Ch. 767 LAWS OP MARYLAND
(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-------------------------------
(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) 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.
Article 88B - State Police
56.
All of the assets of the retirement system shall be
credited, according to the purpose for which they are held, among
three funds, namely, the Annuity Savings Fund, the Accumulation
Fund, and 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 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] ALL
MONEY AUTHORIZED BY THE BOARD OF TRUSTEES NECESSARY TO PROCURE
AND RETAIN INVESTMENT MANAGEMENT SERVICES.
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