WILLIAM DONALD SCHAEFER, Governor

Ch. 6

In subsection (b) of this section, the reference to determining "eligibility" is
substituted for the former reference to determining "whether any person is a
State employee as defined in this section irrespective of the method of
payment", for clarity.

Former Art. 73C, § 2(d)(4), which required the Board to "[c]oordinate" the
plans is deleted as included in the requirement to "administer" the plans.

Former Art. 73C, § 2(d)(6), which required the Board to "[m]aintain records
of its accounts and transactions" is deleted as implicit in the requirement of
subsection (a)(1) of this section that the Board "administer" the plans.

Defined terms: "Board" § 35-101

"Supplemental retirement plans" § 35-101

SUBTITLE 3. FIDUCIARIES AND INVESTMENTS.

35-301. FIDUCIARY.

(A)     "FIDUCIARY" DEFINED.

IN THIS SECTION, "FIDUCIARY" MEANS A PERSON WITH DISCRETIONARY
AUTHORITY OR CONTROL OVER:

(1)      THE MANAGEMENT OR ADMINISTRATION OF ANY OF THE
SUPPLEMENTAL RETIREMENT PLANS; OR

(2)      THE MANAGEMENT OR DISPOSITION OF THE ASSETS OF ANY OF THE
SUPPLEMENTAL RETIREMENT PLANS.

(B)      DUTIES AND RESPONSIBILITIES.

A FIDUCIARY IS SUBJECT TO THE DUTIES AND RESPONSIBILITIES IMPOSED ON
FIDUCIARIES BY TITLE 21, SUBTITLE 2 OF THIS ARTICLE.

(C)      INDEMNIFICATION AND INSURANCE.

A FIDUCIARY IS ENTITLED TO INDEMNIFICATION AND INSURANCE AS
PROVIDED UNDER § 21-207 OF THIS ARTICLE.

REVISOR'S NOTE: This section is new language derived without substantive
change from former Art. 73C, § 8.

As to subsection (a) of this section, the State Personnel and Pensions Article
Review Committee notes, for consideration by the General Assembly, that the
definition of "fiduciary" may not be broad enough to encompass all relevant
investment advisers, including outside advisers.

As to subsection (c) of this section, the State Personnel and Pensions Article
Review Committee notes, for the consideration of the General Assembly, that
this provision indemnifies and provides insurance for fiduciaries including
those who are neither State employees nor officials. Under Title 21, Subtitle 2

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