2120

LAWS OF MARYLAND

Ch. 601

enter into agreements for certain purposes with the
Central Security Depositories; removing certain
requirements on periodic examinations of disability
beneficiaries; providing that certain contributions
made by a member of the Teachers' Pension System may
not be transferred; and correcting an error.

BY repealing and reenacting, with amendments,

Article 73B - Pensions

Section 112, 117(9)(a), 141, 144(9), and 145(9)(a)

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be repealed, amended, or enacted to read as follows: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

112.

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 OR TO FACILITATE TRANSACTION SETTLEMENTS AND
TRANSFERS THROUGH PARTICIPATION IN CENTRAL SECURITY
DEPOSITORIES.

117.

(9) (a) Once each year [during the first 5 years
following the retirement of a member on a disability