PUBLIC EDUCATION. 969

(14) Immediately after the establishment of the retirement system the
actuary shall make such investigation of the mortality, service and com-
pensation experience of the members of the system as he shall recommend
and the Board of Trustees shall authorize, and on the basis of such investi-
gation he shall recommend for adoption by the Board of Trustees such
tables and such rates as are required in Sub-section (15), Paragraphs (a),
(b) and (c) of this section. The Board of Trustees shall adopt tables and
certify rates, and as soon as practicable thereafter the actuary shall make a
valuation based on such tables and rates, of the assets and liabilities of the
funds created by this sub-title.

(15) In the year 1930, and at least once in each five-year period there-
after, the actuary shall make an actuarial investigation into the mortality,
service and compensation experience of the members and beneficiaries of
the retirement system, and shall make a valuation of the assets and liabili-
ties of the funds of the system, and taking into account the result of such
investigation and valuation, the Board of Trustees shall

(a) Adopt for the retirement system such mortality, service and other
tables as shall be deemed necessary;

(b) Certify the rates of contribution payable by members under the
provisions of this sub-title; and

(c) Certify the rates of contribution payable by the State of Maryland
on account of new entrants at various ages.

(16) On the basis of such tables as the Board of Trustees shall adopt,
the actuary shall make an annual valuation of the assets and liabilities of
the funds of the system created by this sub-title.

1927. ch. 344. sec. 98. 1983, ch. 318.
98. Management of Funds.

(1) The Board of Trustees shall be the trustees of the several funds
created by this sub-title as provided in Section 99, and shall have full
power to invest and reinvest such funds, subject to all the terms, condi-
tions, limitations and restrictions imposed by the law of Maryland upon
life insurance companies in the making and disposing of their invest-
ments; and subject to like terms, conditions, limitations and restrictions,
said trustees shall have full power to hold, purchase, sell, assign, transfer
and dispose of any of the securities and investments in which any of the
funds created herein shall have been invested, as well as the proceeds of
said investments and any moneys belonging to said funds.

(2) The Board of Trustees annually shall allow regular interest on the
mean amount for the preceding year in each of the funds with the excep-
tion of the Expense Fund. The amounts so allowed shall be due and pay-
able to said funds, and shall be annually credited thereto by the Board of
Trustees from interest and other earnings on the moneys of the retirement
system. Any additional amount required to meet the interest on the funds
of the retirement system shall be paid by the State of Maryland, and any
excess of earnings over such amount required shall be deductible from the
amounts to be contributed by the State of Maryland.