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2007 Laws of Maryland
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Ch. 5
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(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.
(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) 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) For fiscal year 2008 through fiscal year 2017, no payments may be made
from the Postretirement Health Benefits Trust Fund.
(h) For fiscal year 2018 and each fiscal year thereafter, the Board of Trustees
shall transfer to the General Fund, 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
(2) the amount necessary to pay the annual health insurance
premiums and other costs that constitute the State's postretirement health insurance
subsidy specified in § 2-508 of this article.
(i) If for any reason the State discontinues the postretirement health
insurance subsidy specified in § 2-508 of this article or a successor subsidy, the assets
of the Postretirement Health Benefits Trust Fund shall be transferred to the General
Fund.
(j) On or before October 1, 2009, and on or before October 1 thereafter, the
Board of Trustees shall publish an annual consolidated report that includes:
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-662-
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