HARRY HUGHES, Governor

3167

(D) ON THE BASIS OF REGULAR INTEREST RATE OR
RATES AND 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 SEVERAL SYSTEMS.

(15)  EACH YEAR, THE BOARD OF TRUSTEES SHALL PUBLISH A
CONSOLIDATED REPORT THAT SHOWS THE FISCAL TRANSACTIONS OF
THE SEVERAL SYSTEMS FOR THE PRECEDING FISCAL YEAR: THE
AMOUNT OF THE ACCUMULATED CASH AND SECURITIES OF EACH
SYSTEM, AND THE LAST BALANCE SHEET SHOWING THE FINANCIAL
CONDITION OF EACH SYSTEM BY MEANS OF AN ACTUARIAL VALUATION
OF ITS ASSETS AND LIABILITIES.

(16)  EACH YEAR, THE BOARD OF TRUSTEES SHALL PROVIDE
EACH MEMBER AND BENEFICIARY WITH A STATEMENT THAT SUMMARIZES
THE INFORMATION IN THE ANNUAL REPORT, 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, SHOWS THE PRESENT VALUE OF THE MEMBER'S ANNUITY, AND
EXPLAINS ANY MATERIAL MODIFICATIONS TO THE APPLICABLE SYSTEM
DURING THE PERIOD OF THE REPORT.

159. ADMINISTRATIVE AGENCY.

(1)  THERE IS CREATED THE MARYLAND STATE RETIREMENT
AGENCY, AN AGENCY OF THE BOARD OF TRUSTEES RESPONSIBLE FOR
CARRYING OUT THE ADMINISTRATIVE DUTIES AND BUSINESS OF THE
SEVERAL SYSTEMS, WITH THE EXCEPTION OF INVESTMENTS.

(2)  THERE SHALL BE AN EXECUTIVE DIRECTOR FOR
ADMINISTRATION WHO SHALL BE IN CHARGE OF THE STATE
RETIREMENT AGENCY AND SHALL HAVE THE FUNCTIONS AND DUTIES AS
MAY BE DELEGATED TO HIM BY THE BOARD OF TRUSTEES. THE
EXECUTIVE DIRECTOR FOR ADMINISTRATION SHALL BE APPOINTED BY
THE BOARD OF TRUSTEES AND SHALL SERVE AT THE PLEASURE OF THE
BOARD. HE SHALL RECEIVE THE COMPENSATION PROVIDED IN THE
BUDGET.

(3)  THE EXECUTIVE DIRECTOR FOR ADMINISTRATION SHALL
APPOINT THE EMPLOYEES AS ARE PROVIDED FOR IN THE BUDGET.
THE STAFF SHALL BE CLASSIFIED EMPLOYEES SUBJECT TO THE
PROVISIONS OF ARTICLE 64A, EXCEPT FOR EMPLOYEES HOLDING
POSITIONS THAT ARE DESIGNATED BY THE EXECUTIVE DIRECTOR,
WITH THE APPROVAL OF THE BOARD OF TRUSTEES, AS PROFESSIONAL
OR TECHNICAL POSITIONS THAT INVOLVE SPECIALIZED SKILL,
EDUCATION, AND KNOWLEDGE, AND WHOSE LABOR IS PREDOMINANTLY
INTELLECTUAL RATHER THAN PHYSICAL OR MANUAL. THE
COMPENSATION OF ANY UNCLASSIFIED EMPLOYEES SHALL BE
DETERMINED BY THE BOARD OF TRUSTEES, WITH THE APPROVAL OF
THE BOARD OF PUBLIC WORKS.

(4)  THE BOARD OF TRUSTEES SHALL BE RESPONSIBLE FOR THE
BUDGET OF THE STATE RETIREMENT AGENCY. THE EXECUTIVE
DIRECTOR FOR ADMINISTRATION SHALL COMPILE ANNUALLY A
COMPREHENSIVE BUDGET FOR SUBMISSION TO THE BOARD OF
TRUSTEES.