144

LAWS OF MARYLAND

Ch. 23

(3)   THE EXPENSE FUND SHALL BE THE FUND TO WHICH SHALL
BE CREDITED ALL MONEY PROVIDED BY THE STATE TO PAY THE
ADMINISTRATION EXPENSES OF THIS PENSION SYSTEM AND FROM
WHICH SHALL BE PAID ALL THE EXPENSES NECESSARY IN CONNECTION
WITH THE ADMINISTRATION AND OPERATION OF THIS SYSTEM. EACH
YEAR, THE BOARD OF TRUSTEES SHALL ESTIMATE THE AMOUNT OF
MONEY, NOT IN EXCESS OF 3/10 OF 1 PERCENT OF THE PAYROLL OF
MEMBERS, THAT IT CONSIDERS NECESSARY TO BE PAID INTO THE
EXPENSE FUND DURING THE NEXT YEAR TO PROVIDE FOR THE EXPENSE
OF OPERATION OF THIS PENSION SYSTEM, AND THIS AMOUNT SHALL
BE PAID TO THE EXPENSE FUND FOR THIS PURPOSE.

(4)   (A) ON OR BEFORE THE FIRST DAY OF NOVEMBER NEXT
PRECEDING EACH REGULAR MEETING OF THE GENERAL ASSEMBLY OF
MARYLAND, THE BOARD OF TRUSTEES SHALL CERTIFY TO THE
GOVERNOR THE AMOUNTS THAT WILL BECOME DUE AND PAYABLE DURING
THE NEXT YEAR TO EACH OF THE FUNDS OF THIS PENSION SYSTEM
TOGETHER WITH A STATEMENT OF THE PERCENTAGE OF THE PAYROLL
OF ALL MEMBERS, WHICH IS EQUIVALENT TO THE TOTAL AMOUNT.
THIS AMOUNT SHALL BE INCLUDED IN THE BUDGET BILL THAT IS
SUBMITTED TO THE GENERAL ASSEMBLY.

(B) THE BOARD OF TRUSTEES SHALL CERTIFY ONE
QUARTER OF THE AMOUNT SPECIFIED IN PARAGRAPH (A) OF THIS
SUBSECTION TO THE STATE COMPTROLLER ON OR BEFORE THE LAST
DAY OF DECEMBER, FEBRUARY, MAY, AND SEPTEMBER. ON OR BEFORE
THE FIRST DAY OF JANUARY, MARCH, JUNE, AND OCTOBER, THE
COMPTROLLER SHALL DRAW A WARRANT ON THE STATE TREASURER FOR
THE RESPECTIVE AMOUNTS DUE THIS PENSION SYSTEM. ON RECEIPT
OF THE WARRANT OF THE COMPTROLLER, THE STATE TREASURER
IMMEDIATELY SHALL TRANSFER TO THIS PENSION SYSTEM THE
AMOUNTS DUE.

151. GUARANTY.

THE CREATION AND MAINTENANCE OF RESERVES IN THE
ACCUMULATION FUND, REGULAR INTEREST CREDITABLE TO THE FUNDS
AS PROVIDED IN § 150 OF THIS SUBTITLE, THE PAYMENT OF ALL
RETIREMENT ALLOWANCES, REFUNDS, AND OTHER BENEFITS GRANTED
UNDER THIS SUBTITLE, AND ALL EXPENSES IN CONNECTION WITH THE
ADMINISTRATION AND OPERATION OF THIS PENSION SYSTEM, ARE
OBLIGATIONS OF THE STATE. ALL INCOME, INTEREST, AND
DIVIDENDS DERIVED FROM DEPOSITS AND INVESTMENTS AUTHORIZED
BY THIS SUBTITLE SHALL BE USED FOR THE PAYMENT OF THESE
OBLIGATIONS OF THE STATE.

152. EXEMPTION FROM EXECUTION.

THE RIGHT OF A PERSON TO A RETIREMENT ALLOWANCE, TO THE
RETURN OF CONTRIBUTIONS, ANY OPTIONAL BENEFIT OR DEATH
BENEFIT, OR ANY OTHER RIGHT ACCRUING TO ANY PERSON UNDER
THIS SUBTITLE, AND THE MONEY IN THE VARIOUS FUNDS CREATED BY
THIS SUBTITLE, MAY NOT BE SUBJECT TO EXECUTION, GARNISHMENT,
ATTACHMENT, OR ANY OTHER PROCESS, AND SHALL BE UNASSIGNABLE
EXCEPT AS PROVIDED IN THIS SUBTITLE.