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2000 LAWS OF MARYLAND
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Ch. 373
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(I) THE PAYROLL OF THE MEMBERS OF THE STATE SYSTEMS;
(II) THE ALLOWANCES OF THE RETIREES AND SURVIVING
BENEFICIARIES OF DECEASED MEMBERS, FORMER MEMBERS, OR RETIREES OF THE
STATE SYSTEMS; AND
(III) THE AGGREGATED EARNABLE COMPENSATION OF THE
FORMER MEMBERS OF THE STATE SYSTEMS AS OF THEIR DATE OF SEPARATION
FROM EMPLOYMENT.
(d) Each quarter of the fiscal year the Board of Trustees shall estimate:
(1) one-fourth of an amount, not exceeding 1.2% of the market value as
of the last day of the preceding quarter of assets externally invested in real estate,
necessary for external real estate investment management services; and
(2) one-fourth of an amount, not exceeding 0.3% of the market value as
of 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.
(e) The amounts estimated under 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.
(f) The Board of Trustees may combine the expense funds of the several
systems for budgetary and administrative efficiency.
(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 2. AND BE IT FURTHER ENACTED, That this Act shall take effect
July 1, 2000. It shall remain effective for a period of 3 years and, at the end of June
30, 2003, with no further action required by the General Assembly, this Act shall be
abrogated and of no further force and effect.
Approved May 11, 2000.
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CHAPTER 373
(House Bill 420)
AN ACT concerning
Employees' and Teachers' Retirement and Pension Systems - Transfers of
Service Credit
FOR the purpose of clarifying that transfers between a State employees' retirement or
pension system and a State teachers' retirement or pension system are not
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- 2114 -
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