HARRY HUGHES, Governor

3819

Article 73B - Pensions

Section 67(b)

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

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. 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 CLASSIFIED 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 insurance and annuity contract shall be purchased
from one or more insurance companies licensed to write insurance
in Maryland.

(3)  To take other and further actions as may be
necessary to carry out the purposes of this subtitle.

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