3158

LAWS OF MARYLAND

Ch. 506

(i) Membership on the board of trustees
[of this pension system] PROVIDED BY § 158 OF THIS ARTICLE;

(ii) Membership on the [advisory
investment committee] STATE INVESTMENT COUNCIL PROVIDED BY §
160(4) OF THIS ARTICLE; and

(iii) Service as [investment
administrator] EXECUTIVE DIRECTOR FOR INVESTMENTS AS
PROVIDED BY § 160(2) OF THIS ARTICLE or on his staff.

122.

All of the assets of this pension system shall be
credited, according to the purpose for which they are held,
to the following funds:

(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 this pension
system and from which shall be paid all the expenses
necessary in connection with the administration and
operation of this system. Each year, the board of trustees
shall estimate the amount of money, not in excess of 3/10 of
1 percent of the payroll of members, that it considers
necessary to be paid in the Expense Fund during the next
year to provide for the expense of operation of this pension
system, and the amount shall be paid to the Expense Fund for
this purpose. The [Secretary of Personnel] BOARD OF
TRUSTEES may combine the Expense Funds of the several State
retirement and pension systems for budgetary and
administrative efficiency.

140.

In this subtitle the following words have the meaning
indicated.

(7) "Medical board" means [the] A board of
physicians provided for in § [147] 158 of this [subtitle]
ARTICLE.

141.

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
teachers 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 Teachers of the State of
Maryland[," and by this name shall transact all of its
business. The board of trustees may authorize the State