Maryland Code, STATE PERSONNEL AND PENSIONS 21-112
Terms Used In Maryland Code, STATE PERSONNEL AND PENSIONS 21-112
- Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- state: means :
(1) a state, possession, territory, or commonwealth of the United States; or
(2) the District of Columbia. See
(1) publish a consolidated report that includes:
(i) the fiscal transactions of the several systems for the preceding fiscal year;
(ii) the amount of the accumulated cash, securities, and other assets of each State system; and
(iii) the last balance sheet that shows the financial condition of each State system by means of an actuarial valuation of the assets and liabilities of the State system; and
(2) provide each member and retiree with a statement that:
(i) summarizes the information in the report under item (1) of this section;
(ii) shows:
1. the member’s vested benefits or the benefits the member will be entitled to on vesting;
2. the date when the member was or will be vested; and
3. the present value of any annuity; and
(iii) explains any material modifications to the applicable State system during the period covered by the annual report.