Section 21-108 - Board of Trustees - Miscellaneous powers and duties. - Maryland Statutes

§ 21-108. Board of Trustees - Miscellaneous powers and duties.
 

(a)  In general.-  

(1) The responsibility for the management, general administration, and proper operation of the several systems is vested in the Board of Trustees. 

(2) The Board of Trustees is not responsible for: 

(i) reviewing the benefit structures for any of the several systems, except for the purpose of making technical corrections; or 

(ii) considering benefit enhancements for any of the several systems. 

(3) (i) Each trustee on the Board of Trustees is required to complete at least 8 hours of investment and fiduciary training, including training on fiduciary conduct and board governance, during a 1-year period beginning January 1. 

(ii) The training shall be approved by the Chairman of the Board of Trustees to satisfy the 8-hour requirement under subparagraph (i) of this paragraph. 

(4) (i) On or before June 30 and December 31 of each year, the State Retirement Agency shall submit a report to the Department of Legislative Services that provides a summary of the training required by paragraph (3) of this subsection that was completed by each trustee during that 6-month period. 

(ii) On or before September 1 of each year, the Board of Trustees shall submit a report in accordance with § 2-1246 of the State Government Article to the Joint Committee on Pensions that provides: 

1. a total of all travel expenses for the fiscal year ending immediately prior to September 1 for: 

A. members of the Board of Trustees; and 

B. staff of the State Retirement Agency; 

2. the destination, duration, and justification for the travel; 

3. for members of the Board of Trustees, a statement whether the travel was made for purposes of fiduciary educational training; and 

4. for staff of the Investment Division, a statement whether the travel was made for purposes of meeting with existing or prospective investment managers. 

(b)  Establishment of committees.- In addition to the Investment Committee established under § 21-114 of this subtitle, the Board of Trustees may establish other committees. 

(c)  Investment of assets.- Subject to §§ 21-122 and 21-123 of this subtitle, the Board of Trustees shall have full power to invest the assets of the several systems. 
 

[An. Code 1957, art. 73B, §§ 1-102, 1-103; 1994, ch. 6, § 2; 1997, ch. 156; 2003, ch. 403, § 1; 2004, ch. 532, § 1; 2007, ch. 368; 2009, ch. 674.]