172

LAWS OF MARYLAND

Ch. 24

A PENSION SYSTEM IS ESTABLISHED AND PLACED UNDER THE
MANAGEMENT OF THE BOARD OF TRUSTEES TO PROVIDE RETIREMENT
ALLOWANCES AND OTHER BENEFITS UNDER THIS SUBTITLE, FOR
EMPLOYEES OF THE STATE OF MARYLAND. THIS PENSION SYSTEM
SHALL BE ESTABLISHED AS OF JANUARY 1, 1980, AND IT SHALL BE
PART OF THE DEPARTMENT OF PERSONNEL. IT SHALL HAVE THE
POWERS AND PRIVILEGES OF A CORPORATION, AND SHALL BE KNOWN
AS THE "PENSION SYSTEM FOR EMPLOYEES OF THE STATE OF
MARYLAND," AND SHALL TRANSACT ALL OF ITS BUSINESS BY THIS
NAME. THE BOARD OF TRUSTEES MAY 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 PURPOSE OF HOLDING THESE SECURITIES AS THE NOMINEE
OF THE BOARD OF TRUSTEES. THERE SHALL BE THREE (3) PARTNERS
IN THIS PARTNERSHIP: THE STATE TREASURER, THE CHIEF DEPUTY
TREASURER, AND THE INVESTMENT ADMINISTRATOR, ANY ONE OF WHOM
MAY EXECUTE DOCUMENTS ON BEHALF OF THE PARTNERSHIP THAT MAY
BE NECESSARY OR PROPER TO TRANSFER ANY OF THESE 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 THAT THIS PARTNERSHIP
MAY ACT ONLY AS THE AGENT OF THE BOARD OF TRUSTEES, AND
SHALL CONTAIN ANY OTHER TERMS AND CONDITIONS AS THE ATTORNEY
GENERAL MAY CONSIDER APPROPRIATE. THE PARTNERSHIP MAY ENTER
INTO AGREEMENTS WITH VARIOUS BANKS OR OTHER FINANCIAL
INSTITUTIONS TO GUARANTEE THE SIGNATURES MADE ON BEHALF OF
THE PARTNERSHIP.

113.

THE MEMBERSHIP OF THE PENSION SYSTEM SHALL CONSIST OF
THE FOLLOWING INDIVIDUALS:

(1)   ANY PERSON WHO BECOMES AN EMPLOYEE ON OR AFTER
THE DATE THIS PENSION SYSTEM IS ESTABLISHED IS A MEMBER OF
THIS PENSION SYSTEM.

(2)   ANY PERSON WHO, ON OR AFTER JANUARY 1, 1980, IS
AN EMPLOYEE AND IS A MEMBER OF THE RETIREMENT SYSTEM IS
ENTITLED TO BE A MEMBER IN THIS PENSION SYSTEM, AND MAY
BECOME A MEMBER AS OF THAT DATE, OR THE FIRST DAY OF EACH
MONTH THEREAFTER THROUGH AND INCLUDING JULY 1, 1980, OR ANY
SUBSEQUENT JULY 1, BY FILING WITH THE BOARD OF TRUSTEES AN
EXECUTED WAIVER OF ALL BENEFITS WHICH MIGHT INURE TO HIM
UNDER THE RETIREMENT SYSTEM.

(3)   (A) MEMBERSHIP SHALL BE OPTIONAL FOR AN ELECTED
OR APPOINTED OFFICIAL, AN EMPLOYEE OF THE GOVERNOR'S OFFICE,
OR A DESK OFFICER OR EMPLOYEE OF EITHER HOUSE OF THE GENERAL
ASSEMBLY WHO RECEIVES AN ANNUAL SALARY AS HIS COMPENSATION
FOR HIS EMPLOYMENT. AN OFFICIAL WHO IS ELECTED OR APPOINTED
ON OR AFTER JANUARY 1, 1980, MAY BECOME A MEMBER OF THIS
SYSTEM BY APPLYING AT ANY TIME AFTER HIS ELECTION OR
APPOINTMENT AND BEFORE HIS TERM EXPIRES. THE OFFICIAL IS
ENTITLED TO CREDIT FOR PREVIOUS SERVICE RENDERED BY HIM TO
THE STATE, OR A PARTICIPATING MUNICIPAL CORPORATION,