Ch. 110

1997 LAWS OF MARYLAND

(13) APPEAR ON THE BOARD'S OWN BEHALF BEFORE OTHER BOARDS,
COMMISSIONS, OR OTHER GOVERNMENTAL AGENCIES; AND

(14) TAKE ANY OTHER ACTION THAT THE BOARD CONSIDERS
APPROPRIATE TO IMPLEMENT AND ADMINISTER THE PROGRAM.

18-1906.

(A) THE BOARD SHALL ADOPT A COMPREHENSIVE INVESTMENT PLAN FOR
THE ADMINISTRATION OF THE PROGRAM.

(B) THE PLAN SHALL SPECIFY THE INVESTMENT POLICIES USED BY THE
BOARD IN THE ADMINISTRATION OF THE PROGRAM.

(C) ASSETS OF THE PROGRAM SHALL BE INVESTED IN ACCORDANCE WITH
THE COMPREHENSIVE INVESTMENT PLAN.

(D) THE COMPREHENSIVE INVESTMENT PLAN MUST INDICATE THE
PERCENTAGE OF ASSETS THAT SHALL BE HELD IN EACH CLASS OF INVESTMENT,
THE AMOUNT OF FUNDS HELD IN ANY CASH POOL THE AMOUNT OF FUNDS HELD IN
FIXED ASSETS INVESTMENTS. THE AMOUNT OF FUNDS HELD IN EQUITY
INVESTMENTS, THE PERCENTAGE AND DOLLAR VALUE OF ASSETS PLACED WITH
OUTSIDE MANAGERS.

(D) (E) (1) NOTWITHSTANDING ANY LAW RESTRICTING THE DEPOSIT OR
INVESTMENT OF STATE MONEY, THE BOARD MAY PLACE ASSETS OF THE PROGRAM
IN SAVINGS ACCOUNTS OR MAY USE THE ASSETS TO PURCHASE FIXED OR VARIABLE
LIFE INSURANCE OR ANNUITY CONTRACTS, SECURITIES, EVIDENCE OF
INDEBTEDNESS, OR OTHER INVESTMENT PRODUCTS PURSUANT TO THE
COMPREHENSIVE INVESTMENT PLAN.

(2) ANY INSURANCE, ANNUITY CONTRACTS, SAVINGS, OR OTHER
INVESTMENT PRODUCTS PROCURED BY THE BOARD SHALL BE UNDERWRITTEN
AND OFFERED IN COMPLIANCE WITH APPLICABLE FEDERAL AND STATE LAWS.

(E) (F) THE BOARD SHALL MAKE EVERY EFFORT TO INVEST THE ASSETS OF
THE PROGRAM IN A MANNER THAT EARNS, AT A MINIMUM, SUFFICIENT EARNINGS
TO GENERATE THE DIFFERENCE BETWEEN THE PREPAID AMOUNT UNDER
ADVANCE PAYMENT CONTRACTS AND ACTUAL COSTS AT THE TIME OF
ENROLLMENT. THE AVERAGE IN-STATE TUITION COSTS AT PUBLIC INSTITUTIONS
OF HIGHER EDUCATION IN THE STATE AT THE TIME THAT THE BENEFITS ARE
EXERCISED.

(F) (G) THE PLAN SHALL PROVIDE FOR THE PROGRAM TO BE
ADMINISTERED IN AN ACTUARIALLY SOUND MANNER TO ASSURE THAT THE BOARD
MAY DEFRAY OBLIGATIONS OF THE PROGRAM

(G) (H) THE BOARD SHALL REVIEW THE COMPREHENSIVE INVESTMENT
PLAN AT LEAST ANNUALLY TO ASSURE THAT THE PROGRAM REMAINS
ACTUARIALLY SOUND.

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