BLAIR LEE III, Acting Governor                              539

(9)    BOARD OF TRUSTEES—DATA FOR ACTUARIAL VALUATION.
--THE BOARD OF TRUSTEES SHALL KEEP IN CONVENIENT FORM SUCH
DATA AS SHALL BE NECESSARY FOR ACTUARIAL VALUATION OF THE
VARIOUS FUNDS OF THE RETIREMENT SYSTEM, AND FOR CHECKING THE
EXPERIENCE OF THE SYSTEM.

(10)   BOARD OF TRUSTEES—RECORDS AND REPORTS. —THE
BOARD OF TRUSTEES SHALL KEEP A RECORD OF ALL ITS PROCEEDINGS
WHICH SHALL BE OPEN TO PUBLIC INSPECTION. IT SHALL PUBLISH
ANNUALLY ON OR BEFORE THE FIRST DAY OF JANUARY A REPORT
SHOWING THE FISCAL TRANSACTIONS OF THE RETIREMENT SYSTEM FOR
THE PRECEDING SCHOOL YEAR, THE AMOUNT OF THE ACCUMULATED
CASH AND SECURITIES OF THE SYSTEM, AND THE LAST BALANCE
SHEET SHOWING THE FINANCIAL CONDITION OF THE SYSTEM BY MEANS
OF AN ACTUARIAL VALUATION OF THE ASSETS AND LIABILITIES OF
THE RETIREMENT SYSTEM.

(11)    LEGAL ADVISER. —THE ATTORNEY GENERAL OF THE
STATE OF MARYLAND SHALL BE THE LEGAL ADVISER OF THE BOARD OF
TRUSTEES.

(12)   MEDICAL BOARD. —THE BOARD OF TRUSTEES SHALL
DESIGNATE A MEDICAL BOARD TO BE COMPOSED OF THREE PHYSICIANS
NOT ELIGIBLE TO PARTICIPATE IN THE RETIREMENT SYSTEM. IF
REQUIRED, OTHER PHYSICIANS MAY BE EMPLOYED TO REPORT ON
SPECIAL CASES. THE MEDICAL BOARD SHALL ARRANGE FOR AND
PASS UPON ALL MEDICAL EXAMINATIONS REQUIRED UNDER THE
PROVISIONS OF THIS SUBTITLE, SHALL INVESTIGATE ALL ESSENTIAL
STATEMENTS AND CERTIFICATES BY OR ON BEHALF OF A MEMBER IN
CONNECTION WITH AN APPLICATION FOR DISABILITY RETIREMENT,
AND SHALL REPORT IN WRITING TO THE BOARD OF TRUSTEES ITS
CONCLUSIONS AND RECOMMENDATIONS UPON ALL THE MATTERS
REFERRED TO IT.

(13)   ACTUARY—DESIGNATION AND DUTIES GENERALLY. —THE
BOARD OF TRUSTEES SHALL DESIGNATE AN ACTUARY WHO SHALL BE
THE TECHNICAL ADVISER OF THE BOARD OF TRUSTEES ON MATTERS
REGARDING THE OPERATION OF THE FUNDS CREATED BY THE
PROVISIONS OF THIS SUBTITLE, AND SHALL PERFORM SUCH OTHER
DUTIES AS ARE REQUIRED IN CONNECTION THEREWITH.

(14) ACTUARY—ADOPTION OF MORTALITY AND SERVICE
TABLES. - IMMEDIATELY AFTER THE ESTABLISHMENT OF THE
RETIREMENT SYSTEM THE ACTUARY SHALL MAKE SUCH INVESTIGATION
OF THE MORTALITY, SERVICE AND COMPENSATION EXPERIENCE OF THE
MEMBERS OF THE SYSTEM AS HE SHALL RECOMMEND AND THE BOARD OF
TRUSTEES SHALL AUTHORIZE, AND ON THE BASIS OF SUCH
INVESTIGATION HE SHALL RECOMMEND FOR ADOPTION BY THE BOARD
OF TRUSTEES SUCH TABLES AND SUCH RATES AS ARE REQUIRED IN
SUBSECTION (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 SUBTITLE.

(15) ACTUARY—INVESTIGATION OF MORTALITY, SERVICE AND
COMPENSATION EXPERIENCE; ADOPTION OF TABLES AND CERTIFICATES