Ch. 767

LAWS OF MARYLAND

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 SEVERAL STATE RETIREMENT AND PENSION SYSTEMS FOR
BUDGETARY AND ADMINISTRATIVE EFFICIENCY.

(E)  EACH YEAR AS OF DECEMBER 31 THE BOARD OF
TRUSTEES SHALL REPORT TO THE GENERAL ASSEMBLY THE ACTUAL MONEY
EXPENDED TO PROCURE AND RETAIN INVESTMENT MANAGEMENT SERVICES
DURING THE PRECEDING FISCAL YEAR.

122.

All of the assets of this pension system shall be credited,
according to the purpose for which they are held, to the
following funds:

(i) The Annuity Savings Fund;

(ii) The Accumulation Fund; and

(iii) The Expense Fund.

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

(i) [The] ALL MONEY PROVIDED IN THE
BUDGET TO PAY THE administration expenses of this Pension System
and from which shall be paid all the expenses necessary in
connection with the administration and operation of this system;
and

(ii) [The expenses necessary to procure
and retain external investment counseling organizations] ALL
MONEY AUTHORIZED BY THE BOARD OF TRUSTEES NECESSARY TO PROCURE
AND RETAIN INVESTMENT MANAGEMENT SERVICES.

(b) Each year, the board of trustees shall
estimate:

(i) The amount of money, not in excess of
[2/10] 3/10 of 1 percent of the payroll of members, necessary
to provide for the expense of administration and operation of
this Pension System; and

(II) THE AMOUNT OF MONEY, NOT TO EXCEED
1.2 PERCENT OF THE MARKET VALUE AS OF DECEMBER 31 OF THE
PRECEDING FISCAL YEAR OF ASSETS EXTERNALLY INVESTED IN REAL
ESTATE, NECESSARY TO PROCURE AND RETAIN EXTERNAL REAL ESTATE
INVESTMENT MANAGEMENT SERVICES; AND------------------------------

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