SB 810 Maryland Senate · 2025 Regular Session

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

SB 810 replaces Maryland's "Objective Criteria Committee" with a new "Compensation and Staffing Committee" for the State Retirement and Pension System's Investment Division. The bill requires this committee to recommend objective criteria for setting compensation and financial incentives for Investment Division staff, including performance benchmarks tied to investment results. It mandates that the Board of Trustees must consider these recommendations and prohibits raises during state employee furloughs or for positions not involving investment decisions. The law directly affects the Investment Division's leadership (like the Chief Investment Officer) and staff, focusing on how their pay and staffing levels are determined.

Bill status signed all 5 stages cleared

Introduction

Feb 2025

Committee Review

Apr 2025

Senate Passage

Apr 2025

House of Delegates Passage

Apr 2025

Signed into Law

May 2025

Introduced Feb 3, 2025 Signed May 20, 2025

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What changed between versions

First - Board of Trustees for the State Retirement and Pension System - Investment Division - Compensation and Staffing Committee → Third - Board of Trustees for the State Retirement and Pension System - Investment Division - Compensation and Staffing · 4 edits

MODERATE

The bill was amended to clarify that the Board of Trustees can pay remaining incentive compensation to the Chief Investment Officer if they retire directly from the Investment Division within 30 days of separation. The bill also updated committee references to reflect the new Compensation and Staffing Committee name and added requirements for how financial incentives must be paid over time.

Scope change

The bill's scope was expanded to explicitly allow payment of earned but unpaid financial incentives upon retirement under specific conditions, whereas the original version did not address this scenario.

ELIGIBILITY

Added eligibility for remaining financial incentives when the Chief Investment Officer retires directly from the Investment Division within 30 days of separation.

REQUIREMENT

Modified requirements to specify that financial incentives must be paid over multiple fiscal years in equal installments with fixed payment dates.

Added requirement that the Compensation and Staffing Committee assist the Executive Director and Investment Committee in recommending qualifications, compensation, and leave for the Chief Investment Officer.

DEFINITION

Updated references to rename the 'Objective Criteria Committee' to the 'Compensation and Staffing Committee' throughout the text.

Floor votes · Senate Feb 28, 2025 · House of Delegates Mar 24, 2025

How they voted

41–0

Passed · 5 other

Total votes 46

Feb 28, 2025

D Democratic33

28 Yea 5

84% 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

May 20, 2025

Signed into law

Approved by the Governor - Chapter 772

executive

Apr 7, 2025

Upper · Passed

Returned Passed

upper

Apr 7, 2025

Lower · Passed

Third Reading Passed

lower

Apr 4, 2025

Lower · Passed

Favorable Adopted Second Reading Passed

lower

Apr 4, 2025

Lower · Passed

Favorable Report by Appropriations

lower

Mar 24, 2025

House Of Delegates · Passed

House of Delegates Vote: pass (135-0-4)

house of delegates

Mar 17, 2025

Committee

Referred Appropriations

lower

Mar 17, 2025

Upper · Passed

Third Reading Passed

upper

Mar 14, 2025

Upper · Passed

Favorable with Amendments {

upper

Mar 14, 2025

Upper · Passed

Favorable with Amendments Report by Budget and Taxation

upper

Feb 28, 2025

Senate · Passed

Senate Vote: pass (41-0-5)

senate

Feb 3, 2025

Committee

First Reading Budget and Taxation

upper

1 primary · 0 co-sponsors