Bill > HB1028

This bill establishes a new Compensation and Staffing Committee to replace the existing Objective Criteria Committee for the State Retirement and Pension System's Board of Trustees. The new committee will be responsible for making recommendations about compensation and financial incentives for the Chief Investment Officer and Investment Division staff. Key provisions include setting objective criteria for compensation and financial incentives, with specific rules about how these can be awarded and paid. The bill limits compensation increases during state employee furloughs, requires financial incentives to be paid in equal installments over multiple years, and establishes conditions under which financial incentives can be paid if an employee separates from employment. The committee will be composed of various Board of Trustees members, potentially including the State Treasurer and Comptroller, and will work with an independent consultant to develop compensation recommendations. The Chief Investment Officer will serve in an advisory capacity but cannot participate in deliberations about their own compensation. The changes will take effect on July 1, 2025, and aim to provide more transparent and objective processes for determining compensation in the State Retirement and Pension System's Investment Division.

Budget and Finance

Pensions

https://mgaleg.maryland.gov/mgawebsite/Legislation/Details/HB1028?ys=2025RS