218

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
THAT THE BOARD OF TRUSTEES ADOPTS, 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 THAT SHOWS:

(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 SHOWING 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 WITH A STATEMENT THAT:

(A)   SUMMARIZES THE INFORMATION IN THE
ANNUAL REPORT;

(B)   SHOWS THE INDIVIDUAL'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 MODIFICATIONS
TO THIS PENSION SYSTEM DURING THE PERIOD OF THE REPORT.

148. MANAGEMENT OF FUNDS.

(1) THE BOARD OF TRUSTEES SHALL BE THE TRUSTEES OF
THE SEVERAL FUNDS CREATED BY 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
UNDER THIS SECTION HAVE BEEN INVESTED, AS WELL AS THE