HB 1028 Maryland House of Delegates · 2025 Regular Session

Board of Trustees for the State Retirement and Pension System - Investment Division - Compensation and Staffing

HB 1028 replaces the "Objective Criteria Committee" with a "Compensation and Staffing Committee" for the State Retirement and Pension System's Investment Division. The bill requires this new committee to recommend objective criteria for setting compensation and financial incentives for Investment Division employees, particularly the Chief Investment Officer. Key provisions include mandating performance benchmarks for raises, capping annual compensation increases at 10%, prohibiting raises during state employee furloughs, and requiring consideration of comparable public pension fund salaries. The bill directly affects the Board of Trustees and Investment Division staff by changing how compensation decisions are made and reviewed.

Bill status signed all 5 stages cleared

Introduction

Feb 2025

Committee Review

Mar 2025

House of Delegates Passage

Apr 2025

Senate Passage

Mar 2025

Signed into Law

May 2025

Introduced Feb 3, 2025 Signed May 20, 2025

Maddy AI version diff · 2 comparisons

What changed between versions

Third - Board of Trustees for the State Retirement and Pension System - Investment Division - Compensation and Staffing Committee → Enrolled - Board of Trustees for the State Retirement and Pension System - Investment Division - Compensation and Staffing · 4 edits · May 20, 2025

MODERATE

The bill was converted from a House draft to an Enrolled version, indicating it has passed both legislative chambers and is ready for the Governor's signature. The substantive policy content remains focused on restructuring the Board of Trustees' investment division by repealing the Objective Criteria Committee and establishing a new Compensation and Staffing Committee. A key addition clarifies that the Board must pay specific incentive compensation to the Chief Investment Officer and other employees if they retire in a certain manner, while also detailing how these incentives are structured and paid.

REQUIREMENT

Added a new requirement for the Board of Trustees to pay specific incentive compensation to the Chief Investment Officer and other Investment Division employees upon retirement in a certain manner.

Added new provisions specifying that financial incentives must be paid over multiple fiscal years in equal installments and that the payment dates must be set by the Board at the time of determination.

Modified the committee structure by repealing the Objective Criteria Committee and establishing a new Compensation and Staffing Committee to handle qualifications, compensation, and leave recommendations.

DEFINITION

Updated the bill header and explanatory notes to reflect its status as an Enrolled Bill, indicating it has passed both chambers and is awaiting the Governor's approval.

Floor votes · Senate Mar 10, 2025 · House of Delegates Mar 24, 2025

How they voted

45–0

Passed · 1 other

Total votes 46

Mar 10, 2025

D Democratic33

32 Yea 1

96% Yea

R Republican13

13 Yea

100% Yea

Vote distribution

All Yea All Nay Mixed No data

Full legislative history

Actions timeline

Total actions

Key actions

Committee

Amendments

May 20, 2025

Signed into law

Approved by the Governor - Chapter 773

executive

Apr 7, 2025

Lower · Passed

Passed Enrolled

lower

Apr 7, 2025

Lower · Passed

Third Reading Passed

lower

Apr 7, 2025

Introduced

House Concurs Senate Amendments

lower

Mar 28, 2025

Upper · Passed

Third Reading Passed

upper

Mar 27, 2025

Upper · Passed

Favorable with Amendments {

upper

Mar 27, 2025

Upper · Passed

Favorable with Amendments Report by Budget and Taxation

upper

Mar 24, 2025

House Of Delegates · Passed

House of Delegates Vote: pass (136-0-3)

house of delegates

Mar 17, 2025

Committee

Referred Budget and Taxation

upper

Mar 14, 2025

Lower · Passed

Third Reading Passed

lower

Mar 14, 2025

Lower · Passed

Favorable Adopted Second Reading Passed

lower

Mar 14, 2025

Lower · Passed

Favorable Report by Appropriations

lower

Mar 10, 2025

Senate · Passed

Senate Vote: pass (45-0-1)

senate

Feb 3, 2025

Committee

First Reading Appropriations

lower

1 primary · 0 co-sponsors