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2007 Vetoed Bills and Messages
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H.B. 1247
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(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
(ii) expenditures to manage, maintain, and enhance the value of
the assets of the Postretirement Health Benefits Trust Fund.
(f) (G) To the extent possible, the assets of the Postretirement Health
Benefits Trust Fund shall be invested in the same manner as those of the several
systems.
(g) (H) [For fiscal year 2008 through fiscal year 2017] PRIOR TO FISCAL
YEAR 2009, no payments may be made from the Postretirement Health Benefits
Trust Fund.
(h) (I) [For fiscal year 2018 and each fiscal year thereafter] BEGINNING
IN FISCAL YEAR 2009, the Board of Trustees [shall] MAY transfer AN AMOUNT
FROM THE POSTRETIREMENT HEALTH BENEFITS TRUST FUND to the [General
Fund] THE DEPARTMENT OF BUDGET AND MANAGEMENT, SUBJECT TO
APPROPRIATION IN THE STATE BUDGET, for the sole purpose of assisting in the
payment of the State's postretirement health insurance subsidy [, the lesser of:
(1) one-quarter of the prior year's investment gains of the
Postretirement Health Benefits Trust Fund; or
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- 4846 -
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