Ch. 466                                    2004 LAWS OF MARYLAND

(2) The Board of Trustees shall keep records required by paragraph (1) of
this subsection for each of the following:

(i) the group that consists of the Correctional Officers' Retirement
System, the Employees' Pension System, the Employees' Retirement System, and the
Legislative Pension Plan;

(ii)    the Judges' Retirement System;

(iii)   the Local Fire and Police System;

(iv)    the Law Enforcement Officers' Pension System;

(v)     the State Police Retirement System; [and]

(vi) the group that consists of the Teachers' Pension System and the
Teachers' Retirement System; AND

(VII) THE POSTRETIREMENT HEALTH BENEFITS TRUST FUND.

TITLE 33. POSTRETIREMENT HEALTH FUNDING SYSTEM BENEFITS TRUST FUND.
33-101.

(A)     THERE IS A POSTRETIREMENT HEALTH FUNDING SYSTEM BENEFITS
TRUST FUND.

(B)     THE SYSTEM POST RETIREMENT HEALTH BENEFITS TRUST FUND SHALL
BE ESTABLISHED AS A TAX-EXEMPT TRUST, IN ACCORDANCE WITH § 401(H) § 115 OF
THE INTERNAL REVENUE CODE OR OTHER APPLICABLE FEDERAL STATUTE.

(C)     THE PURPOSE OF THE POSTRETIREMENT HEALTH FUNDING SYSTEM
BENEFITS TRUST FUND IS TO ASSIST THE STATE IN FINANCING THE
POSTRETIREMENT HEALTH INSURANCE SUBSIDY, AS SPECIFIED IN § 2-508 OF THIS
ARTICLE.

(D)     BEGINNING IN FISCAL YEAR 2006, ANY SUBSIDY RECEIVED BY THE STATE
THAT IS PROVIDED TO EMPLOYERS AS A RESULT OF THE FEDERAL MEDICARE
PRESCRIPTION DRUG, IMPROVEMENT, AND MODERNIZATION ACT OF 2003, OR
SIMILAR FEDERAL SUBSIDY RECEIVED AS A RESULT OF THE STATE'S PRESCRIPTION
DRUG PROGRAM, SHALL BE DEPOSITED INTO THE ACCUMULATION FUND OF THE
POSTRETIREMENT HEALTH FUNDING SYSTEM BENEFITS TRUST FUND.

(E)     (1) THE BOARD OF TRUSTEES ARE THE TRUSTEES OF THE
POSTRETIREMENT HEALTH BENEFITS TRUST FUND.

(2) NOTWITHSTANDING ANY OTHER PROVISION OF LAW:

(I) THE BOARD OF TRUSTEES SHALL HAVE FULL POWER TO
INVEST AND MANAGE THE ASSETS OF THE POSTRETIREMENT HEALTH BENEFITS
TRUST FUND TO ACHIEVE THE STATUTORY PURPOSE OF THE FUND; AND

(II) EACH MEMBER OF THE BOARD OF TRUSTEES SHALL
DISCHARGE THE MEMBER'S DUTIES WITH RESPECT TO THE POSTRETIREMENT

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