3148

LAWS OF MARYLAND

Ch. 506

(c)  The committee shall formulate and shall recommend
to the respective boards of trustees for their adoption
policy to be followed by the said boards in respect to
investment of the several retirement system funds
established by law, subject to the limitations on the said
boards, provided for by law. Nothing herein contained shall
be construed to limit in any manner the authority now
conferred by law on the said boards over the management of
the said retirement system funds, it being the intent of
this subsection that the advisory investment committee
established herein shall assist the said boards in the
execution of their duties. The said boards may delegate
the supervision and control over the ordinary management of
the investment of moneys from the said funds, to the
division of investments, next provided for.

(d)  There is hereby created a division of investments
in charge of the Investment Administrator, who shall be
selected by said several boards of trustees, and who shall
serve at the pleasure of the said several boards of
trustees; and shall not be a member of the merit system
established by Article 64A of the Code, and who shall
receive such annual salary as shall be provided in the
budget. The division shall have such duties as may be
specified by the said several boards of trustees. The
Administrator shall, upon entering the performance of his
duties, be covered by a surety bond in accordance with the
provisions of §§ 46 through 50 of Article 78A of the
Annotated Code of Maryland. The director or directors of
said several retirement systems may appoint such other
employees to assist the Administrator in carrying out the
duties of the division as may be provided for in the budget.

(e)  The expenses of the division of investments shall
be apportioned among each of the several State retirement
systems, according to the ratio which the total of funds of
each system bears to the total of funds for all such State
systems.]

55.

(g) "Medical board" means [the] A board defined in §
[12(13)] 158 of this article.

72.

For the purposes of this subtitle:

(6) The term "plan" means the Employees'
Retirement System, the Teachers' Retirement System, the
State Police Retirement System, the Employees' Pension
System, and the Teachers' Pension System, including any
system or subsystems of these systems, or any systems
administered by the [several boards] BOARD of trustees of
the plans.