3156

LAWS OF MARYLAND

Ch. 506

(ii) A valuation of the assets and liabilities
of the funds of this pension system.

(b) Taking into account the results of the
investigation and valuation of the actuary, the board of
trustees shall:

(i) Adopt for this pension system the mortality,
service, and any other tables that it considers necessary;
and

(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.

(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,