYSTEMS & CONTROL
Charles E. Hcrr, Director 225-4060

INVESTMENT DIVISION
Howard J. France, Chief Investment Officer
(appointed by Board of Trustees upon
recommendation of Executive Director)
......................... 225-1020

ACTIVELY MANAGED INVESTMENTS
Arthur M. Lynch, ]r.,Director . 225-1024

PASSIVELY MANAGED INVESTMENTS
Lawrence J. Bach, Director .... 225-1023

CASH MANAGEMENT & SECURITY
LENDING
Victoria Willard,.D»w»>r ..... 225-1025

The Board of Trustees for Maryland State
Retirement and Pension Systems was created in
1982 (Chapter 506, Acts of 1982). Under one

Independent Agencies/543

Board of Trustees, the Maryland State Retirement
and Pension Systems consolidates the Pension Sys-
tem for Employees of the State of Maryland and the
Employees' Retirement System, the Pension Sys-
tem for Teachers of the State of Maryland and the
Teachers' Retirement System, and the State Police
Retirement System.
The Board of Trustees establishes rules and
regulations for the administration of the several
pension systems and for the management of pen-
sion funds. The Board designates one or more
medical boards to arrange and evaluate all medical
examinations required under the laws of the several
pension systems and to investigate all applications
for disability retirement. The medical boards are
each composed of three physicians ineligible to
participate in these pension systems. The Board also
designates an actuary as technical adviser to the
Board on matters concerning the operation of the
pension funds in the system.
Annually the Board of Trustees publishes a con-
solidated report showing the transactions of each
pension system for the preceding fiscal year, the
accumulated assets of each, and an actuarial valua-
tion of assets and liabilities. The Board also provides
each member and beneficiary with a summary of the
information in the annual report and the
individual's vested benefits.
The Board ofli-ustees consists of fifteen members.
Six serve ex offido and nine are elected or appointed
members. Two trustees represent each of the State
retirement funds; one represents the interests of local
governments participating in the Employees' Retire-
ment System and the Pension System for Employees
of the State of Maryland; and two represent the public.
Trustees representing the Employees' and Teachers'
Systems are elected by the members and beneficiaries
of their respective systems. The trustees representing
the State Police Retirement System are appointed by
the Board of Public Works. The Governor appoints
the trustees representing the interests of local govern-
ments and the public. Each elected or appointed
trustee serves a four-year term (Code 1957, Art. 73B,
sees. 158-159).

INVESTMENT COMMITTEE
Alfred D. Johnson, Jr., Chairperson

Appointed by Board of Trustees from Board of Trustees
members: Arthur N. Caple, Jr.; Frank P. Casula;
Louis L. Goldstein; Kenneth R. Harry; Joan J.
Huber; Carl D. Lancaster; Lucille Maurer. Terms
expire 1991.

Appointed by Board of Trustees with Board of Public
Works' approval: Frank A. Cappiello, Jr., 1992;
Howard P. Colhoun, 1994; one vacancy.

The Board of Trustees from its membership an-
nually appoints an Investment Committee (Chap-
ter 698, Acts of 1988). The Committee reviews all