reglab/housing_qa huggingface dataset:
MD. State Personnel and Pensions Code Ann. §  21-113 (2021)
2021 Maryland Statutes|State Personnel and Pensions|Division II - Pensions|Title 21 - State Retirement and Pension System|Subtitle 1 - Administration|Section 21-113 - Board of Trustees -- Correction of Errors in Benefits; Recovery of Improper Payments

    (a)    Except as provided in § 29–409 of this article, if, because of an error, a retiree or beneficiary receives a benefit that differs from the benefit the retiree or beneficiary is entitled to receive, the Board of Trustees shall:        (1)    correct the error; and        (2)    to the extent practicable, adjust the payment to the retiree or beneficiary to provide the actuarial equivalent to which the retiree or beneficiary is correctly entitled.    (b)    (1)    Notwithstanding § 21-502 of this title, the Board of Trustees may recover the amount of any improper payment.        (2)    After due notice, if a person who receives an improper payment fails to repay the money owed, the Board of Trustees may:            (i)    begin an action to recover the amount of the improper payment and the costs of bringing the action; or            (ii)    adjust any future monthly payments of that person's allowance to recover the amount owed.        (3)    Subject to the approval of the Board of Trustees, the Executive Director of the State Retirement Agency shall:            (i)    determine any monthly adjustment under paragraph (2)(ii) of this subsection; and            (ii)    notify the person of the total amount to be recovered, the monthly adjustment, and the period of recovery.
MD. State Personnel and Pensions Code Ann. §  21-114 (2021)
2021 Maryland Statutes|State Personnel and Pensions|Division II - Pensions|Title 21 - State Retirement and Pension System|Subtitle 1 - Administration|Section 21-114 - Investment Committee -- Established

    There is an Investment Committee of the Board of Trustees.
MD. State Personnel and Pensions Code Ann. §  21-115 (2021)
2021 Maryland Statutes|State Personnel and Pensions|Division II - Pensions|Title 21 - State Retirement and Pension System|Subtitle 1 - Administration|Section 21-115 - Investment Committee -- Membership

    (a)    The Board of Trustees shall:        (1)    specify by resolution the number of members of the Investment Committee; and        (2)    except as provided in subsection (b)(2) of this section, appoint annually the members of the Investment Committee from the members of the Board of Trustees.    (b)    The Board of Trustees shall ensure that the membership of the Investment Committee includes:        (1)    a representative of each of:            (i)    the Employees’ Pension System or the Employees’ Retirement System;            (ii)    the Teachers’ Pension System or the Teachers’ Retirement System; and            (iii)    the State Police Retirement System; and        (2)    three representatives from the public appointed by the Board of Trustees with the approval of the Board of Public Works for staggered 3-year terms who:            (i)    are not members, retirees, or beneficiaries under any of the several systems;            (ii)    have had experience in the management and control of large investments; and            (iii)    have at least 10 years of substantial experience as any one or a combination of the following:                1.    a portfolio manager acting in a fiduciary capacity;                2.    an employee or principal of a trust institution, investment organization, or endowment fund acting either in a management-related capacity or an investment-related capacity;                3.    a chartered financial analyst in good standing; or                4.    a professional engaged in a public or private financial or investment field that is comparable to the fields listed in this item.    (c)    The Board of Trustees may:        (1)    set additional qualifications for public members; and        (2)    adopt regulations on ethical standards and conflicts of interest for public members.    (d)    By resolution, the Board of Trustees shall designate the chairman of the Investment Committee.
MD. State Personnel and Pensions Code Ann. §  21-117 (2021)
2021 Maryland Statutes|State Personnel and Pensions|Division II - Pensions|Title 21 - State Retirement and Pension System|Subtitle 1 - Administration|Section 21-117 - State Retirement Agency -- Established

    (a)    There is a State Retirement Agency.    (b)    The State Retirement Agency is an agency of the Board of Trustees.
MD. State Personnel and Pensions Code Ann. §  21-118 (2021)
2021 Maryland Statutes|State Personnel and Pensions|Division II - Pensions|Title 21 - State Retirement and Pension System|Subtitle 1 - Administration|Section 21-118 - State Retirement Agency -- Executive Director

    (a)    (1)    The Board of Trustees shall appoint the Executive Director of the State Retirement Agency.        (2)    The Executive Director serves at the pleasure of the Board of Trustees.    (b)    The Executive Director shall:        (1)    be in charge of the State Retirement Agency;        (2)    compile annually a comprehensive budget for submission to the Board of Trustees; and        (3)    have the duties and functions that the Board of Trustees may delegate.    (c)    (1)    (i)    The Executive Director shall employ a staff to carry out the administrative duties of the several systems.            (ii)    Except as provided in § 21–315 of this title, the compensation of the Executive Director and staff shall be as provided in the State budget.        (2)    Except for employees described in paragraph (3) of this subsection, the employees are skilled service or professional service employees subject to the provisions of this article that govern skilled service or professional service employees.        (3)    An employee is in the executive service, management service, or is a special appointment in the State Personnel Management System if:            (i)    the employee holds a position that the Executive Director, with the approval of the Board of Trustees, designates as a professional or technical position that involves specialized skill, education, and knowledge; and            (ii)    the employee’s labor is predominantly intellectual rather than manual or physical.    (d)    The Executive Director and the Chief Investment Officer and staff of the Investment Division of the State Retirement Agency shall comply with the policies that the Board of Trustees prescribes about conflicts of interest and personal investments.    (e)    (1)    A document that must be executed by or for the Board of Trustees shall be signed:            (i)    by the Executive Director of the State Retirement Agency; or            (ii)    in the absence or disability of the Executive Director, by another employee whom the Executive Director, with the approval of the Chairman of the Board of Trustees, designates in writing.        (2)    If a countersignature is required, with the approval of the Chairman of the Board of Trustees, the Executive Director shall designate those employees of the State Retirement Agency who may sign.
MD. State Personnel and Pensions Code Ann. §  21-119 (2021)
2021 Maryland Statutes|State Personnel and Pensions|Division II - Pensions|Title 21 - State Retirement and Pension System|Subtitle 1 - Administration|Section 21-119 - State Retirement Agency -- Powers and Duties

    The State Retirement Agency shall carry out the administrative duties of the several systems.
MD. State Personnel and Pensions Code Ann. §  21-120 (2021)
2021 Maryland Statutes|State Personnel and Pensions|Division II - Pensions|Title 21 - State Retirement and Pension System|Subtitle 1 - Administration|Section 21-120 - State Retirement Agency -- Annual Report

    (a)    On or before December 15 of each year, the Executive Director shall submit a report to the Board of Trustees about the operation and performance of the State Retirement Agency during the fiscal year that ended on the preceding June 30.    (b)    The report shall include data on all commissions the State Retirement Agency paid on investments during that fiscal year.    (c)    The Board of Trustees may:        (1)    prescribe the format of the report; and        (2)    require any information it considers appropriate.
MD. State Personnel and Pensions Code Ann. §  21-121 (2021)
2021 Maryland Statutes|State Personnel and Pensions|Division II - Pensions|Title 21 - State Retirement and Pension System|Subtitle 1 - Administration|Section 21-121 - State Retirement Agency -- Audit of Benefit Payments; Correction of Records; Payment of Amounts Owed

    (a)    The State Retirement Agency may at any time examine the records of a participating employer to determine whether the payment of benefits to a participant and the payment of contributions by a participating employer or participant are and will be in accordance with the provisions of Division II of this article.    (b)    Whenever an audit reveals that the payment of benefits to a participant or the payment of contributions by a participating employer or participant is not in accordance with the provisions of Division II of this article:        (1)    the State Retirement Agency and participating employer shall correct their records; and        (2)    (i)    the participating employer shall pay any amounts owed to the accumulation fund of the appropriate State system; and            (ii)    the member contributions owed by the participant shall be made by the participant in accordance with § 21–312(e) of this title.
MD. State Personnel and Pensions Code Ann. §  21-124 (2021)
2021 Maryland Statutes|State Personnel and Pensions|Division II - Pensions|Title 21 - State Retirement and Pension System|Subtitle 1 - Administration|Section 21-124 - State Treasurer

    (a)    (1)    The State Treasurer is the custodian of:            (i)    the accumulation, annuity savings, and expense funds of the several systems; and            (ii)    the assets of the Board of Trustees.        (2)    The State Retirement Agency shall make all payments from the accumulation, annuity savings, and expense funds of the several systems in accordance with regulations that the Board of Trustees adopts with the approval of the State Treasurer.    (b)    (1)    The State Treasurer may make arrangements with one or more duly qualified banks or trust companies in this State, organized under the laws of this State or of the United States, for:            (i)    banking services; and            (ii)    any other function that the State Treasurer considers necessary to safeguard physically the assets that the Board of Trustees manages.        (2)    The State Treasurer:            (i)    may deposit any of the securities that the Board of Trustees purchases in vaults or in other safe depositories outside the office of the State Treasurer, whether or not in this State; and            (ii)    shall deliver to the Board of Trustees a safekeeping receipt that:                1.    describes the securities that the State Treasurer deposits; and                2.    is payable on demand and without conditions to the Board of Trustees, to any designated fund of the several systems that the Board of Trustees controls, or to the State Treasurer.        (3)    The Board of Trustees shall keep on file any safekeeping receipt that the State Treasurer delivers.    (c)    (1)    Subject to paragraph (2) of this subsection, to make disbursements, the State Treasurer may keep cash on deposit in one or more duly qualified banks or trust companies in this State that are organized under the laws of this State or of the United States.        (2)    The State Treasurer may not:            (i)    keep more than 10% of the total amount in the funds of the several systems on deposit as cash; or            (ii)    keep cash that exceeds 25% of the paid–up capital and surplus of the bank or trust company in that bank or trust company.
MD. State Personnel and Pensions Code Ann. §  21-125 (2021)
2021 Maryland Statutes|State Personnel and Pensions|Division II - Pensions|Title 21 - State Retirement and Pension System|Subtitle 1 - Administration|Section 21-125 - Actuary

    (a)    The Board of Trustees shall designate an actuary who shall:        (1)    give technical advice to the Board of Trustees on the operation of the funds of the several systems; and        (2)    perform other related duties that the Board of Trustees requires.    (b)    (1)    On the basis of actuarial assumptions that the Board of Trustees adopts, each year the actuary shall make a valuation of the assets and liabilities of the funds of the several systems.        (2)    Each year the Board of Trustees shall certify to the Secretary of Budget and Management and to the Governor the rates of employer contributions.        (3)    For purposes of actuarial valuation, the Board of Trustees may adopt a generally accepted method for determining the value of the assets held by the several systems.        (4)    For general ledger accounting and financial reporting, the Board of Trustees shall use generally accepted accounting principles.    (c)    (1)    At least once in each 5-year period, the actuary shall make:            (i)    actuarial investigations into the compensation, mortality, and service experience of the participants of each of the several systems; and            (ii)    a valuation of the assets and liabilities of the funds of each of the several systems.        (2)    The Board of Trustees shall:            (i)    review the results of the investigations and valuations of the actuary; and            (ii)    adopt the actuarial assumptions for each of the several systems as the Board of Trustees considers necessary.
MD. State Personnel and Pensions Code Ann. §  21-126 (2021)
2021 Maryland Statutes|State Personnel and Pensions|Division II - Pensions|Title 21 - State Retirement and Pension System|Subtitle 1 - Administration|Section 21-126 - Medical Boards; Other Physicians

    (a)    The Board of Trustees shall establish one or more medical boards.    (b)    (1)    Each medical board consists of three members and not more than three alternates.        (2)    Each medical board member and alternate shall be a physician who is not eligible to be a member of a State system.        (3)    (i)    The Board of Trustees shall appoint the medical board members and any alternates.            (ii)    Notwithstanding paragraph (2) of this subsection, the Board of Trustees may appoint a physician who is a participating employee in the Optional Retirement Program under Title 30 of this article to a medical board if the physician is not eligible to receive a disability benefit under Title 29, Subtitle 1 of this article.        (4)    In the absence of a medical board member, an alternate may serve on a medical board.    (c)    Two members of a medical board are a quorum for the conduct of business.    (d)    A medical board shall:        (1)    arrange for and approve all medical examinations required under this Division II;        (2)    investigate all essential certificates and statements by or on behalf of a member concerning the application of the member for disability retirement; and        (3)    submit written reports to the Board of Trustees, with conclusions and recommendations, on all matters that the Board of Trustees refers to the medical board.    (e)    The Board of Trustees may employ other physicians to report on special cases.    (f)    A member of a medical board appointed under subsection (b)(3)(ii) of this section may not participate in a case concerning the application of a member for disability retirement if the applicant is an employee of the same institution that is the employing institution, as defined in § 30–101 of this article, of the member of the medical board.
MD. State Personnel and Pensions Code Ann. §  21-128 (2021)
2021 Maryland Statutes|State Personnel and Pensions|Division II - Pensions|Title 21 - State Retirement and Pension System|Subtitle 1 - Administration|Section 21-128 - Retiree Information for Direct Mailings

    (a)    In this section, “retiree organization” means an organization in which State retirees participate and that has as one of its primary purposes, representing or providing services to State retirees.    (b)    This section applies to any retiree organization that has the legal authority to provide services to retirees of the several systems.    (c)    (1)    A retiree organization may submit only two requests each year to the Board of Trustees to assist the retiree organization in performing direct mailings to retirees of the several systems who are members of the retiree organization or eligible to become members of the retiree organization.        (2)    The direct mailings may not be for the purpose of supporting or opposing any political party, ballot measure, or candidate in any election, including any State general or primary election or any election within the retiree organization.        (3)    (i)    The Board of Trustees shall provide the retiree data for addressing envelopes only to the mail processing center under a secure data share agreement with the mail processing center under which neither the retiree organization nor any other entity has direct access to any names or addresses.            (ii)    If the Board of Trustees provides any retiree data to a mail processing center under subparagraph (i) of this paragraph, the Board of Trustees is not required to notify a retiree whose data is released of the provisions of § 21–504 of this title.        (4)    (i)    A retiree organization shall provide the Board of Trustees with copies of all materials that will be included in the direct mailing.            (ii)    The Board of Trustees shall review the materials provided under subparagraph (i) of this paragraph before providing any retiree data to a mail processing center.    (d)    The direct mailing shall provide retirees of the several systems who are members of the retiree organization or eligible to become members of the retiree organization with information that explains the services offered by the retiree organization.    (e)    (1)    A retiree organization is solely responsible for the procurement of a mail processing center under this section.        (2)    The retiree organization shall provide all printed materials to be mailed and envelopes to a mail processing center.        (3)    The retiree organization is responsible for paying all costs for generating mailing labels, inserting materials into envelopes, sealing, labeling, and delivering materials to be mailed to a bulk mail center or post office.        (4)    The retiree organization is responsible for all postage costs involved for the direct mailings.    (f)    The Board of Trustees is not liable for the content of any direct mailing sent under this section.
MD. State Personnel and Pensions Code Ann. §  21-201 (2021)
2021 Maryland Statutes|State Personnel and Pensions|Division II - Pensions|Title 21 - State Retirement and Pension System|Subtitle 2 - Fiduciary Responsibilities|Section 21-201 - Definitions

    (a)    In this subtitle the following words have the meanings indicated.    (b)    “Fiduciary” means:        (1)    a member of the Board of Trustees;        (2)    a member of the Investment Committee;        (3)    a member of a committee established by the Board of Trustees as authorized under § 21–108 of this title;        (4)    a member of a committee established under § 21–122(g) of this title; or        (5)    an employee of the State Retirement Agency who exercises any discretionary authority or control over:            (i)    the management or administration of the several systems; or            (ii)    the management or disposition of the assets of the several systems.    (c)    “Several systems” includes the optional retirement program to the extent that the Board of Trustees administers the program under Title 30 of this article.
MD. State Personnel and Pensions Code Ann. §  21-202 (2021)
2021 Maryland Statutes|State Personnel and Pensions|Division II - Pensions|Title 21 - State Retirement and Pension System|Subtitle 2 - Fiduciary Responsibilities|Section 21-202 - Purposes of Assets of System

    The Board of Trustees shall hold the assets of each of the several systems for the exclusive purposes of providing:         (1)    benefits to participants; and        (2)    for reasonable expenses of administration.
MD. State Personnel and Pensions Code Ann. §  21-203 (2021)
2021 Maryland Statutes|State Personnel and Pensions|Division II - Pensions|Title 21 - State Retirement and Pension System|Subtitle 2 - Fiduciary Responsibilities|Section 21-203 - Standards of Care

    A fiduciary shall discharge the fiduciary's duties with respect to the several systems solely in the interest of the participants and as follows:         (1)    for the exclusive purposes of providing benefits to the participants and for reasonable expenses of administering the several systems;        (2)    with the care, skill, prudence, and diligence under the circumstances then prevailing, that a prudent person acting in a like capacity and familiar with such matters would use in the conduct of an enterprise of a like character and with like aims;        (3)    by diversifying the investments of the several systems so as to minimize the risk of large losses, unless under the circumstances it is clearly prudent not to do so;        (4)    in accordance with the laws governing the several systems; and        (5)    in accordance with the documents and instruments governing the several systems to the extent that the documents and instruments are consistent with this subtitle.
MD. State Personnel and Pensions Code Ann. §  21-204 (2021)
2021 Maryland Statutes|State Personnel and Pensions|Division II - Pensions|Title 21 - State Retirement and Pension System|Subtitle 2 - Fiduciary Responsibilities|Section 21-204 - Duties and Responsibilities of Trustees

    (a)    (1)    Except as otherwise provided in subsection (c) of this section, in exercising the standards set forth in § 21-203 of this subtitle:            (i)    the trustees jointly shall manage and control the assets of the several systems; and            (ii)    each trustee of the several systems, when acting as a fiduciary, shall use reasonable care to prevent another trustee from committing a breach.        (2)    Paragraph (1) of this subsection does not preclude any agreement that allocates specific responsibilities, obligations, or duties among the trustees.    (b)    The Board of Trustees may:        (1)    allocate the responsibilities of the fiduciaries among the fiduciaries; and        (2)    designate any other person to carry out the responsibilities of a fiduciary.    (c)    (1)    If the Board of Trustees makes an allocation or designation to a person under subsection (b) of this section, the Board of Trustees is not liable for an act or omission of that person in carrying out the responsibility, except to the extent that the Board of Trustees violates § 21-203 of this subtitle with respect to:            (i)    the allocation or designation;            (ii)    the establishment or implementation of a procedure to allocate or designate; or            (iii)    the continuance or review of the allocation or designation.        (2)    Except as otherwise provided in paragraph (1) of this subsection, a trustee to whom certain responsibilities, obligations, or duties have not been allocated is not liable, either individually or as a trustee, for any loss resulting to the several systems arising from an act or omission of another person to whom the responsibilities, obligations, or duties have been allocated.