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3359
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MARVIN MANDEL, Governor
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AN ACT concerning
Pensions — Fiduciary Responsibility
FOR the purpose of establishing the duties of the Boards
of Trustees of the various State pension systems in
the operation and administration of these systems;
providing for the duties and responsibilities of the
Trustees and fiduciaries in the management and
control of the assets of these systems; specifying
the standard of care for fiduciaries of system
assets; prohibiting certain transactions involving
system assets; providing for breaches of fiduciary
duties; requiring bonding of fiduciaries; providing
penalties for violations; relating to and providing
for indemnification and insurance of certain
fiduciaries provided by the State; and relating to
duties and responsibilities for the assets of the
State pension systems.
BY adding to
Article 73B — Pensions
Section 72 through 82 80, inclusive, to be under the
new subtitle "Fiduciary Responsibility"
Annotated Code of Maryland
(1970 Replacement Volume and 1976 Supplement)
BY repealing and reenacting, with amendments,
Article 73B - Pensions
Section 13A(e) and (f)
Annotated Code of Maryland
(1970 Replacement Volume and 1976 Supplement)
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BY repealing and reenacting, with amendments,
Article 77 — Public Education
Section 196A (e) and (f)
Annotated Code of Maryland
(1975 Replacement Volume and 1976 Supplement)
BY repealing and reenacting, with amendments,
Article 88B - State Police
Section 54A(e) and (f)
Annotated Code of Maryland
(1969 Replacement Volume and 1976 Supplement)
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SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That new Sections 72 through 82 80, inclusive,
to be under the new subtitle "Fiduciary Responsibility"
be and they are hereby added to Article 73B - Pensions,
of the Annotated Code of Maryland (1970 Replacement
Volume and 1976 Supplement) to read as follows;
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