HARRY HUGHES, Governor

2063

FOR the purpose of increasing the membership of the State
Investment Council; providing that appointed members of the
Board of Trustees for Maryland State Retirement and Pension
Systems may serve as members of the Council; and making a
technical change to correct an error.

BY repealing and reenacting, with amendments,

Article 73B - Pensions

Section 161(4)(a)

Annotated Code of Maryland

(1983 Replacement Volume and 1984 Supplement)

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That the Laws of Maryland read as follows:

Article 73B - Pensions

161.

(4) (a) There is a State Investment Council. The
Investment Council shall consist of [7] 9 members as follows:

(i) [4] 6 members appointed by the Board of
Trustees from among its [13] 15 members for staggered 4 year
terms, 1 of whom shall be an elected trustee of the employee
system, 1 of whom shall be an elected trustee of the teachers'
system, 1 of whom shall be an appointed trustee of the State
Police system, and [1] 3 of whom shall be [an ex officio trustee]
APPOINTED OR EX OFFICIO TRUSTEES; and

(ii) 3 members of the public appointed by the
Board of Trustees with the approval of the Board of Public Works
for staggered 4 year terms who are not members or beneficiaries
of any of the several systems and who have had a background of
experience in the management and control of large investment
funds. The Board of Trustees may set additional qualifications
for public members and may adopt rules and regulations relating
to ethical standards and conflicts of interest for public
members.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall
take effect July 1, 1985.

Approved May 21, 1985.