394/Maryland Manual

MARYLAND STATE RETIREMENT
AND PENSION SYSTEMS

BOARD OF TRUSTEES

Chairperson: Louis L. Goldstein, Comptroller of
the Treasury

Vice-Chairperson and Treasurer: William S. James,
State Treasurer

Appointed by the Governor: Leonard W. Dayton,
1986; Michael C. Hodes, 1986; John S. Perreca,
1987.

Appointed by the Board of Public Works: Richard
J. Benik, 1985; James A. Jones, 1986.

Elected by the Employees' Retirement and Pension
Systems' members and beneficiaries: May Town,
1985; Malcolm Barlow, 1987.

Elected by the Teachers' Retirement and Pension
Systems' members and beneficiaries: Homer 0.
Elseroad, 1985; Peter A. Whittaker, 1987.

Ex officio: John F. X. O'Brien, Secretary of
Personnel; David W. Hornbeck, State
Superintendent of Schools; H. Louis Stettler III,
Secretary of Budget and Fiscal Planning; Col.
Wilbert T. Travers, Jr., Superintendent.
Maryland State Police.

Bennett H. Shaver, Executive Director

301 W. Preston Street
Baltimore 21201 Telephone: 383-5794
Toll Free: 1-800-^92-5909

The Maryland State Retirement and Pension
Systems, created by Chapter 506 of the Acts of
1982, consolidated under one Board of Trustees
the Pension System for Employees of the State of
Maryland and the Employees' Retirement System,
the Pension System for Teachers of the State of
Maryland and the Teachers' Retirement System,
and the State Police Retirement System. The
general administration and responsibility for oper-
ation of the several pension systems is vested in the
Board of Trustees.

The Board of Trustees establishes rules and
regulations for the administration of the several
pension systems and for the management of pen-
sion funds. The Board designates one or more
medical boards, each composed of three physicians
not eligible to participate in any of the several
pension systems, to arrange for and pass upon all
medical examinations required under the laws of
the several pension systems and to investigate all
applications for disability retirement. The Board

also designates an actuary to be the technical
adviser to the Board on matters concerning the
operation of the pension funds in the system.

The Board of Trustees annually publishes a
consolidated report showing the transactions of
each pension system for the preceding fiscal year,
the amount of accumulated assets of each, and an
actuarial valuation of assets and liabilities. The
Board also provides each member and beneficiary
with an annual statement summarizing the infor-
mation in the annual report and the individual's
vested benefits.

The Board of Trustees consists of six ex officio
and nine elected or appointed members. Two
trustees represent each of the State retirement
funds; one represents the interests of local govern-
ments participating in the Employees' Retirement
System and the Pension System for Employees of
the State of Maryland; and two represent the
public. Trustees representing the Employees' and
Teachers' systems are elected by the members and
beneficiaries of their respective systems. The trust-
ees representing the State Police Retirement Sys-
tem are appointed by the Board of Public Works.
The Governor appoints the trustees representing
the interests of local governments and the public.
Each elected or appointed trustee serves a four-
year term.

MARYLAND STATE RETIREMENT
AGENCY

Executive Director: Bennett H. Shaver
Telephone: 383-2344

This agency of the Board of Trustees is responsi-
ble for carrying out the administrative duties and
business of the several State pension systems,
except for investments. The executive director for
administration, who performs the functions and
duties delegated to him by the Board, is appointed
by the Board and serves at its pleasure.

STATE INVESTMENT AGENCY

Executive Director: Howard J. France
Telephone: 383-3798

This agency is responsible for the investment of
the funds of the several State pension systems as
specified by the State Investment Council with the
approval of the Board of Trustees. The executive
director, who is appointed by and serves at the
pleasure of the Board of Trustees, is responsible for
planning, directing, coordinating, and executing
the functions of the agency in eonformance with
regulations and policies established by the Board.