May 22, 2003

The Honorable Michael E. Busch
Speaker of the House
State House
Annapolis MD 21401

Dear Mr. Speaker:

In accordance with Article II, Section 17 of the Maryland Constitution, today I have vetoed House Bill 262 - Optional Retirement Program - Supplemental Annuities.

This bill clarifies the authority of higher education institutions to invest supplemental retirement plan funds and administer supplemental retirement plans under the Internal Revenue Code. The bill provides higher education institutions with indemnification by the State. Additionally, the bill provides for the application of the Act.

Senate Bill 331, which was passed by the General Assembly and signed by me, accomplishes the same purpose. Therefore, it is not necessary for me to sign House Bill 262.

Robert L. Ehrlich, Jr.