WILLIAM DONALD SCHAEFER, Governor Ch. 698

(c)  At least once in each 5 year period, the actuary
shall make actuarial investigations into the mortality, service,
and compensation experience of the members and beneficiaries of
each of the several systems, and shall make a valuation of the
assets and liabilities of the funds of each of the systems, and
taking into account the results of such investigations and
valuations, the Board of Trustees shall adopt for each of the
several systems mortality, service, and other tables as shall be
deemed necessary and shall certify the rates of contribution
payable under the applicable provisions of this article and
Article 88B.

(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.

(17)  (a) The Board of Trustees may recover the amount of
any improper benefit payment made by mistake or of any benefit
overpayment.

(b)  If, after due notice, the person or estate in
receipt of the improper payment or overpayment fails to repay the
money owed, the Board of Trustees may:

(i) Institute a civil action to recover the
amount of the improper payment made by mistake or the overpayment
and to recover the costs of bringing the action; or

(ii) If the person is receiving a monthly
allowance from a system, adjust future payments of that allowance
to account for the amount owed.

(c)  If the Board of Trustees elects to adjust
allowance payments under paragraph (b)(ii) of this subsection,
subject to the approval of the Board of Trustees, the executive
director for administration shall:

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