1820

LAWS OF MARYLAND

Ch. 290

and restrictions, the Agency shall have full power to hold,
purchase, sell, assign, transfer, and dispose of any of the
securities and investments in which any fund shall have been
invested, as well as the proceeds of the investments and any
moneys belonging to the funds. Ground rent redemption deeds,
releases or reassignments of mortgages, satisfactions or
reassignments of notes conveying, releasing, or reassigning any
interest owned by the State of Maryland for the use of a fund
shall be executed by any 2 of the following: Treasurer of the
State of Maryland, executive director of the State Investment
Agency, or another employee of the State Investment Agency as
designated by the executive director and approved by the Board of
Trustees.

(B)  IN SETTING THE TERMS, CONDITIONS, LIMITATIONS,
AND RESTRICTIONS ON THE AGENCY'S INVESTMENT POWERS, THE BOARD OF
TRUSTEES IS GOVERNED BY THE STANDARDS OF CARE THAT ARE STIPULATED
UNDER § 74 OF THIS ARTICLE.

(C)  THE TERMS, CONDITIONS, LIMITATIONS, AND
RESTRICTIONS THAT ARE ADOPTED BY THE BOARD OF TRUSTEES ARE
INCLUDED IN THE OPERATIONS MANUAL THAT IS REQUIRED UNDER
SUBSECTION (4)(C)(III) OF THIS SECTION.

162.

(1)  EACH YEAR, ON BEHALF OF THE MEMBERS OF THE SEVERAL
SYSTEMS, THE STATE SHALL PAY AN AMOUNT THAT IS AT LEAST EQUAL TO
A PERCENTAGE OF THE AGGREGATE ANNUAL EARNABLE COMPENSATION OF THE
MEMBERS THAT IS KNOWN AS THE "NORMAL CONTRIBUTION" AND AN
ADDITIONAL AMOUNT THAT IS EQUAL TO A CERTAIN PERCENTAGE OF THE
AGGREGATE ANNUAL EARNABLE COMPENSATION OF THE MEMBERS THAT IS
KNOWN AS THE "ACCRUED LIABILITY CONTRIBUTION". THE AMOUNTS THAT
ARE DETERMINED UNDER THIS SECTION SHALL BE ALLOCATED TO THE
ACCUMULATION FUNDS OF DETERMINED WITH RESPECT TO THE EMPLOYEES
RETIREMENT SYSTEM AND THE PENSION SYSTEM FOR EMPLOYEES, THE
TEACHERS RETIREMENT SYSTEM AND THE PENSION SYSTEM FOR TEACHERS,
THE STATE POLICE RETIREMENT SYSTEM, AND THE FUND OF THE JUDICIAL
PLAN ON THE BASIS OF AN ACTUARIAL DETERMINATION OF THE AMOUNTS
THAT ARE REQUIRED TO PRESERVE THE INTEGRITY OF THE SEVERAL FUNDS.

(2)  ON THE BASIS OF INTEREST AND THE MORTALITY AND SERVICE
TABLES THAT ARE ADOPTED BY THE BOARD OF TRUSTEES, IMMEDIATELY
AFTER MAKING EACH ACTUARIAL VALUATION, THE ACTUARY SHALL
DETERMINE THE NORMAL CONTRIBUTIONS ON ACCOUNT OF THE MEMBERS OF
THE EMPLOYEES RETIREMENT SYSTEM AND THE PENSION SYSTEM FOR
EMPLOYEES, THE TEACHERS RETIREMENT SYSTEM AND THE PENSION SYSTEM
FOR TEACHERS, THE STATE POLICE RETIREMENT SYSTEM, AND THE FUND OF
THE JUDICIAL PLAN, NET OF EMPLOYEE CONTRIBUTIONS, ON THE BASIS OF
THE ENTRY-AGE ACTUARIAL COST METHOD. THE RATIO OF THE SUM OF THE
NORMAL CONTRIBUTIONS THAT ARE DETERMINED TO THE AGGREGATE ANNUAL
EARNABLE COMPENSATION OF THE MEMBERS OF THE EMPLOYEES RETIREMENT
SYSTEM AND THE PENSION SYSTEM FOR EMPLOYEES, THE TEACHERS
RETIREMENT SYSTEM AND THE PENSION SYSTEM FOR TEACHERS, THE STATE
POLICE RETIREMENT SYSTEM, AND THE FUND OF THE JUDICIAL PLAN
SYSTEMS IS KNOWN AS THE "NORMAL CONTRIBUTION" RATES.