188

LAWS OF MARYLAND

Ch. 24

(II) CERTIFY THE RATES OF CONTRIBUTION
PAYABLE UNDER THIS SUBTITLE.

(7)   ON THE BASIS OF THE INTEREST RATES AND TABLES
ADOPTED BY THE BOARD OF TRUSTEES, THE ACTUARY SHALL MAKE AN
ANNUAL VALUATION OF THE ASSETS AND LIABILITIES OF THE FUNDS
OF THIS PENSION SYSTEM.

(8)   (1) EACH YEAR, THE BOARD OF TRUSTEES SHALL
PUBLISH A REPORT SHOWING:

(I)   THE FISCAL TRANSACTIONS OF THIS
PENSION SYSTEM FOR THE PRECEDING FISCAL YEAR;

(II)  THE AMOUNT OF THE ACCUMULATED CASH
AND SECURITIES OF THIS SYSTEM; AND

(III) THE LAST BALANCE SHEET THAT SHOWS THE
FINANCIAL CONDITION OF THIS PENSION SYSTEM BY MEANS OF AN
ACTUARIAL VALUATION OF THE ASSETS AND LIABILITIES OF THIS
SYSTEM.

(2) EACH YEAR, THE BOARD OF TRUSTEES SHALL
PROVIDE EACH MEMBER AND BENEFICIARY A STATEMENT THAT:

(A)   SUMMARIZES THE INFORMATION IN THE
ANNUAL REPORT;

(B)   SHOWS THE MEMBER'S VESTED BENEFITS,
OR THE BENEFITS THE MEMBER WILL BE ENTITLED TO ON VESTING
AND THE DATE ON WHICH THE MEMBER WILL BE VESTED.

(C)   SHOWS THE PRESENT VALUE OF THE
MEMBER'S ANNUITY; AND

(D)   EXPLAINS ANY MATERIAL CHANGES TO THIS
PENSION SYSTEM DURING THE PERIOD OF THE REPORT.

120. MANAGEMENT OF FUNDS.

(1) THE BOARD OF TRUSTEES SHALL BE THE TRUSTEES OF
THE SEVERAL FUNDS CREATED BY § 122 OF THIS SUBTITLE, AND MAY
INVEST AND REINVEST THESE FUNDS, SUBJECT TO THE TERMS,
CONDITIONS, LIMITATIONS, AND RESTRICTIONS IMPOSED BY THE LAW
OF MARYLAND ON DOMESTIC LIFE INSURANCE COMPANIES IN THE
MAKING AND DISPOSING OF THEIR INVESTMENTS; EXCEPT THAT THE
BOARD MAY INVEST A MAXIMUM OF 50 PERCENT OF THE TOTAL FUNDS
OF THIS PENSION SYSTEM IN COMMON STOCKS, OF WHICH NOT MORE
THAN 5 PERCENT MAY BE IN NONDIVIDEND PAYING COMMON STOCKS
AND MAY INVEST A MAXIMUM OF 40 PERCENT OF THE TOTAL FUNDS IN
MORTGAGES AND DEEDS OF TRUST ON PROPERTIES LOCATED IN THE
STATE OF MARYLAND; AND SUBJECT TO LIKE TERMS, CONDITIONS,
LIMITATIONS, AND RESTRICTIONS, THE TRUSTEES MAY HOLD,
PURCHASE, SELL, ASSIGN, TRANSFER, AND DISPOSE OF ANY OF THE
SECURITIES AND INVESTMENTS IN WHICH ANY OF THE FUNDS CREATED
HEREIN HAVE BEEN INVESTED, AS WELL AS THE PROCEEDS OF THESE
INVESTMENTS AND ANY MONEY THAT BELONGS TO THESE FUNDS.