# State Personnel and Pensions (GSP)

## Title 21. State Retirement and Pension System

### Subtitle 2. Fiduciary Responsibilities

#### Section 21-205

In exercising authority, control, or discretion with respect to the several systems, a fiduciary may not:

(1) use the assets of the several systems for the fiduciary's own interest or account;

(2) act in a transaction involving the several systems on behalf of a person, or represent a person, if the interests of the person are adverse to the interests of the several systems or the interests of participants;

(3) receive any consideration for the fiduciary's own account from a person dealing with the several systems in connection with a transaction involving the assets of the several systems; or

(4) become an endorser or surety or, in any manner, an obligor, for money lent to or borrowed from the Board of Trustees.

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Md. Code Ann., State Pers. & Pens. (as displayed at mgaleg.maryland.gov, October 16, 2026)