2858

LAWS OF MARYLAND

Ch. 818

BY adding to

Article 73B - Pensions

Section 67(c), (d), (e), and (f)

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be repealed, amended, or enacted to read as follows: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

67.

(b) The plan may provide for a board of trustees to
exercise overall supervision [over] and administration of
the plan, and, to that end, the executive order may provide
for the establishment of an indenture of trust for the plan
and a board of trustees to superintend the administration
thereof. The board of trustees [or such other official or
entity charged with superintending the administration of the
plan,] shall be COMPOSED OF SEVEN MEMBERS, CONSISTING ONE OF
WHOM SHALL BE DESIGNATED BY THE GOVERNOR TO SERVE AS
CHAIRMAN. THE MEMBERSHIP OF THE BOARD SHALL CONSIST OF THE
SECRETARY OF PERSONNEL, WHO SHALL SERVE AS CHAIRMAN, OR HIS
DESIGNEE, THE SECRETARY OF BUDGET AND FISCAL PLANNING OR HIS
DESIGNEE, TWO PERSONS REPRESENTING STATE EMPLOYEES, AND
THREE OTHER MEMBERS REPRESENTATIVE OF THE PUBLIC designated
and appointed by the Governor, and shall have the powers:

(1)  To do such acts as may be necessary to
implement, maintain, and administer the plan.

(2)  To receive the amount of compensation
deferred pursuant to § 68 [hereof] OF THIS ARTICLE and to
use [such] proceeds, in accordance with any investment
election permitted the employee under the plan, to purchase
a fixed or variable life insurance or annuity contract, or
[such] other investment or savings options as may be
permitted under the plan, or a combination of the same, all
to be OWNED AND held by the [superintending board, official,
or entity] BOARD OF TRUSTEES. Each [such] fixed or variable
life insurance and annuity contract shall be purchased from
one or more insurance companies licensed to write insurance
in Maryland.

(3)  To take [such] other and further actions as
may be necessary to carry out the purposes of this subtitle.

(C) A MEMBER OF THE BOARD OF TRUSTEES SHALL SERVE A
TERM OF OFFICE AS DESIGNATED BY THE GOVERNOR, PROVIDED THAT
BEGINNING JULY 1, 1980, THE SECRETARY OF BUDGET AND FISCAL
PLANNING AND THE SECRETARY OF PERSONNEL SHALL SERVE
CONTINUAL TERMS OF OFFICE, TWO MEMBERS SHALL BE APPOINTED