2013 Maryland Code
STATE PERSONNEL AND PENSIONS
§ 21-108 - Board of Trustees -- Miscellaneous powers and duties
§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 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) In addition to the Investment Committee established under § 21-114 of this subtitle, the Board of Trustees may establish other committees.
(c) Subject to §§ 21-122 and 21-123 of this subtitle, the Board of Trustees shall have full power to invest the assets of the several systems.
Disclaimer: These codes may not be the most recent version. Maryland may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
