(a) Subject to § 21-207 of this subtitle, a fiduciary who breaches any of the responsibilities, obligations, or duties imposed on a fiduciary by this subtitle:
(1) is personally liable to the several systems for any losses to the several systems resulting from a breach;
(2) shall restore to the several systems any profits of the fiduciary made through use of assets of the several systems by the fiduciary; and
(3) is subject to any equitable or remedial relief, including removal of the fiduciary, that a court considers appropriate.
(b) A fiduciary is not liable with respect to a breach of fiduciary duty under this subtitle if the breach was committed:
(1) before the fiduciary became a fiduciary; or
(2) after the fiduciary ceased to be a fiduciary.
Structure Maryland Statutes
Title 21 - State Retirement and Pension System
Subtitle 2 - Fiduciary Responsibilities
Section 21-202 - Purposes of Assets of System
Section 21-203 - Standards of Care
Section 21-204 - Duties and Responsibilities of Trustees
Section 21-205 - Prohibited Transactions Involving System Assets
Section 21-206 - Liability of Fiduciary for Breach of Duty
Section 21-207 - Indemnification of Fiduciaries
Section 21-208 - Agreement Relieving Fiduciary From Liability