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HARRY HUGHES, Governor
5047
FOR the purpose of altering the membership of the board of
trustees of the State Employees Deferred Compensation
Plan; providing that certain members of the board of
trustees shall have certain qualifications; and
generally relating to the board of trustees of the
State Employees Deferred Compensation Plan.
BY repealing and reenacting, with amendments,
Article 73B - Pensions
Section 67(b)
Annotated Code of Maryland
(1978 Replacement Volume and 1981 Supplement)
SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That section(s) of the Annotated Code of Maryland
read(s) as follows:
Article 73B - Pensions
67.
(b) The plan may provide for a board of trustees to
exercise overall supervision and administration of the plan,
and, to that end, the executive order may provide for the
establishment of an indenture of trust for the plan and a
board of trustees to superintend the administration thereof.
The board of trustees shall be composed of seven members
APPOINTED BY THE GOVERNOR, one of whom shall be designated
by the Governor to serve as chairman. [The membership of
the board shall consist of the Secretary of Personnel, or
his designee, the Secretary of Budget and Fiscal Planning or
his designee, two persons representing State employees, and
three other members representative of the public designated
and appointed by the Governor, and] IN MAKING APPOINTMENTS,
THE GOVERNOR SHALL CONSIDER THE NEED TO HAVE MEMBERS WHO
REPRESENT THE INTERESTS OF STATE EMPLOYEES. AT LEAST 2
MEMBERS OF THE BOARD SHALL HAVE EXPERIENCE WITH DEFERRED
COMPENSATION PLANS, AND TWO MEMBERS OF THE BOARD SHALL BE
EMPLOYEES OF THE STATE OF MARYLAND. THE BOARD shall have
the powers:
(1) To do such acts as may be necessary to
implement, maintain, and administer the plan.
(2) To receive the amount of compensation
deferred pursuant to § 68 of this article, and to use
proceeds, in accordance with any investment election
permitted the employee under the plan, to purchase a fixed
or variable life insurance or annuity contract, or other
investment or savings options as may be permitted under the
plan, or a combination of the same, all to be owned and held
by the board of trustees. Each fixed or variable life
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