(a) (1) The responsibility for the management, general administration, and proper operation of the several systems is vested in the Board of Trustees. (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.
Maryland Legal Code