BLAIR LEE III, Acting Governor

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and the book value estimated to be $1.7 billion; and

WHEREAS, The combined assets of the Employees',
Teachers', and State Police Retirement Systems represents
one of the largest single funds in the State of Maryland and
one of the largest pension funds in the United States; and

WHEREAS, The responsibility for the investment of     the

funds lies within the Division of Investments of     the

Retirement System Administration of the Department       of

Personnel and is not directly under the direction of   the
State Treasurer; and

WHEREAS, The Retirement System funds are composed of
contributions made by State employees and teachers, the
State of Maryland, and various participating local
governments and the investment performance of these funds
directly affects the costs to the State and the local
governments; and

WHEREAS, The decisions affecting the channeling of such
large sums of money into the market place can have a
dramatic impact on the condition of the funds and upon the
costs to the State; and

WHEREAS, The General Assembly of Maryland does not
provide any legislative oversight concerning the investment
performance of the funds other than through the
participation of the State Treasurer on the Joint Boards of
Trustees of the State Retirement Systems; now, therefore, be
it

RESOLVED BY THE GENERAL ASSEMBLY OF MARYLAND, That the
Joint Committee on the Management of Public Funds Joint
Budget and Audit Committee Legislative Policy Committee is
requested to examine the present investment policies and
practices followed by the Division of Investments and to
examine any existing procedures for the auditing of the
investment performance of the funds; and be it further

RESOLVED, That the Committee is requested to consider
the appropriate role of the General Assembly of Maryland in
providing legislative oversight of the investment of the
Retirement System funds and to submit its recommendations,
if any, to the 1979 General Assembly.

Approved May 2, 1978.

No. 10
(Senate Joint Resolution 53)
A Senate Joint Resolution concerning