Ch. 151

1997 LAWS OF MARYLAND

[(3)](2) [the] ONE-FOURTH OF AN amount, not exceeding 0.3% of the
market value as of [December 31 of the preceding fiscal year] THE LAST DAY OF THE
PRECEDING QUARTER of invested assets that are externally managed exclusive of assets
invested in real estate, necessary to procure and retain investment management services
other than external real estate investment management services.

[(d)](E) The amounts estimated under [subsection (c)] SUBSECTIONS (C) AND
(D) 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.

[(e)] (F) The Board of Trustees may combine the expense funds of the several
systems for budgetary and administrative efficiency.

[(f)] (G) On or before December 31 of each year, the Board of Trustees shall
report to the General Assembly the actual amount spent for investment management
services during the preceding fiscal year.

SECTION 3. AND BE IT FURTHER ENACTED, That the Laws of Maryland
read as follows:

Chapter 6 of the Acts of 1994, as amended by Chapter 366 of the Acts of 1995

SECTION 17. AND BE IT FURTHER ENACTED, That, at the end of June 30,
[1997] 1999, and with no further action required by the General Assembly, § 21-315 of
the State Personnel and Pensions Article, as enacted by Section 2 of this Act, shall be
void, and § 21-315 of the State Personnel and Pensions Article as enacted by Section 3 of
this Act shall take effect. This section supersedes the termination and abrogation
provisions of Section 3 of Chapter 234 of the Acts of the General Assembly of 1993.

SECTION 4. AND BE IT FURTHER ENACTED, That Section 2 of this Act shall
take effect on the taking effect of the termination provision specified in Section 17 of
Chapter 6 of the Acts of the General Assembly of 1994, as amended by Chapter 366 of the
Acts of the General Assembly of 1995, and as amended by Section 3 of this Act. If that
termination provision takes effect, Section 1 of this Act shall be void.

SECTION 5. AND BE IT FURTHER ENACTED, That, subject to the provisions
of Section 4 of this Act, this Act shall take effect July 1, 1997.

Approved April 29, 1997.

CHAPTER 151
(Senate Bill 215)

AN ACT concerning

Workforce Reduction Act - Clarification of Earnings Limitation on Reemployment

FOR the purpose of clarifying the earnings limitation for those employees who retired
under the Workforce Reduction Act and who are reemployed by certain employers;
providing for the codification of the earnings limitation; and generally relating to a

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