Maryland State Personnel and Pensions Section 21-108

      (a)      (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 conducted at a facility located in the State by an entity not affiliated with any of the external investment managers for the several systems.

                  (iii)      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 this paragraph that was completed by each trustee during that 6-month period.

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

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