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Martin O'Malley, Jr., Governor
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Ch. 5
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(b) The Postretirement Health Benefits Trust Fund shall be established as a
tax-exempt trust, in accordance with § 115 of the Internal Revenue Code or other
applicable federal statute.
(c) The purpose of the Postretirement Health Benefits Trust Fund is to
assist the State in financing the postretirement health insurance subsidy, as specified
in § 2-508 of this article.
(d) Beginning in fiscal year 2008, any subsidy received by the State that is
provided to employers as a result of the federal Medicare Prescription Drug,
Improvement, and Modernization Act of 2003, or similar federal subsidy received as a
result of the State's prescription drug program, shall be deposited into the
Postretirement Health Benefits Trust Fund.
(e) (1) The Board of Trustees are the trustees of the Postretirement
Health Benefits Trust Fund.
(2) Notwithstanding any other provision of law:
(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.
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-661 -
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