Ch. 403

2003 LAWS OF MARYLAND

(II)     THE GOVERNOR SHALL FILL THE VACANCY FOR THE OFFICE OF
THE TRUSTEE FOR THE UNEXPIRED TERM IN THE SAME MANNER AS THE OFFICE
WAS PREVIOUSLY FILLED.

(III)   THE STATE RETIREMENT AGENCY SHALL SUBMIT A TRUSTEE
ATTENDANCE REPORT TO THE DEPARTMENT OF LEGISLATIVE SERVICES BY JUNE 30
AND DECEMBER 31 OF EACH YEAR

(G) (F) [The] NOTWITHSTANDING SUBSECTION (E) (D) OF THIS SECTION,
THE Governor may remove a Governor-appointed trustee for incompetence or
misconduct.

21-108.

(a)     (1) The responsibility for the management, general administration, and
proper operation of the several systems is vested in the Board of Trustees.

(2)      THE BOARD OF TRUSTEES IS NOT RESPONSIBLE FOR:

(I)      REVIEWING THE BENEFIT STRUCTURES FOR ANY OF THE
SEVERAL SYSTEMS, EXCEPT FOR THE PURPOSE OF MAKING TECHNICAL
CORRECTIONS; OR

(II)     CONSIDERING BENEFIT ENHANCEMENTS FOR ANY OF THE
SEVERAL SYSTEMS.

(3)      (I) EACH TRUSTEE ON THE BOARD OF TRUSTEES IS REQUIRED TO
COMPLETE 4 AT LEAST 8 HOURS OF INVESTMENT AND FIDUCIARY TRAINING,
INCLUDING TRAINING ON FIDUCIARY CONDUCT AND BOARD GOVERNANCE, DURING
A 1-YEAR PERIOD BEGINNING JANUARY 1.

(II)     THE TRAINING SHALL BE CONDUCTED AT THE STATE
RETIREMENT AGENCY BY AN ENTITY NOT AFFILIATED WITH ANY OF THE EXTERNAL
INVESTMENT MANAGERS FOR THE SEVERAL SYSTEMS.

(III)    ON OR BEFORE JUNE 30 AND DECEMBER 31 OF EACH YEAR, THE
STATE RETIREMENT AGENCY SHALL SUBMIT A REPORT TO THE DEPARTMENT OF
LEGISLATIVE SERVICES THAT PROVIDES A SUMMARY OF THE TRAINING REQUIRED
BY THIS PARAGRAPH THAT WAS COMPLETED BY EACH TRUSTEE DURING THAT
6-MONTH PERIOD.

(b)     In addition to the Investment Committee established under § 21-114 of
this subtitle, the Board of Trustees may establish other committees.

(c)      Subject to § 21-123 of this subtitle, the Board of Trustees shall have full
power to invest the assets of the several systems.

21-115.

(a) The Board of Trustees shall:

(1) specify by resolution the number of members of the Investment
Committee; and

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