Ch. 532                                    2004 LAWS OF MARYLAND

21-116.

(c) (1) The Board of Trustees shall adopt an investment [operations]
POLICY manual that details:

(i) the functions of the Investment Division of the State
Retirement Agency;

(ii) the goals and objectives of the several investment programs;
and

(iii) the policies that govern the selection and retention of
investments.

(2) The Investment Committee shall:

(i) prepare and maintain the investment [operations] POLICY
manual; and

(ii) submit the investment [operations] POLICY manual, and any
subsequent amendments to the manual, to the Board of Trustees for approval.

21-123.

(c) (1) (i) Subject to subparagraph (ii) of this paragraph, the Board of
Trustees may invest assets of the several systems subject to the conditions that it
imposes.

(ii) Not more than 25% of the assets that the Board of Trustees
invests in common stocks may be invested in nondividend paying common stocks.

(2) The Board of Trustees shall include the conditions that it adopts
under paragraph (1) of this subsection in the investment [operations] POLICY
manual required by § 21-116(c) of this subtitle.

22-221.

(a) (1) This section applies only to a member who is not subject to Selection
A (Additional member contributions) or Selection B (Limited cost-of-living
adjustment).

(2) The effective date for application of this section is:

(i) July 1, 1984, for a member employed by a participating
employer on that day who had not elected Selection A (Additional member
contributions) or Selection B (Limited cost-of-living adjustment);

(ii) the date of return to employment by a participating employer
for a member who returned to active employment and had not elected Selection A
(Additional member contributions) or Selection B (Limited cost-of-living
adjustment); or

(iii) the date of election of Selection C (Combination formula) [under
§ 22-219 or § 22-220 of this subtitle] BY A MEMBER WHO ON OR BEFORE DECEMBER

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