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Vice-Chairperson and Treasurer: Lucille Maurer,
Treasurer of the State
Appointed by Governor: John S. Perreca, 1987;
Frank P. Casula, 1990; Georgia H. Emory, 1990.
Appointed by Board of Public Works: Richard J.
Benik, 1989; James A. Jones, 1990.
Elected by Employees' Retirement and Pension
Systems' members and beneficiaries: Arthur N.
Caple, Jr., 1989; Malcolm Barlow, 1991.
Elected by Teachers' Retirement and Pension
Systems' members and beneficiaries: Homer 0.
Elseroad, 1989; Carl D. Lancaster, 1991.
Ex officio: Hilda E. Ford, Secretary of Personnel;
David W. Hornbeck, State Superintendent of
Schools; H. Louis Stettler III, Secretary of Budget
and Fiscal Planning; Vacancy, Superintendent,
Maryland State Police.
Bennett H. Shaver, Secretary
301 W. Preston St.
Baltimore 21201 Telephone: 225-4030
Toll Free: 1-8CXM92-5909
The Board of Trustees for Maryland State Re-
tirement and Pension Systems was created in 1982
(Chapter 506, Acts of 1982). Under one Board of
Trustees, the Maryland State Retirement and Pen-
sion Systems consolidated the Pension System for
Employees of the State of Maryland and the Em-
ployees' 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 operation of the several pen-
sion systems is vested in the Board of Trustees.
The Board of Trustees establishes rules and reg-
ulations for the administration of the several pen-
sion systems and for the management of pension
funds. The Board designates one or more medical
boards to arrange for and pass upon all medical
examinations required under the laws of the sever-
al pension systems and to investigate all applica-
tions for disability retirement. These medical
boards are each composed of three physicians not
eligible to participate in any of the several pension
systems. 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.
Annually, the Board of Trustees publishes a
consolidated report showing the transactions of
each pension system for the preceding fiscal year,
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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 fifteen mem-
bers. Six serve ex officio and nine are elected or
appointed members. Two trustees represent each
of the State retirement funds; one represents the
interests of local governments participating in the
Employees' Retirement System and the Pension
System for Employees of the State of Maryland;
and two represent the public. Trustees represent-
ing the Employees' and Teachers' systems are
elected by the members and beneficiaries of their
respective systems. The trustees representing the
State Police Retirement System are appointed by
the Board of Public Works. The Governor ap-
points the trustees representing the interests of lo-
cal governments and the public. Each elected or
appointed trustee serves a four-year term (Code
1957, Art. 73B, sees. 158-159).
MARYLAND STATE RETIREMENT
AGENCY
Executive Director: Bennett H. Shaver
Telephone: 225^030
This agency of the Board of Trustees is respon-
sible 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 (Code
1957, Art. 73B, sec. 160).
STATE INVESTMENT COUNCIL
Chairperson: Peter A. Whittaker, 1987
Vice-Chairperson: H. Louis Stettler III, Secretary
of Budget and Fiscal Planning, 1990
Appointed from Board of Trustees of the State
Retirement and Pension Systems: Georgia H.
Emory, 1988; Arthur N. Caple, Jr., 1988; Richard
J. Benik, 1989; John S. Perreca, 1989.
Public members: Prank A. Cappiello, 1987;
Howard P. Colhoun, 1989; George D. Stewart,
1990.
The State Investment Council was created in
1982 (Chapter 506, Acts of 1982). The Council
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