Maryland Code, STATE PERSONNEL AND PENSIONS 21-108
Terms Used In Maryland Code, STATE PERSONNEL AND PENSIONS 21-108
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Fiduciary: A trustee, executor, or administrator.
- including: means includes or including by way of illustration and not by way of limitation. See
- Trustee: A person or institution holding and administering property in trust.
(2) The Board of Trustees is not responsible for:
(i) reviewing the benefit structures for any of the several systems, except for the purpose of making technical corrections; or
(ii) considering benefit enhancements for any of the several systems.
(3) (i) Each trustee on the Board of Trustees is required to complete at least 8 hours of investment and fiduciary training, including training on fiduciary conduct and board governance, during a 1-year period beginning January 1.
(ii) The training shall be approved by the Chairman of the Board of Trustees to satisfy the 8-hour requirement under subparagraph (i) of this paragraph.
(b) In addition to the Investment Committee established under § 21-114 of this subtitle, the Board of Trustees may establish other committees.
(c) Subject to §§ 21-122 and 21-123 of this subtitle, the Board of Trustees shall have full power to invest the assets of the several systems.