Ch. 698

LAWS OF MARYLAND

(i) Determine the monthly adjustment; and

(ii) Notify the person of the total amount to
be recovered, the monthly adjustment, and the period of recovery.

160.

(1)  There is [created] the Maryland State Retirement
Agency, an agency of the Board of Trustees responsible for
carrying out the administrative duties and business of the
several systems[, with the exception of investments].

(2)  There shall be an executive director [for
administration] who shall be in charge of the State Retirement
Agency and shall have the functions and duties as may be
delegated to him by the Board of Trustees. The executive
director [for administration] shall be appointed by the Board of
Trustees and shall serve at the pleasure of the Board.

(3)  The executive director [for administration] shall
appoint the employees as are provided for in the budget. The
staff shall be classified employees subject to the provisions of
Article 64A, except for employees holding positions that are
designated by the executive director, with the approval of the
Board of Trustees, as professional or technical positions that
involve specialized skill, education, and knowledge, and whose
labor is predominantly intellectual rather than physical or
manual.

(4)  THE EXECUTIVE DIRECTOR, THE CHIEF INVESTMENT OFFICER,
AND ALL EMPLOYEES OF THE INVESTMENT DIVISION SHALL COMPLY WITH
POLICIES PRESCRIBED BY THE BOARD OF TRUSTEES CONCERNING PERSONAL
INVESTMENTS AND CONFLICTS OF INTEREST.

[(4)] (5) The Board of Trustees shall be responsible for
the budget of the State Retirement Agency. The executive
director [for administration] shall compile annually a
comprehensive budget for submission to the Board of Trustees.

[(5)] (6) All expenses in connection with the
administration and operation of the State Retirement Agency shall
be paid from the income or assets of the funds of the several
systems. Each of the several systems shall be charged its pro
rata share of the expenses of administration and operation.
Expenditures shall be in accordance with appropriations made by
the General Assembly.

(7) ALL DOCUMENTS WHICH MUST BE EXECUTED BY OR ON BEHALF OF
THE BOARD OF TRUSTEES SHALL BE SIGNED BY THE EXECUTIVE DIRECTOR
OR, IN THE ABSENCE OR DISABILITY OF THE EXECUTIVE DIRECTOR,
ANOTHER EMPLOYEE AS MAY BE DESIGNATED IN WRITING BY THE EXECUTIVE
DIRECTOR WITH THE APPROVAL OF THE CHAIRMAN OF THE BOARD OF
TRUSTEES. IF A COUNTERSIGNATURE IS REQUIRED FOR ANY REASON, THE

- 4634 -