ROBERT L. EHRLICH, JR., Governor                             Ch. 466

HEALTH BENEFITS TRUST FUND AS A FIDUCIARY AND BE INDEMNIFIED IN
ACCORDANCE WITH THE PROVISIONS OF TITLE 21, SUBTITLE 2 OF THIS ARTICLE.

(3) THE BOARD OF TRUSTEES MAY INCUR REASONABLE INVESTMENT
EXPENSES PAYABLE FROM THE ASSETS OF THE POSTRETIREMENT HEALTH
BENEFITS TRUST FUND, AND IN ACCORDANCE WITH § 21-315(D) OF THIS ARTICLE,
FOR:

(I)      SERVICES OF MANAGERS TO INVEST THE ASSETS OF THE
POSTRETIREMENT HEALTH BENEFITS TRUST FUND;

(II)     SERVICES OF ONE OR MORE DULY QUALIFIED BANKS OR TRUST
COMPANIES FOR THE SAFE CUSTODY OF THE INVESTMENTS AND BANKING
SERVICES; AND

(III)   ANY OTHER SERVICE THAT THE BOARD OF TRUSTEES DEEMS
REASONABLE AND NECESSARY IN CONNECTION WITH THE INVESTMENTS OF THE
POSTRETIREMENT HEALTH BENEFITS TRUST FUND.

(4)      (I) THE BOARD OF TRUSTEES MAY INCUR REASONABLE
ADMINISTRATIVE EXPENSES PAYABLE FROM THE ASSETS OF THE POSTRETIREMENT
HEALTH BENEFITS TRUST FUND.

(II) ADMINISTRATE EXPENSES PAID UNDER SUBPARAGRAPH (I)
OF THIS PARAGRAPH MAY NOT EXCEED AN AMOUNT EQUAL TO THE AMOUNT OF
ADMINISTRATIVE EXPENSES PAID BY THE BOARD OF TRUSTEES UNDER § 21-315(C)
OF THIS ARTICLE MULTIPLIED BY A FRACTION:

1. THE NUMERATOR OF WHICH EQUALS THE TOTAL ASSETS
OF THE POSTRETIREMENT HEALTH BENEFITS TRUST FUND; AND

2. THE DENOMINATOR OF WHICH EQUALS THE COMBINED
TOTAL ASSETS OF THE SEVERAL SYSTEMS AND THE POSTRETIREMENT HEALTH
BENEFITS TRUST FUND.

(5)      THE BOARD OF TRUSTEES IS NOT SUBJECT TO DIVISION II OF THE
STATE FINANCE AND PROCUREMENT ARTICLE FOR:

(I)      OBTAINING SERVICES OF MANAGERS TO INVEST THE ASSETS
OF THE POSTRETIREMENT HEALTH BENEFITS TRUST FUND; AND

(II)     EXPENDITURES TO MANAGE, MAINTAIN, AND ENHANCE THE
VALUE OF THE ASSETS OF THE POSTRETIREMENT HEALTH BENEFITS TRUST FUND.

(E)     (F) TO THE EXTENT POSSIBLE, THE ASSETS OF THE POSTRETIREMENT
HEALTH FUNDING SYSTEM BENEFITS TRUST FUND SHALL BE INVESTED IN THE
SAME MANNER AS THOSE OF THE OTHER SYSTEMS OF THE STATE RETIREMENT AND
PENSION SYSTEM SEVERAL SYSTEMS.                                                                     

(F)     (G) FOR FISCAL YEAR 2006 THROUGH FISCAL YEAR 2016, NO PAYMENTS
MAY BE MADE FROM THE ACCUMULATION FUND OF THE POSTRETIREMENT HEALTH
FUNDING SYSTEM BENEFITS TRUST FUND.

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