PARRIS N. GLENDENING, Governor
CHAPTER 157
(Senate Bill 310)

Ch. 157

AN ACT concerning

Pensions - Expense Fund - Administrative and Operational Expenses

FOR the purpose of altering, for certain fiscal years, the amount that may be estimated
and paid into the expense funds of the several systems for administrative and
operational expenses; extending a certain termination date that relates to a certain
limitation on the amount that may be paid into expense funds of the State
retirement and pension systems for administrative and operational expenses;
requiring certain reports; and generally relating to limitations on the Board of
Trustees for expenses.

BY repealing and reenacting, without amendments,
Article - State Personnel and Pensions
Section 21-315
Annotated Code of Maryland
(1994 Volume and 1996 Supplement)

BY repealing and reenacting, with amendments,

Chapter 429 of the Acts of the General Assembly of 1993, as amended by Chapter
366 of the Acts of the General Assembly of 1995

Section 2 and 3

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

Article - State Personnel and Pensions

21-315.

(a) 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

(3) the amount authorized by the Board of Trustees to implement a closing
agreement with the Internal Revenue Service regarding former members of the
Employees' Retirement System or the Teachers' Retirement System who elected to
become members of or participate in those State systems under former Article 73B, §§
2-206 and 3-206 of the Code.

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