Maryland Statutes
Subtitle 1 - Administration
Section 21-112 - Board of Trustees -- Annual Report and Statement

Each year the Board of Trustees shall:
        (1)    publish a consolidated report that includes:
            (i)    the fiscal transactions of the several systems for the preceding fiscal year;
            (ii)    the amount of the accumulated cash, securities, and other assets of each State system; and
            (iii)    the last balance sheet that shows the financial condition of each State system by means of an actuarial valuation of the assets and liabilities of the State system; and
        (2)    provide each member and retiree with a statement that:
            (i)    summarizes the information in the report under item (1) of this section;
            (ii)    shows:
                1.    the member’s vested benefits or the benefits the member will be entitled to on vesting;
                2.    the date when the member was or will be vested; and
                3.    the present value of any annuity; and
            (iii)    explains any material modifications to the applicable State system during the period covered by the annual report.

Structure Maryland Statutes