ROBERT L. EHRLICH, JR., Governor

Ch. 403

[(8)] (V) [two trustees who are members or retirees] ONE TRUSTEE WHO
IS EITHER A MEMBER OR RETIREE of the State Police Retirement System, [of whom
one is a retiree of the State Police Retirement System at the time of election under
subsection (b) of this section] WHO SHALL BE SELECTED FROM LISTS OF THREE
NAMES SUBMITTED BY EITHER EMPLOYEE OR RETIREE ORGANIZATIONS
REPRESENTING AT LEAST 75 INDIVIDUALS WHO ARE EITHER MEMBERS OR RETIREES
OF THE STATE POLICE RETIREMENT SYSTEM; ELECTED AS PROVIDED IN
SUBSECTION (B) OF THIS SECTION AND MAY NOT BE AN EMPLOYEE OF THE STATE
RETIREMENT AGENCY;

[(9)] (VI) one trustee who represents the interests of participating
governmental units in the Employees' Pension System and the Employees'
Retirement System; and

[(10)] (VII) [two] FIVE FOUR trustees who:

[(i)] 1. represent the interests of the public;

[(ii)]2. are not members of any of the several systems; [and

(iii)] 3. are [knowledgeable in the administration and operation of
pension systems and trust funds] NOT AFFILIATED WITH ANY OF THE EXTERNAL
INVESTMENT MANAGERS FOR THE SEVERAL SYSTEMS; AND

4. HAVE AT LEAST 10 YEARS OF SUBSTANTIAL EXPERIENCE
AS ANY ONE OR A COMBINATION OF THE FOLLOWING:

A. A PORTFOLIO MANAGER ACTING IN A FIDUCIARY
CAPACITY;

B. A SECURITIES ANALYST;

C. AN EMPLOYEE OR PRINCIPAL OF A TRUST INSTITUTION,
INVESTMENT ORGANIZATION, OR ENDOWMENT FUND ACTING EITHER IN A
MANAGEMENT OR AN INVESTMENT RELATED CAPACITY;

D. A CHARTERED FINANCIAL ANALYST IN GOOD STANDING;

E. A PROFESSOR AT THE UNIVERSITY LEVEL TEACHING
ECONOMICS OR INVESTMENT RELATED SUBJECTS;

F. AN ECONOMIST; OR

G. A PROFESSIONAL ENGAGED IN A PUBLIC OR PRIVATE
FINANCIAL OR INVESTMENT FIELD THAT IS COMPARABLE TO THE FIELDS LISTED IN
THIS ITEM. OVERSEEING SIMILAR PENSION SYSTEMS, LARGE FOUNDATIONS, OR
OTHER SIMILAR LARGE ORGANIZATIONS WITH FIDUCIARY RESPONSIBILITIES
RELATING TO DIFFERENT CLASSES OF PARTICIPANTS.

(b) [(l) (i) The trustees who are members or retirees of the Correctional
Officers' Retirement System, the Employees' Pension System, the Employees'
Retirement System, the Judges' Retirement System, the Legislative Pension Plan, the

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