Md. Code, State Personnel and Pensions § 21-108
This is the official text of Md. Code, State Personnel and Pensions § 21-108, part of Maryland’s Code, State Personnel and Pensions — governs state employees and public pensions.
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§21–108.
Official statutory text
(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 educational training, including training on investments, fiduciary conduct, board governance, retirement administration and operations, and other relevant topics that the Chairman of the Board of Trustees may deem appropriate, 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.
(b) In addition to the Investment Committee established under § 21–114 of this subtitle and the Compensation and Staffing Committee established under § 21–122 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.
(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 educational training, including training on investments, fiduciary conduct, board governance, retirement administration and operations, and other relevant topics that the Chairman of the Board of Trustees may deem appropriate, 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.
(b) In addition to the Investment Committee established under § 21–114 of this subtitle and the Compensation and Staffing Committee established under § 21–122 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.
Status: in_force · Read it on the official government site
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