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MARVIN MANDEL, Governor 3361
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(6) THE TERM "RELATIVE" MEANS A SPOUSE,
ANCESTOR, LINEAL DESCENDANT, OR SPOUSE OF A LINEAL
DESCENDANT.
(7) THE TERM "SECURITY" HAS THE SAME MEANING
AS THIS TERM HAS UNDER SECTION 2(1) OF THE FEDERAL
SECURITIES ACT OF 1933 (15 USC. 77B(1)).
(8) (5) "FIDUCIARY" MEANS A PERSON WHO
RENDERS SERVICE IN A FIDUCIARY CAPACITY 9WITHIN WITHIN
THE MEANING OF SECTION 13A(B) OF THIS ARTICLE, SECTION
196A(B) OF ARTICLE 77, OR SECTION 54A(B) OF ARTICLE 88B
WITH RESPECT TO A PLAN. WITH RESPECT TO A PLAN, TO THE
EXTENT (I) EXERCISES ANY DISCRETIONARY AUTHORITY OR
DISCRETIONARY CONTROL RESPECTING MANAGEMENT OF A PLAN OR
EXERCISES ANY AUTHORITY OR CONTROL RESPECTING MANAGEMENT
OR DISPOSITION OF ITS ASSETS; (II) RENDERS INVESTMENT
ADVICE FOR A FEE OR OTHER COMPENSATION, DIRECT OR
INDIRECT, WITH RESPECT TO ANY MONEYS OR OTHER PROPERTY OR
A PLAN, OR HAS ANY DISCRETIONARY AUTHORITY OR
DISCRETIONARY RESPONSIBILITY IN THE ADMINISTRATION OF A
PLAN. SUCH TERM INCLUDES ANY PERSON DESIGNATED UNDER
SECTION 77 75(b)(1) AND (C) OF THIS SUBTITLE.
(9)(6) THE TERM "PLAN" MEANS THE
EMPLOYEES' RETIREMENT SYSTEM, THE TEACHERS' NRETIREMENT
RETIREMENT SYSTEM, AND THE STATE POLICE RETIREMENT
SYSTEM, INCLUDING ANY SYSTEMS OR SUBSYSTEMS OF THESE
SYSTEMS, OR ANY SYSTEMS ADMINISTERED BY THE SEVERAL
BOARDS OF TRUSTEES OF THE PLANS.
73.
FOR PURPOSES OF THIS SUBTITLE AND IN THE CASE OF A
PLAN TO WHICH A GUARANTEED BENEFIT POLICY IS ISSUED BY AN
INSURER, THE ASSETS OF THE PLAN SHALL BE DEEMED TO
INCLUDE THE POLICY, BE DEEMED TO INCLUDE ANY ASSETS OF
THE INSURER. FOR PURPOSES OF THIS SECTION:
(B) THE TERM "INSURER" MEANS AN INSURANCE COMPANY,
INSURANCE SERVICE, OR INSURANCE ORGANIZATION, QUALIFIED
TO DO BUSINESS IN THE STATE; AND
(2) THE TERM "GUARANTEED BENEFIT POLICY" MEANS AN
INSURANCE POLICY OR CONTRACT TO THE EXTENT THAT THE
POLICY OR CONTRACT PROVIDES FOR BENEFITS THE AMOUNT OF
WHICH IS GUARANTEED BY THE INSURER. THIS TERM INCLUDES
ANY SURPLUS IN A SEPARATE ACCOUNT, BUT EXCLUDES ANY OTHER
PORTION OF A SEPARATE ACCOUNT.
74.
(A) THE BOARD OF TRUSTEES OF EACH PLAN SHALL HAVE
AUTHORITY TO CONTROL AND MANAGE THE OPERATION AND
ADMINISTRATION OF THE PLAN.
(B) THE TRUSTEES SHALL ESTABLISH AND CARRY OUT A
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