3176

LAWS OF MARYLAND

Ch. 506

purpose of determining the proper mortality and service
tables to be prepared and submitted to the board of trustees
for adoption. Having regard to such investigation and
recommendation, the board of trustees shall adopt for the
Retirement System such mortality and service tables as shall
be deemed necessary and certify the rates of contribution
payable under the provisions of this subtitle.

(16)   In the year nineteen hundred and fifty-three 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 adopt for the Retirement System such mortality,
service and other tables as shall be deemed necessary and
shall certify the rates of contribution payable under the
provisions of this subtitle.

(17)  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 retirement system.]

54A.

(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 State Police 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 State Police Retirement System] PROVIDED BY § 158 OF
ARTICLE 73B, membership on the [advisory investment
committee,] MARYLAND STATE INVESTMENT COUNCIL PROVIDED BY §
160(4) OF ARTICLE 73B, and service as [investment
administrator] EXECUTIVE DIRECTOR FOR INVESTMENTS AS
PROVIDED BY § 160(2) OF ARTICLE 73B or on his staff.

55.

(1) The board of trustees shall be the trustees of the
several funds created by this subtitle as provided in § 56
of this subtitle, and shall have full power to invest and
reinvest such funds[, subject to all the terms, conditions,
limitations and restrictions imposed by the law of Maryland
upon domestic life insurance companies in the making and
disposing of their investments; except that the board may
invest a maximum of fifty percent (50%) of the total funds
of the retirement system in common stocks, of which not more
than five percent (5%) may be in nondividend paying common
stocks, and subject to like terms, conditions, limitations