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Bill > SB810
MD SB810
MD SB810Board of Trustees for the State Retirement and Pension System - Investment Division - Compensation and Staffing
summary
Introduced
02/03/2025
02/03/2025
In Committee
04/04/2025
04/04/2025
Crossed Over
03/17/2025
03/17/2025
Passed
04/07/2025
04/07/2025
Dead
Signed/Enacted/Adopted
05/20/2025
05/20/2025
Introduced Session
2025 Regular Session
Bill Summary
Clarifying that the Board of Trustees for the State Retirement and Pension System shall pay certain incentive compensation to the Chief Investment Officer for the State Retirement and Pension System if the Chief Investment Officer retires from the Investment Division of the State Retirement Agency in a certain manner; clarifying that the Board of Trustees shall pay certain incentive compensation to certain employees of the Investment Division if the employees retire from the Investment Division in a certain manner; etc.
AI Summary
This bill clarifies and modifies the compensation and staffing procedures for the State Retirement and Pension System's Investment Division, with a focus on the Chief Investment Officer (CIO) and other division employees. The bill establishes a new Compensation and Staffing Committee to assist in recommending qualifications, compensation, and leave for the CIO, and introduces more detailed provisions for financial incentives. Key changes include allowing the Board of Trustees to award financial incentives to the CIO that can be paid over multiple fiscal years in equal installments, with specific rules about payment if the CIO separates from employment. The bill also modifies the composition of the Compensation and Staffing Committee, removing some legislative members and adding flexibility in appointments. Additionally, the bill creates more stringent guidelines for setting compensation, including objective performance benchmarks and limitations on increases during state employee furlough periods. The legislation aims to provide more transparent and structured approach to compensating investment professionals while maintaining accountability and performance standards. The bill is set to take effect on July 1, 2025.
Committee Categories
Budget and Finance
Sponsors (1)
Other Sponsors (1)
Pensions
Last Action
Approved by the Governor - Chapter 772 (on 05/20/2025)
bill text
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://mgaleg.maryland.gov/mgawebsite/Legislation/Details/SB0810?ys=2025RS |
| BillText | https://mgaleg.maryland.gov/2025RS/Chapters_noln/CH_772_sb0810t.pdf |
| Vote Image | https://mgaleg.maryland.gov/2025RS/votes_comm/sb0810_app.pdf |
| BillText | https://mgaleg.maryland.gov/2025RS/bills/sb/sb0810t.pdf |
| Favorable with Amendments 383628/1 Adopted | https://mgaleg.maryland.gov/2025RS/amds/bil_0000/sb0810_38362801.pdf |
| Vote Image | https://mgaleg.maryland.gov/2025RS/votes_comm/sb0810_b&t.pdf |
| BillText | https://mgaleg.maryland.gov/2025RS/bills/sb/sb0810f.pdf |
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