WILLIAM DONALD SCHAEFER, Governor Ch. 767

(b)  Annually 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 the
retirement 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.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall
take effect July 1, 1989. It shall remain effective for a period
of three years and, at the end of June 30, 1992, and with no
further action required by the General Assembly, this Act shall
be abrogated and of no further force and effect.

Approved May 25, 1989.

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