Section 21-112 - Board of Trustees - Annual report and statement. - Maryland Statutes

§ 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. 
 

[An. Code 1957, art. 73B, § 1-103; 1994, ch. 6, § 2.]