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Martin O'Malley, Governor
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Ch. 355
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(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 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) Administrative 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]
$100,000 ANNUALLY.
(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
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(ii) expenditures to manage, maintain, and enhance the value of
the assets of the Postretirement Health Benefits Trust Fund.
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- 2271 -
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