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2005 LAWS OF MARYLAND
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Ch. 493
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(v) one trustee who is either a member or retiree of the State Police
Retirement System, who shall be elected as provided in subsection (b) of this section
and may not be an employee of the State Retirement Agency;
(vi) one trustee who represents the interests of participating
governmental units in the Employees' Pension System and the Employees' Retirement
System; and
(vii) five trustees who:
1. represent the interests of the public;
2. are not members of any of the several systems;
3. are not [affiliated with] EMPLOYEES, DIRECTORS,
PARTNERS, OR OFFICERS OF any of the external investment managers for the several
systems;
4. DO NOT HAVE AN OWNERSHIP INTEREST IN ANY OF THE
EXTERNAL INVESTMENT MANAGERS OF THE SEVERAL SYSTEMS THAT IS GREATER
THAN 5% OF THE ISSUED OR OUTSTANDING STOCK;
5. ARE NOT DIRECTORS, PARTNERS, OR OFFICERS OF ANY
CORPORATION OR LARGE ORGANIZATION IN WHICH ANY OF THE EXTERNAL
MANAGERS FOR THE SEVERAL SYSTEMS OWN 10% OR MORE OF THE ISSUED OR
OUTSTANDING STOCK OF THE CORPORATION OR LARGE ORGANIZATION; and
[4.] 6. have at least 10 years of substantial experience
overseeing similar pension systems, large foundations, or other similar large
organizations with fiduciary responsibilities relating to different classes of
participants.
21-402.
(a) Each optional form of allowance shall be the actuarial equivalent of the
basic allowance under the State system of a member.
(b) (1) Subject to paragraph (2) of this subsection, for an optional form of
allowance providing for payment to a designated beneficiary for life, the designated
beneficiary must be an individual.
(2) If the designated beneficiary is a minor or an individual with a
disability, the allowance may be paid into a trust for the benefit of the individual.
(3) A MEMBER WHO ELECTS TO RECEIVE A REDUCED OPTIONAL
ALLOWANCE UNDER § 21-403 OF THIS SUBTITLE, MAY DESIGNATE AN INDIVIDUAL
OTHER THAN THE MEMBER'S CHILD AS THE MEMBER'S DESIGNATED BENEFICIARY.
21-403.
(A) (1) IF A DEATH BENEFIT FOR A DECEASED RETIREE IS MADE UNDER
SUBSECTION (B), (D), (E), OR (G) OF THIS SECTION, THE PAYMENT MAY NOT INCLUDE
ANY PORTION OF THE MONTHLY BENEFIT THE RETIREE WOULD HAVE RECEIVED IN
THE MONTH IN WHICH THE RETIREE DIED.
- 2872 -
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