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LAWS OF MARYLAND

Ch. 506

Article 73B - Pensions

13A.

(b) The term "service in a fiduciary capacity," as
used in this section, means the. exercise of any
discretionary authority or control concerning the management
or administration of the Employees' Retirement System, or
the exercise of any discretionary authority or control
concerning the management or disposition of the assets of
the system. It includes membership on the board of trustees
[of the Employees' Retirement System,] PROVIDED BY § 158 OF
THIS ARTICLE, membership on the [advisory investment
committee,] STATE INVESTMENT COUNCIL PROVIDED BY § 160(4) OF
THIS ARTICLE, and service as [investment administrator]
EXECUTIVE DIRECTOR FOR INVESTMENTS AS PROVIDED BY § 160(2)
OF THIS ARTICLE or on his staff.

14.

All of the assets of the retirement system shall be
credited, according to the purpose for which they are held,
to one of three funds, namely the Annuity Savings Fund, the
Accumulation Fund, and the Expense Fund.

(3) The Expense Fund shall be the fund to which
shall be credited all money provided [by the State] IN THE
BUDGET to pay the administration expenses of the retirement
system and from which shall be paid all the expenses
necessary in connection with the administration and
operation of the system. Annually the board of trustees
shall estimate the amount of money, not in excess of three
tenths of one per centum of the payroll of members, which
shall be deemed necessary to be paid into the Expense Fund
during the ensuing year to provide for the expense of
operation of the retirement system, and such amount shall be
paid to the Expense Fund for this purpose. [The Secretary
of Personnel] THE BOARD OF TRUSTEES may combine the expense
funds of the several State retirement AND PENSION systems
for budgetary and administrative efficiency.

36.

The following terms, whenever used or referred to in
this subtitle, shall have the following respective meanings,
unless a different meaning clearly appears from the context:

(e) The term "State Agency" means the [Employees'
Retirement System of the State of Maryland] DEPARTMENT OF
PERSONNEL -- Division of Social Security.

40.