Ch. 429

1993 LAWS OF MARYLAND

Section 1-304

Annotated Code of Maryland

(1988 Replacement Volume and 1992 Supplement)

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That the Laws of Maryland read as follows:

Article 73B - Pensions

1-304.

(a)     The expense fund of each system shall be the fund to which shall be credited
and from which shall be paid:

(1) All money provided in the budget to pay the administrative expenses and
operational expenses of each system;                 

(2) All money authorized by the Board of Trustees necessary to procure and
retain investment management services; and

(3) All money authorized by the Board of Trustees necessary to implement
a closing agreement with the Internal Revenue Service regarding former members of the
Employees' Retirement System of the Teachers' Retirement System who elected to
become members of or participate in those retirement systems under § 2-206 or § 3-206
of this article..

(b)     Annually the Board of Trustees shall estimate:

(1)     The amount of money, not in excess of [2/10] 4/10 of 1 percent of the
payroll of members, necessary to provide for the expense of administration and operation
of each system; and

(2)     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

(3)     The amount of money, not to exceed 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 investment management service's exclusive of
external real estate investment management services.

(c)     The amounts of money specified in subsection (b)(1), (2), and (3) of this
section shall be paid into the expense funds of the several 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 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.

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