Maryland Manual 1994-1995

FISCAL AFFAIRS
Brian J. Rowe, Chief Financial Officer
.................... (410) 225-4031

ACCOUNTING
Harvey Raitzyk, Director
................ (410) 225-4171

INVESTMENT OPERATIONS
Lois E. Glaros, Manager (410) 225-1028

AUDIT
Kenneth R. Williams, Director
................ (410) 225-4071

LEGISLATIVE PROGRAMS & RESEARCH
J. Howard Pleines, Director. (410) 225-4052

RETIREMENT ADMINISTRATION DIVISION

Margaret A. Bury, Retirement Administrator
...................... (410) 225-4054
William C. Legg, Special Assistant
...................... (410) 225-4014

MEMBER RELATIONS & COUNSELING
Richard Gawrych, Director . (410) 225-4030

BENEFITS PROCESSING
J. Barry Schaub. Director. . . (410) 225-4066

OFFICE SERVICES
George J. Sakkal. Director . . (410) 225-4070

SYSTEMS & CONTROL
Charles E. Herr, Director. . . (410) 225-4060

SYSTEMS DEVELOPMENT
Francis Langston, Director. . (410) 225-6974

INVESTMENT DIVISION
R. Carol Casey, Chief Investment Officer
(appointed by Board of Trustees upon
recommendation of Executive Director)
...................... (410) 225-1020

ACTIVELY MANAGED INVESTMENTS
Arthur M. Lynch, Jr., Director. (410) 225-1024

PASSIVELY MANAGED INVESTMENTS
Lawrence J. Bach, Director . (410) 225-1023

CASH MANAGEMENT & SECURITY
LENDING
Victoria Willard, Director . . (410) 225-1025

The Maryland State Retirement and Pension
Systems cover State and local government employ-
ees, teachers, State police, judges, and legislators.
The Board of Trustees for Maryland State Retire-
ment and Pension Systems was created in 1982
(Chapter 506, Acts of 1982).
Under one Board of Trustees, the Maryland
State Retirement and Pension Systems consolidates
the Pension System for Employees of the State of
Maryland and the Employees' Retirement System,
the Pension System for Teachers of the State of
Maryland and the Teachers' Retirement System,
and the State Police Retirement System. Prior to
this consolidation, retirement and pension systems
functioned separately The earliest began in 1927
when the Teachers' Retirement System was estab-
lished (Chapter 344, Acts of 1927). The Employ-
ees' Retirement System was formed in 1941
(Chapter 377, Acts of 1941). Thereafter, the State
Police Retirement System started in 1949 (Chapter
349, Acts of 1949). In 1970, these three systems
were placed under the Department of Personnel. In

1979, the Pension System for Employees of the
State of Maryland, and the Pension System for
Teachers of the State of Maryland were created
(Chapters 23, 24, Acts of 1979). From these sys-
tems, the Maryland State Retirement and Pension
Systems was formed in 1982.
The Board of Trustees establishes rules and regu-
lations to administer the several pension systems
and manage pension funds. From the Board, each
member and beneficiary receives a summary of the
information in the annual report and the individ-
ual's vested benefits.
The Board designates one or more medical
boards to arrange and evaluate all medical exami-
nations required under the laws of the several pen-
sion systems and to investigate all applications for
disability retirement. The medical boards are each
composed of three physicians ineligible to partici-
pate in these pension systems. On matters concern-
ing the operation of the pension funds in the
system, the Board also designates an actuary as its
technical adviser.
The Board of Trustees consists of fifteen mem-
bers. Six serve ex officio and nine are elected or
appointed members. Two trustees represent each of
the State retirement funds; one represents the in-
terests of participating local governments; and two
represent the public. Trustees representing the Em-
ployees' and Teachers' Systems are elected by the
members and beneficiaries of their respective sys-
tems. 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 governments and
the public. Elected or appointed trustees serve four-
year terms (Code 1957, Art. 73B, secs. 1-101
through 1-604).

INVESTMENT COMMITTEE
Arthur N. Caple, Jr., Chairperson

Authorized in 1988, the Investment Committee
reviews all investment programs to ensure compli-
ance with policies of the Board of Trustees and
advises the Board on all matters pertaining to in-
vestment programs (Chapter 698, Acts of 1988).
The Committee also advises the Board on prepara-
tion and maintenance of an investment operations
manual and any additional bonding of employees
of the Maryland State Retirement Agency. From its
membership, the Board of Trustees annually ap-
points the Investment Committee.

STATE RETIREMENT AGENCY
Peter Vaughn, Executive Director

301 West Preston St.
Baltimore, MD 21201 (410) 225-4051

An agency of the Board of Trustees, the State
Retirement Agency administers the several State pen-