Ch. 6                                       1994 LAWS OF MARYLAND

REVISOR'S NOTE: This section is new language derived without substantive
change from former Art. 73B, §§ 1-105, 1-309(e)(2) and (3), 1-310(a)(2) and
(b), 10-105(g)(2) and (h), 10-229(h)(2) and (i), and, as they related to
member contributions, §§ 1-309(b), the second sentence of 1-103(p)(2), the
first sentence of 10-105(e), and the first sentence of 10-229(f):

This section consolidates provisions relating to employer duties as to member
contributions formerly repeated for employers generally (in former Art; 73B, §
1-105), for county employers of masters (in former Art: 73B, § 1-309); for
members of the employees' systems employed by participating subdivisions (in
former Art. 73B, § 10-105), and for employers of members of the Municipal
Corporation Law Enforcement Officers' and Fire Fighters' Pension System (in
former Art. 73B, § 10-229), and the Maryland Environmental Service as an
employer of members of the employees' systems (in former Art. 73B, § 1-310):

Subsection (d) of this section is revised to clarify that the authority of the
Secretary of the Board of Trustees to allow a grace period for payment applies
to liability for interest on delinquent payments as well as liability for the 10%
penalty, reflecting long-standing administrative practice.

In subsection (a) of this section, the word "occupational", which modifies
"title", is added for clarity.

In subsection (e) of this section the former reference to "regular interest" is
deleted as unnecessary in light of the requirement under § 21-310(a)(2) of this
subtitle that regular interest be credited to each member's individual account

                   in the annuity savings fund.

Defined terms: "Board of Trustees" § 20-101
"Member" § 20-101
"Member contribution" § 20-101
"Participating employer" § 20-101

21-315. EXPENSE FUNDS.

(A) CREDITS TO EXPENSE FUND:

THE BOARD OF TRUSTEES SHALL CREDIT TO THE EXPENSE FUND OF EACH
STATE SYSTEM ITS PRO RATA SHARE OF:

(1) THE AMOUNT PROVIDED IN THE ANNUAL STATE BUDGET TO PAY
THE ADMINISTRATIVE AND OPERATIONAL. EXPENSES OF THE BOARD OF TRUSTEES
AND THE STATE RETIREMENT AGENCY;

(2) THE AMOUNTS AUTHORIZED BY THE BOARD OF TRUSTEES UNDER
THIS SECTION FOR INVESTMENT MANAGEMENT SERVICES; AND

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