WILLIAM DONALD SCHAEFER, Governor Ch. 767

(ii) [III] The amount of money, not to
exceed one-half 3/10 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]
NECESSARY TO PROCURE AND RETAIN INVESTMENT MANAGEMENT SERVICES
EXCLUSIVE OF EXTERNAL REAL ESTATE INVESTMENT MANAGEMENT SERVICES.

(c)  The amounts of money specified in
paragraphs (b)(i) and , (ii) , AND (III) 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.

(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.

150.

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; or

(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:

- 4197 -