The Maryland Backstretch Employees Pension Fund shall be administered by the organization that represents a majority of the owners and trainers who race thoroughbred horses in the State. The Maryland Race Track Employees Pension Fund shall be administered by representatives of: each mile thoroughbred racing licensee; the Maryland State Fair and Agricultural Society, Inc.; and the employees of the licensees and of the Maryland State Fair and Agricultural Society, Inc. The Maryland Harness Track Employees Pension Fund shall be administered by representatives of each harness racing licensee and its employees.