520

LAWS OF MARYLAND

Ch. 22

(17)   "PENSION" MEANS PAYMENTS FOR LIFE DERIVED FROM
MONEY PROVIDED BY THE STATE OF MARYLAND. ALL PENSIONS SHALL
BE PAYABLE IN EQUAL MONTHLY INSTALLMENTS.

(18)   "RETIREMENT ALLOWANCE" MEANS THE SUM OF THE
"ANNUITY" AND THE "PENSION," OR ANY OPTIONAL BENEFIT PAYABLE
IN LIEU THEREOF.

(19)     "RETIREMENT" MEANS WITHDRAWAL FROM ACTIVE
SERVICE WITH A RETIREMENT ALLOWANCE GRANTED UNDER THE
PROVISIONS OF THIS ARTICLE.

(20)   "ANNUITY RESERVE" MEANS THE PRESENT VALUE OF ALL
PAYMENTS TO BE MADE ON ACCOUNT OF ANY ANNUITY OR BENEFIT IN
LIEU OF ANY ANNUITY COMPUTED UPON THE BASIS OF SUCH
MORTALITY TABLES AS SHALL BE ADOPTED BY THE BOARD OF
TRUSTEES, AND REGULAR INTEREST.

(21)   "PENSION RESERVE" MEANS THE PRESENT VALUE OF ALL
PAYMENTS TO BE MADE ON ACCOUNT OF ANY PENSION OR BENEFIT IN
LIEU OF ANY PENSION COMPUTED UPON THE BASIS OF SUCH
MORTALITY TABLES AS SHALL BE ADOPTED BY THE BOARD OF
TRUSTEES, AND REGULAR INTEREST.

(22)    "ACTUARIAL EQUIVALENT" MEANS A BENEFIT OF EQUAL
VALUE WHEN COMPUTED UPON THE BASIS OF SUCH MORTALITY TABLES
AS SHALL BE ADOPTED BY THE BOARD. OF TRUSTEES, AND REGULAR
INTEREST.

(23)   "COUNTY" INCLUDES THE CITY OF BALTIMORE.

82. NAME AND DATE OF ESTABLISHMENT; PARTNERSHIP TO HOLD
SECURITIES.

A RETIREMENT SYSTEM IS HEREBY ESTABLISHED AND PLACED
UNDER THE OPERATION OF THE BOARD OF TRUSTEES FOR THE PURPOSE
OF PROVIDING RETIREMENT ALLOWANCES AND OTHER BENEFITS UNDER
THE PROVISIONS OF THIS SUBTITLE FOR TEACHERS OF THE STATE OF
MARYLAND. THE RETIREMENT SYSTEM SO CREATED SHALL BE
ESTABLISHED AS OF AUGUST 1, 1927, AND IT SHALL BE PART OF
THE DEPARTMENT OF PERSONNEL. IT SHALL HAVE THE POWER AND
PRIVILEGES OF A CORPORATION AND SHALL BE KNOWN AS THE
"TEACHERS' RETIREMENT SYSTEM OF THE STATE OF MARYLAND," AND
BY SUCH NAME ALL OF ITS BUSINESS SHALL BE TRANSACTED, ALL OF
ITS FUNDS INVESTED, AND ALL OF ITS CASH AND SECURITIES AND
OTHER PROPERTY HELD; PROVIDED, HOWEVER, THAT THE BOARD OF
TRUSTEES IS HEREBY EMPOWERED TO AUTHORIZE THE STATE
TREASURER TO PLACE SECURITIES HELD BY THE BOARD IN THE NAME
OF A PARTNERSHIP TO BE FORMED UNDER THE LAWS OF MARYLAND FOR
THE SOLE AND SPECIFIC PURPOSE OF HOLDING SUCH SECURITIES AS
THE NOMINEE OF THE BOARD OF TRUSTEES. THERE SHALL BE THREE
(3) PARTNERS IN SAID PARTNERSHIP: THE STATE TREASURER, THE
CHIEF DEPUTY TREASURER AND THE INVESTMENT ADMINISTRATOR, ANY
ONE OF WHOM MAY EXECUTE DOCUMENTS ON BEHALF OF THE
PARTNERSHIP WHICH MAY BE NECESSARY OR PROPER TO TRANSFER ANY
OF SUCH SECURITIES. THE ARTICLES OF PARTNERSHIP AND ANY
AGREEMENT BETWEEN THE PARTNERSHIP AND THE BOARD OF TRUSTEES
SHALL BE PREPARED BY THE ATTORNEY GENERAL, AND SHALL PROVIDE