Each year the Board of Trustees shall: (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.
Maryland Legal Code