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Martin O'Malley, Governor
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Ch. 368
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(b) As the Board of Trustees specifies, the Investment Division shall invest
the assets of the several systems.
(c) [On recommendation of the Executive Director of the State Retirement
Agency, the Board of Trustees shall appoint a Chief Investment Officer who shall be
the head of the Investment Division.
(d) ] (1) Quarterly, the Investment Division shall submit to the Board of
Trustees a report about the commissions that the State Retirement Agency pays on
investments.
(2) The report shall detail:
(i) the identity of each recipient of a commission that the State
Retirement Agency paid during the previous quarter;
(ii) the dollar amount of commission business that each
recipient performs;
(iii) the average price-per-share each recipient charged or, if the
commission was paid on a net basis, the markup or markdown that the recipient uses;
and
(iv) a reasonable history of the allocation of commissions.
(D) THE CHIEF INVESTMENT OFFICER:
(1) MAY HIRE EXTERNAL INVESTMENT MANAGERS TO INVEST THE
ASSETS OF THE SEVERAL SYSTEMS; AND
(2) MAY TERMINATE THE APPOINTMENT OF AN EXTERNAL
INVESTMENT MANAGER HIRED UNDER PARAGRAPH (1) OF THIS SUBSECTION.
(E) PRIOR TO TERMINATING THE APPOINTMENT OF AN EXTERNAL
INVESTMENT MANAGER UNDER SUBSECTION (D)(2) OF THIS SECTION, THE
CHIEF INVESTMENT OFFICER SHALL PROVIDE WRITTEN DOCUMENTATION TO
THE BOARD OF TRUSTEES AND THE INVESTMENT COMMITTEE EXPLAINING THE
BASIS FOR THE TERMINATION.
21-315.
(c) Each year the Board of Trustees shall estimate the amount, not
exceeding 0.22% of the payroll of members, necessary for the administrative and
operational expenses of the Board of Trustees and the State Retirement Agency.
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-2319-
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