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§ 21-112. Board of Trustees -- Annual report and statement

MD State Pers & Pens Code § 21-112 (2019) (N/A)
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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.

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