Maryland State Personnel and Pensions Section 21-112

      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.