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LAWS OF MARYLAND

Ch. 398

FOR the purpose of providing that the Board of Trustees for
the Employees' Retirement System is vested with certain
duties for the operation of the Pension System;
providing that the Board be composed of a certain
number of trustees who are members or beneficiaries of
either the Employees' Retirement System or the Pension
System; providing that the Board of Trustees for the
Teachers' Retirement System is vested with certain
duties for the operation of the Pension System;
providing that the Board be composed of a certain
number of trustees who are members or beneficiaries of
either the Teachers' Retirement System or the Pension
System for the Teachers; and clarifying language.

BY repealing and reenacting, with amendments,

Article 73B - Pensions

Section 12(1) and (2) and 87(1) and (2)

Annotated Code of Maryland

(1978 Replacement Volume and 1979 Supplement)

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That section(s) of the Annotated Code of Maryland
be repealed, amended, or enacted to read as follows:

Article 73B - Pensions

12.

(1)  The general administration and responsibility for
the proper operation of the retirement [system] and PENSION
SYSTEMS, AND for making effective the provisions of this
article, are hereby vested in a board of trustees which
shall be organized immediately after three of the trustees
provided for in this section have qualified and taken the
oath of office.

(2)  The board shall consist of seven trustees, as
follows:

(a)  The State Secretary of Budget and Fiscal
Planning, ex officio,

(b)  The State Comptroller, ex officio,

(c)  The State Secretary of Personnel, ex

officio,

(d) The State Treasurer, ex officio,

(e) Three trustees who are members or
beneficiaries of the [system] EMPLOYEES' RETIREMENT SYSTEM
OR THE PENSION SYSTEM FOR EMPLOYEES and not more than one of
whom may be a beneficiary of the [system] SYSTEMS. Two of
the trustees shall be elected by the members and the