HARRY HUGHES, Governor

2065

(B) Annually the board of trustees shall estimate:

(I)  [the] THE amount of money, not in excess of
three tenths of one percentum 2/10 OF 1 PERCENT of the payroll
of members, [which shall be deemed] necessary [to be paid into
the Expense Fund during the ensuing year] to provide for the
expense of ADMINISTRATION AND operation of the retirement
system[, and such amount shall be paid to the Expense Fund for
this purpose.]; AND

(II)  THE AMOUNT OF MONEY, NOT TO EXCEED ONE
HALF OF 1 PERCENT OF THE MARKET VALUE AS OF DECEMBER 31 OF THE
PRECEDING FISCAL YEAR OF INVESTED ASSETS THAT ARE EXTERNALLY
MANAGED, NECESSARY TO PROCURE AND RETAIN THE SERVICES OF
EXTERNAL INVESTMENT COUNSELING ORGANIZATIONS.

(C)  THE AMOUNTS OF MONEY SPECIFIED IN PARAGRAPHS
(B)(I) AND (II) OF THIS SUBSECTION SHALL BE PAID INTO THE EXPENSE
FUNDS OF THE SEVERAL RETIREMENT AND PENSION SYSTEMS DURING THE
ENSUING YEAR ON A PRO RATA BASIS ACCORDING TO THE TOTAL ASSETS
HELD BY EACH SYSTEM.

(D)  The board of trustees may combine the expense
funds of the several State retirement and pension systems for
budgetary and administrative efficiency.

89.

(3) (A) The Expense Fund shall be the fund to which shall
be credited all money provided in the budget to pay:

(I)  [the] THE administration expenses of the
retirement system, and from which shall be paid all the expenses
necessary in connection with the administration and operation of
the system; AND

(II)  THE EXPENSES NECESSARY TO PROCURE AND
RETAIN EXTERNAL INVESTMENT COUNSELING ORGANIZATIONS.

(B) Annually the board of trustees shall: estimate

(I)   [the] THE amount of money not in excess of
0.3 2/10 OF 1 percent of the payroll of members [which shall be
deemed] necessary [to be paid into the Expense Fund during the
ensuing year] to provide for the expense of ADMINISTRATION AND
operation of the retirement system [and such amount shall be paid
to the Expense Fund for this purpose]; AND

(II)  THE AMOUNT OF MONEY, NOT TO EXCEED ONE
HALF OF 1 PERCENT OF THE MARKET VALUE AS OF DECEMBER 31 OF THE
PRECEDING FISCAL YEAR OF INVESTED ASSETS THAT ARE EXTERNALLY
MANAGED, NECESSARY TO PROCURE AND RETAIN THE SERVICES OF EXTERNAL
INVESTMENT COUNSELING ORGANIZATIONS.