3152                                   LAWS OF MARYLAND                                Ch. 506

members of the system as he shall recommend and the board of
trustees shall authorize, and on the basis of such
investigation he shall recommend for adoption by the board
of trustees such tables and such rates as are required in
subsection (15), paragraphs (a), (b) and (c) of this
section. The board of trustees shall adopt tables and
certify rates, and as soon as practicable thereafter the
actuary shall make a valuation based on such tables and
rates, of the assets and liabilities of the funds created by
this subtitle.

(15)  In the year 1930, and at least once in each
five-year period thereafter, the actuary shall make an
actuarial investigation into the mortality, service and
compensation experience of the members and beneficiaries of
the retirement system, and shall make a valuation of the
assets and liabilities of the funds of the system, and
taking into account the result of such investigation and
valuation, the board of trustees shall

(a)  Adopt for the retirement system such
mortality, service and other tables as shall be deemed
necessary;

(b)  Certify the rates of contribution payable by
members under the provisions of this subtitle; and

(c)  Certify the rates of contribution payable by
the State of Maryland on account of new entrants at various
ages.

(16)  On the basis of such regular interest rate or
rates and tables as the board of trustees shall adopt, the
actuary shall make an annual valuation of the assets and
liabilities of the funds of the system created by this
subtitle.]

87A.

(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 Teachers' 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 Teachers' Retirement System,] PROVIDED BY § 158 OF
THIS ARTICLE, membership on the [advisory investment
committee] MARYLAND 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.

88.