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Statutes Text

Article - State Personnel and Pensions


    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.

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