| Old | New | Differences | |
|---|---|---|---|
| 1 | 1 | ||
| 2 | 2 | ||
| 3 | 3 | EXPLANATION: CAPITALS INDICATE MAT TER ADDED TO EXISTIN G LAW. | |
| 4 | 4 | [Brackets] indicate matter deleted from existing law. | |
| 5 | 5 | Underlining indicates amendments to bill. | |
| 6 | 6 | Strike out indicates matter stricken from the bill by amendment or deleted from the law by | |
| 7 | 7 | amendment. | |
| 8 | - | Italics indicate opposite chamber/conference committee amendments. | |
| 9 | 8 | *hb1028* | |
| 10 | 9 | ||
| 11 | 10 | HOUSE BILL 1028 | |
| 12 | - | P6 (5lr2376) | |
| 13 | - | ENROLLED BILL | |
| 14 | - | — Appropriations/Budget and Taxation — | |
| 15 | - | Introduced by Delegate Forbes (Chair, Joint Committee on Pensions) | |
| 16 | - | ||
| 17 | - | Read and Examined by Proofreaders: | |
| 18 | - | ||
| 19 | - | _______________________________________________ | |
| 20 | - | Proofreader. | |
| 21 | - | _______________________________________________ | |
| 22 | - | Proofreader. | |
| 23 | - | ||
| 24 | - | Sealed with the Great Seal and presented to the Governor, for his approval this | |
| 25 | - | ||
| 26 | - | _______ day of _______________ at ________________________ o’clock, ________M. | |
| 27 | - | ||
| 28 | - | ______________________________________________ | |
| 29 | - | Speaker. | |
| 11 | + | P6 5lr2376 | |
| 12 | + | CF SB 810 | |
| 13 | + | By: Delegate Forbes (Chair, Joint Committee on Pensions) | |
| 14 | + | Introduced and read first time: February 3, 2025 | |
| 15 | + | Assigned to: Appropriations | |
| 16 | + | Committee Report: Favorable | |
| 17 | + | House action: Adopted | |
| 18 | + | Read second time: March 4, 2025 | |
| 30 | 19 | ||
| 31 | 20 | CHAPTER ______ | |
| 32 | 21 | ||
| 33 | 22 | AN ACT concerning 1 | |
| 34 | 23 | ||
| 35 | 24 | Board of Trustees for the State Retirement and Pension System – Investment 2 | |
| 36 | 25 | Division – Compensation and Staffing Committee 3 | |
| 37 | 26 | ||
| 38 | - | FOR the purpose of clarifying that the Board of Trustees for the State Retirement and 4 | |
| 39 | - | Pension System shall pay certain incentive compensation to the Chief Investment 5 | |
| 40 | - | Officer for the State Retirement and Pension System if the Chief Investment Officer 6 | |
| 41 | - | retires from the Investment Division of the State Retirement Agency in a certain 7 | |
| 42 | - | manner; clarifying that the Board of Trustees shall pa y certain incentive 8 | |
| 43 | - | compensation to certain employees of the Investment Division if the employees retire 9 | |
| 44 | - | from the Investment Division in a certain manner; repealing the Objective Criteria 10 | |
| 45 | - | Committee of the Board of Trustees for the State Retirement and Pension System 11 | |
| 46 | - | and establishing a Compensation and Staffing Committee of the Board of Trustees; 12 | |
| 47 | - | providing for the membership of the Committee; clarifying the Board of Trustees’ 13 | |
| 48 | - | authority to determine the qualifications and compensation of and the type and 14 | |
| 49 | - | number of positions necessary for carrying out the professional investment functions 15 2 HOUSE BILL 1028 | |
| 27 | + | FOR the purpose of repealing the Objective Criteria Committee of the Board of Trustees 4 | |
| 28 | + | for the State Retirement and Pension System and establishing a Compensation and 5 | |
| 29 | + | Staffing Committee of the Board of Trustees; providing for the membership of the 6 | |
| 30 | + | Committee; clarifying the Board of Trustees’ authority to determine the 7 | |
| 31 | + | qualifications and compensation of and the type and number of positions necessary 8 | |
| 32 | + | for carrying out the professional investment functions of the Investment Division of 9 | |
| 33 | + | the State Retirement Agency; requiring the Committee to make certain 10 | |
| 34 | + | recommendations to the Board of Trustees regarding the objective criteria to be used 11 | |
| 35 | + | in setting compensation and awarding financial incentives to certain employees in 12 | |
| 36 | + | the Investment Division; requiring the Board of Trustees to consider certain 13 | |
| 37 | + | recommendations of the Committee; clarifying the requirements for the Board of 14 | |
| 38 | + | Trustees to enter into an agreement with a consultant to provide certain services to 15 | |
| 39 | + | the Committee; and generally relating to the operations of the Board of Trustees for 16 | |
| 40 | + | the State Retirement and Pension System. 17 | |
| 41 | + | ||
| 42 | + | BY repealing and reenacting, with amendments, 18 | |
| 43 | + | Article – State Personnel and Pensions 19 | |
| 44 | + | Section 21–108(b), 21–118.1(a), (b), and (d)(1)(i), and 21–122(f) and (g) 20 | |
| 45 | + | Annotated Code of Maryland 21 | |
| 46 | + | (2024 Replacement Volume and 2024 Supplement) 22 | |
| 47 | + | ||
| 48 | + | BY repealing and reenacting, without amendments, 23 2 HOUSE BILL 1028 | |
| 50 | 49 | ||
| 51 | 50 | ||
| 52 | - | of the Investment Division of the State Retirement Agency; requiring the Committee 1 | |
| 53 | - | to make certain recommendations to the Board of Trustees regarding the objective 2 | |
| 54 | - | criteria to be used in setting compensation and awarding financial incentives to 3 | |
| 55 | - | certain employees in the Investment Division; requiring the Board of Trustees to 4 | |
| 56 | - | consider certain recommendations of the Committee; clarifying the requirements for 5 | |
| 57 | - | the Board of Trustees to enter into an agreement with a consultant to provide certain 6 | |
| 58 | - | services to the Committee; and generally relating to the operations of the Board of 7 | |
| 59 | - | Trustees for the State Retirement and Pension System. 8 | |
| 51 | + | Article – State Personnel and Pensions 1 | |
| 52 | + | Section 21–122(a)(1) through (3) 2 | |
| 53 | + | Annotated Code of Maryland 3 | |
| 54 | + | (2024 Replacement Volume and 2024 Supplement) 4 | |
| 60 | 55 | ||
| 61 | - | BY repealing and reenacting, with amendments, 9 | |
| 62 | - | Article – State Personnel and Pensions 10 | |
| 63 | - | Section 21–108(b), 21–118.1(a), (b), (c), and (d)(1)(i), and 21–122(f) and (g) 11 | |
| 64 | - | Annotated Code of Maryland 12 | |
| 65 | - | (2024 Replacement Volume and 2024 Supplement) 13 | |
| 56 | + | SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF MARYLAND, 5 | |
| 57 | + | That the Laws of Maryland read as follows: 6 | |
| 66 | 58 | ||
| 67 | - | BY repealing and reenacting, without amendments, 14 | |
| 68 | - | Article – State Personnel and Pensions 15 | |
| 69 | - | Section 21–122(a)(1) through (3) 16 | |
| 70 | - | Annotated Code of Maryland 17 | |
| 71 | - | (2024 Replacement Volume and 2024 Supplement) 18 | |
| 59 | + | Article – State Personnel and Pensions 7 | |
| 72 | 60 | ||
| 73 | - | SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF MARYLAND, 19 | |
| 74 | - | That the Laws of Maryland read as follows: 20 | |
| 61 | + | 21–108. 8 | |
| 75 | 62 | ||
| 76 | - | Article – State Personnel and Pensions 21 | |
| 63 | + | (b) In addition to the Investment Committee established under § 21–114 of this 9 | |
| 64 | + | subtitle AND THE COMPENSATION AND STAFFING COMMITTEE ESTABLISHED UNDER 10 | |
| 65 | + | § 21–122 OF THIS SUBTITLE , the Board of Trustees may establish other committees. 11 | |
| 77 | 66 | ||
| 78 | - | 21– | |
| 67 | + | 21–118.1. 12 | |
| 79 | 68 | ||
| 80 | - | (b) In addition to the Investment Committee established under § 21–114 of this 23 | |
| 81 | - | subtitle AND THE COMPENSATION AND STAFFING COMMITTEE ESTABLISHED UNDER 24 | |
| 82 | - | § 21–122 OF THIS SUBTITLE , the Board of Trustees may establish other committees. 25 | |
| 69 | + | (a) Notwithstanding any other provision of law, on the recommendation of the 13 | |
| 70 | + | Executive Director and the [Investment] COMPENSATION AND STAFFING Committee, 14 | |
| 71 | + | the Board of Trustees shall determine the qualifications and appointment, as well as 15 | |
| 72 | + | compensation and leave, for the Chief Investment Officer who shall be the head of the 16 | |
| 73 | + | Investment Division. 17 | |
| 83 | 74 | ||
| 84 | - | 21–118.1. 26 | |
| 75 | + | (b) (1) In making determinations and appointments under this section, the 18 | |
| 76 | + | Executive Director and the [Investment] COMPENSATION AND STAFFING Committee 19 | |
| 77 | + | shall consider the comparative qualifications, compensation, and leave of employees 20 | |
| 78 | + | serving in similar positions and discharging similar duties at comparable public pension 21 | |
| 79 | + | funds. 22 | |
| 85 | 80 | ||
| 86 | - | (a) (1) Notwithstanding any other provision of law, on the recommendation of 27 | |
| 87 | - | the Executive Director and the [Investment] COMPENSATION AND STAFFING 28 | |
| 88 | - | Committee, the Board of Trustees shall determine the qualifications and appointment, as 29 | |
| 89 | - | well as compensation and leave, for the Chief Investment Officer who shall be the head of 30 | |
| 90 | - | the Investment Division. 31 | |
| 81 | + | (2) (i) 1. The Board of Trustees shall adopt objective criteria for 23 | |
| 82 | + | setting the qualifications and compensation of the Chief Investment Officer. 24 | |
| 91 | 83 | ||
| 92 | - | (2) THE COMPENSATION AND STAFFING COMMITTEE SHALL ASSIST 32 | |
| 93 | - | THE EXECUTIVE DIRECTOR AND THE INVESTMENT COMMITTEE IN RECOMMEN DING 33 | |
| 94 | - | QUALIFICATIONS , COMPENSATION , AND LEAVE FOR THE CHIEF INVESTMENT 34 | |
| 95 | - | OFFICER, INCLUDING ANY SALARY CHANGES FOR THE CHIEF INVESTMENT OFFICER. 35 | |
| 96 | - | HOUSE BILL 1028 3 | |
| 84 | + | 2. The Board shall consider the recommendations of the 25 | |
| 85 | + | [Objective Criteria] COMPENSATION AND STAFFING Committee under § 21–122(g) of 26 | |
| 86 | + | this subtitle before adopting objective criteria for setting compensation. 27 | |
| 87 | + | ||
| 88 | + | (ii) The criteria adopted under subparagraph (i) of this paragraph 28 | |
| 89 | + | shall include objective benchmarks of investment performance that shall be met or 29 | |
| 90 | + | exceeded for the Chief Investment Officer to be eligible for an increase in compensation. 30 | |
| 91 | + | ||
| 92 | + | (iii) The Board may not grant any increases in compensation to the 31 | |
| 93 | + | Chief Investment Officer in a fiscal year in which State employees are subject to a furlough. 32 | |
| 94 | + | ||
| 95 | + | (iv) The Chief Investment Officer’s compensation may not be 33 | |
| 96 | + | adjusted in accordance with cost–of–living adjustments and merit increases available to 34 | |
| 97 | + | State employees. 35 HOUSE BILL 1028 3 | |
| 97 | 98 | ||
| 98 | 99 | ||
| 99 | - | (b) (1) In making RECOMMENDATIONS , determinations, and appointments 1 | |
| 100 | - | under this section, the Executive Director and the [Investment] BOARD OF TRUSTEES, 2 | |
| 101 | - | EXECUTIVE DIRECTOR, INVESTMENT COMMITTEE, AND COMPENSATION AND 3 | |
| 102 | - | STAFFING Committee shall consider the comparative qualifications, compensation, and 4 | |
| 103 | - | leave of employees serving in similar positions and discharging similar duties at 5 | |
| 104 | - | comparable public pension funds. 6 | |
| 105 | 100 | ||
| 106 | - | (2) (i) 1. The Board of Trustees shall adopt objective criteria for 7 | |
| 107 | - | setting the qualifications and compensation of the Chief Investment Officer. 8 | |
| 101 | + | (d) (1) (i) 1. On the recommendation of the [Investment] 1 | |
| 102 | + | COMPENSATION AND STAFFING Committee, the Board of Trustees shall establish 2 | |
| 103 | + | objective criteria for awarding financial incentives to the Chief Investment Officer. 3 | |
| 108 | 104 | ||
| 109 | - | 2. The Board shall consider the recommendations of the | |
| 110 | - | [Objective Criteria] COMPENSATION AND STAFFING Committee under § 21–122(g) of | |
| 111 | - | this subtitle before adopting objective criteria for | |
| 105 | + | 2. The Board shall consider the recommendations of the 4 | |
| 106 | + | [Objective Criteria] COMPENSATION AND STAFFING Committee under § 21–122(g) of 5 | |
| 107 | + | this subtitle before adopting objective criteria for awarding financial incentives. 6 | |
| 112 | 108 | ||
| 113 | - | (ii) The criteria adopted under subparagraph (i) of this paragraph 12 | |
| 114 | - | shall include objective benchmarks of investment performance that shall be met or 13 | |
| 115 | - | exceeded for the Chief Investment Officer to be eligible for an increase in compensation. 14 | |
| 109 | + | 21–122. 7 | |
| 116 | 110 | ||
| 117 | - | (iii) The Board may not grant any increases in compensation to the 15 | |
| 118 | - | Chief Investment Officer in a fiscal year in which State employees are subject to a furlough. 16 | |
| 111 | + | (a) (1) There is an Investment Division in the State Retirement Agency. 8 | |
| 119 | 112 | ||
| 120 | - | ( | |
| 121 | - | ||
| 122 | - | ||
| 113 | + | (2) Subject to subsection (f) of this section, the Board of Trustees shall 9 | |
| 114 | + | determine the qualifications and compensation for positions within the Investment 10 | |
| 115 | + | Division. 11 | |
| 123 | 116 | ||
| 124 | - | (c) (1) In addition to the Board of Trustees setting the compensation of the Chief 20 | |
| 125 | - | Investment Officer under subsection (a) of this section, the Board of Trustees may also award 21 | |
| 126 | - | financial incentives to the Chief Investment Officer in accordance with this subsection and 22 | |
| 127 | - | subsection (d) of this section. 23 | |
| 117 | + | (3) The Board of Trustees: 12 | |
| 128 | 118 | ||
| 129 | - | (2) (i) Any financial incentives paid shall be paid over multiple fiscal 24 | |
| 130 | - | years in equal installments. 25 | |
| 119 | + | (i) may determine and create the type and number of positions 13 | |
| 120 | + | necessary for carrying out the professional investment functions of the Investment 14 | |
| 121 | + | Division; and 15 | |
| 131 | 122 | ||
| 132 | - | (ii) The dates on which financial incentives awarded under this 26 | |
| 133 | - | section shall be paid shall be set by the Board of Trustees at the time the financial incentives 27 | |
| 134 | - | are determined. 28 | |
| 123 | + | (ii) shall adopt objective criteria to be followed when exercising its 16 | |
| 124 | + | authority under item (i) of this paragraph and paragraph (2) of this subsection. 17 | |
| 135 | 125 | ||
| 136 | - | ( | |
| 137 | - | ||
| 126 | + | (f) (1) (i) 1. The Board of Trustees shall adopt objective criteria for 18 | |
| 127 | + | setting the qualifications and compensation of positions under subsection (a) of this section. 19 | |
| 138 | 128 | ||
| 139 | - | (3) (i) Except as provided in subparagraph (ii) of this paragraph, if the 31 | |
| 140 | - | Chief Investment Officer separates from employment, the Board of Trustees may not pay out 32 | |
| 141 | - | any remaining financial incentives due to be paid after the date of separation from 33 | |
| 142 | - | employment. 34 | |
| 129 | + | 2. The Board shall consider the recommendations of the 20 | |
| 130 | + | [Objective Criteria] COMPENSATION AND STAFFING Committee under subsection (g) of 21 | |
| 131 | + | this section before adopting objective criteria for setting compensation. 22 | |
| 132 | + | ||
| 133 | + | (ii) The criteria adopted under subparagraph (i) of this paragraph 23 | |
| 134 | + | shall include: 24 | |
| 135 | + | ||
| 136 | + | 1. consideration of the comparative qualifications and 25 | |
| 137 | + | compensation of employees serving in similar positions and discharging similar duties at 26 | |
| 138 | + | comparable public pension funds; 27 | |
| 139 | + | ||
| 140 | + | 2. limitations on the amount by which the compensation for 28 | |
| 141 | + | a position may be increased each fiscal year, not to exceed 10%; and 29 | |
| 142 | + | ||
| 143 | + | 3. objective benchmarks of investment performance that 30 | |
| 144 | + | shall be met or exceeded by an individual to be eligible for an increase in compensation. 31 | |
| 143 | 145 | 4 HOUSE BILL 1028 | |
| 144 | 146 | ||
| 145 | 147 | ||
| 146 | - | (ii) The Board of Trustees may pa y any remaining [earned] 1 | |
| 147 | - | AWARDED financial incentives after the date of separation from employment if the Chief 2 | |
| 148 | - | Investment Officer retires directly from the Investment Division on or within 30 days after 3 | |
| 149 | - | the date of separation from employment. 4 | |
| 148 | + | (iii) The Board of Trustees may not grant any increases in 1 | |
| 149 | + | compensation in a fiscal year in which State employees are subject to a furlough. 2 | |
| 150 | 150 | ||
| 151 | - | (4) (i) The Board of Trustees may not pay financial incentives in a fiscal 5 | |
| 152 | - | year in which State employees are subject to a furlough. 6 | |
| 151 | + | (iv) For positions that do not involve discretion over 3 | |
| 152 | + | investment–related decisions, the Board of Trustees may not set compensation that exceeds 4 | |
| 153 | + | compensation for providing comparable services in other State employment. 5 | |
| 153 | 154 | ||
| 154 | - | ( | |
| 155 | - | ||
| 156 | - | ||
| 155 | + | (v) Except for positions under subparagraph (iv) of this paragraph, 6 | |
| 156 | + | the compensation of an employee may not be adjusted in accordance with cost–of–living 7 | |
| 157 | + | adjustments and merit increases available to State employees. 8 | |
| 157 | 158 | ||
| 158 | - | 1. after the furlough period has ended; and 10 | |
| 159 | + | (VI) BASED ON THE RECOMMEN DATIONS OF THE 9 | |
| 160 | + | COMPENSATION AND STAFFING COMMITTEE UNDER SUBSE CTION (G) OF THIS 10 | |
| 161 | + | SECTION, THE BOARD OF TRUSTEES SHALL APPROV E: 11 | |
| 159 | 162 | ||
| 160 | - | | |
| 161 | - | ||
| 163 | + | 1. THE TYPE AND NUMBER OF POSITIONS IN THE 12 | |
| 164 | + | INVESTMENT DIVISION; 13 | |
| 162 | 165 | ||
| 163 | - | (III) AFTER A FURLOUGH PERI OD HAS ENDED, THE BOARD OF 13 | |
| 164 | - | TRUSTEES SHALL PAY OU T ANY REMAINING AWAR DED FINANCIAL INCENT IVES NOT 14 | |
| 165 | - | PAID TO THE CHIEF INVESTMENT OFFICER IN ACCORDANCE WITH SUBPARAGRAPH 15 | |
| 166 | - | (I) OF THIS PARAGRAPH IF : 16 | |
| 166 | + | 2. THE QUALIFICATIONS F OR EACH POSI TION IN THE 14 | |
| 167 | + | INVESTMENT DIVISION, AS APPROVED UNDER IT EM 1 OF THIS SUBPARAGRAPH ; AND 15 | |
| 167 | 168 | ||
| 168 | - | 1. THE CHIEF INVESTMENT OFFICER SEPARATES FRO M 17 | |
| 169 | - | EMPLOYMENT WITH THE INVESTMENT DIVISION DURING THE F URLOUGH PERIOD ; 18 | |
| 170 | - | AND 19 | |
| 169 | + | 3. ANY COMPENSATION AND FINANCIAL INCENTIVES 16 | |
| 170 | + | FOR THE CHIEF INVESTMENT OFFICER AND INVESTMENT DIVISION STAFF, 17 | |
| 171 | + | INCLUDING SALARY INC REASES OR DECREASES RECOMMENDED FOR TH E CHIEF 18 | |
| 172 | + | INVESTMENT OFFICER AND EMPLOYEES OF THE INVESTMENT DIVISION. 19 | |
| 171 | 173 | ||
| 172 | - | 2. AFTER THE DATE OF SE PARATION FROM 20 | |
| 173 | - | EMPLOYMENT , THE CHIEF INVESTMENT OFFICER RETIRES DIREC TLY FROM THE 21 | |
| 174 | - | INVESTMENT DIVISION OR WITHIN 30 DAYS AFTER THE DATE OF SEPARATION FROM 22 | |
| 175 | - | EMPLOYMENT . 23 | |
| 174 | + | (2) (i) 1. The Board of Trustees shall adopt objective criteria for 20 | |
| 175 | + | awarding financial incentives under subsection (a) of this section. 21 | |
| 176 | 176 | ||
| 177 | - | | |
| 178 | - | COMPENSATION AND STAFFING Committee | |
| 179 | - | objective criteria for awarding financial incentives | |
| 177 | + | 2. The Board shall consider the recommendations of the 22 | |
| 178 | + | [Objective Criteria] COMPENSATION AND STAFFING Committee under subsection (g) of 23 | |
| 179 | + | this section before adopting objective criteria for awarding financial incentives. 24 | |
| 180 | 180 | ||
| 181 | - | 2. The Board shall consider the recommendations of the 27 | |
| 182 | - | [Objective Criteria] COMPENSATION AND STAFFING Committee under § 21–122(g) of 28 | |
| 183 | - | this subtitle before adopting objective criteria for awarding financial incentives. 29 | |
| 181 | + | (ii) Financial incentives may only be awarded based on the objective 25 | |
| 182 | + | criteria adopted in accordance with subparagraph (i) of this paragraph. 26 | |
| 184 | 183 | ||
| 185 | - | 21–122. 30 | |
| 184 | + | (iii) The criteria adopted under subparagraph (i) of this paragraph 27 | |
| 185 | + | shall include: 28 | |
| 186 | 186 | ||
| 187 | - | (a) (1) There is an Investment Division in the State Retirement Agency. 31 | |
| 188 | - | HOUSE BILL 1028 5 | |
| 187 | + | 1. limitations on the amount of financial incentives for a 29 | |
| 188 | + | position in a fiscal year, not to exceed 33% of a position’s compensation, exclusive of 30 | |
| 189 | + | financial incentives; and 31 | |
| 190 | + | ||
| 191 | + | 2. objective benchmarks of investment performance that 32 | |
| 192 | + | shall be met or exceeded by an individual to be eligible for financial incentives, including 33 HOUSE BILL 1028 5 | |
| 189 | 193 | ||
| 190 | 194 | ||
| 191 | - | (2) Subject to subsection (f) of this section, the Board of Trustees shall 1 | |
| 192 | - | determine the qualifications and compensation for positions within the Investment 2 | |
| 193 | - | Division. 3 | |
| 195 | + | benchmarks for the asset class in which investments are under the direction of the 1 | |
| 196 | + | individual. 2 | |
| 194 | 197 | ||
| 195 | - | (3) The Board of Trustees: 4 | |
| 198 | + | (iv) 1. Any financial incentives paid shall be paid over multiple 3 | |
| 199 | + | fiscal years in equal installments. 4 | |
| 196 | 200 | ||
| 197 | - | | |
| 198 | - | ||
| 199 | - | ||
| 201 | + | 2. The dates on which financial incentives awarded under 5 | |
| 202 | + | this section shall be paid shall be set by the Board of Trustees at the time the financial 6 | |
| 203 | + | incentives are determined. 7 | |
| 200 | 204 | ||
| 201 | - | | |
| 202 | - | ||
| 205 | + | 3. The dates set under subsubparagraph 2 of this 8 | |
| 206 | + | subparagraph may not be changed after being set. 9 | |
| 203 | 207 | ||
| 204 | - | (f) (1) (i) 1. The Board of Trustees shall adopt objective criteria for 10 | |
| 205 | - | setting the qualifications and compensation of positions under subsection (a) of this section. 11 | |
| 208 | + | (v) Except as provided in subparagraph (vi) of this paragraph, if an 10 | |
| 209 | + | individual who has earned financial incentives separates from employment in the 11 | |
| 210 | + | Investment Division, the Board of Trustees may not pay out any remaining financial 12 | |
| 211 | + | incentives due to be paid after the date of separation from employment. 13 | |
| 206 | 212 | ||
| 207 | - | | |
| 208 | - | ||
| 209 | - | ||
| 213 | + | (vi) The Board of Trustees may pay any remaining earned financial 14 | |
| 214 | + | incentives after the date of separation from employment if the individual retires directly 15 | |
| 215 | + | from the Investment Division on or 30 days after the date of separation. 16 | |
| 210 | 216 | ||
| 211 | - | ( | |
| 212 | - | ||
| 217 | + | (vii) The Board of Trustees may not award financial incentives for 17 | |
| 218 | + | positions that do not involve discretion over investment–related decisions. 18 | |
| 213 | 219 | ||
| 214 | - | 1. consideration of the comparative qualifications and 17 | |
| 215 | - | compensation of employees serving in similar positions and discharging similar duties at 18 | |
| 216 | - | comparable public pension funds; 19 | |
| 220 | + | (viii) 1. The Board of Trustees may not pay out financial 19 | |
| 221 | + | incentives in a fiscal year in which State employees are subject to a furlough. 20 | |
| 217 | 222 | ||
| 218 | - | 2. limitations on the amount by which the compensation for 20 | |
| 219 | - | a position may be increased each fiscal year, not to exceed 10%; and 21 | |
| 223 | + | 2. The Board of Trustees shall pay out any financial 21 | |
| 224 | + | incentives not paid to an individual in accordance with subsubparagraph 1 of this 22 | |
| 225 | + | subparagraph only: 23 | |
| 220 | 226 | ||
| 221 | - | 3. objective benchmarks of investment performance that 22 | |
| 222 | - | shall be met or exceeded by an individual to be eligible for an increase in compensation. 23 | |
| 227 | + | A. after the furlough period has ended; and 24 | |
| 223 | 228 | ||
| 224 | - | | |
| 225 | - | ||
| 229 | + | B. if the individual is currently employed in the Investment 25 | |
| 230 | + | Division. 26 | |
| 226 | 231 | ||
| 227 | - | (iv) For positions that do not involve discretion over 26 | |
| 228 | - | investment–related decisions, the Board of Trustees may not set compensation that exceeds 27 | |
| 229 | - | compensation for providing comparable services in other State employment. 28 | |
| 232 | + | (3) (i) On or before October 1 each year, the Board of Trustees shall 27 | |
| 233 | + | submit to the Senate Budget and Taxation Committee, the House Appropriations 28 | |
| 234 | + | Committee, and the Joint Committee on Pensions, in accordance with § 2–1257 of the State 29 | |
| 235 | + | Government Article, a copy of the most recent criteria adopted under this subsection, 30 | |
| 236 | + | INCLUDING ANY CHANGE S TO COMPENSATION AN D INCENTIVES FOR THE CHIEF 31 | |
| 237 | + | INVESTMENT OFFICER AND INVESTMENT DIVISION STAFF. 32 | |
| 230 | 238 | ||
| 231 | - | (v) Except for positions under subparagraph (iv) of this paragraph, 29 | |
| 232 | - | the compensation of an employee may not be adjusted in accordance with cost–of–living 30 | |
| 233 | - | adjustments and merit increases available to State employees. 31 | |
| 234 | - | 6 HOUSE BILL 1028 | |
| 239 | + | (ii) In addition to the report required under subparagraph (i) of this 33 | |
| 240 | + | paragraph, the Board of Trustees shall submit, within 30 days of adoption by the Board of 34 | |
| 241 | + | Trustees, a copy of any changes adopted to the criteria established under this subsection to 35 6 HOUSE BILL 1028 | |
| 235 | 242 | ||
| 236 | 243 | ||
| 237 | - | (VI) BASED ON THE RECOMMEN DATIONS OF THE 1 | |
| 238 | - | COMPENSATION AND STAFFING COMMITTEE UNDER SUBSE CTION (G) OF THIS 2 | |
| 239 | - | SECTION, THE BOARD OF TRUSTEES SHALL APPROV E: 3 | |
| 244 | + | the Senate Budget and Taxation Committee, the House Appropriations Committee, and the 1 | |
| 245 | + | Joint Committee on Pensions, in accordance with § 2–1257 of the State Government Article. 2 | |
| 240 | 246 | ||
| 241 | - | 1. THE TYPE AND NUMBER OF POSITIONS IN THE 4 | |
| 242 | - | INVESTMENT DIVISION; 5 | |
| 247 | + | (4) On or before October 1, January 1, March 1, and July 1 each year, the 3 | |
| 248 | + | Board of Trustees shall submit to the Senate Budget and Taxation Committee, the House 4 | |
| 249 | + | Appropriations Committee, and the Joint Committee on Pensions, in accordance with § 5 | |
| 250 | + | 2–1257 of the State Government Article, a report on system investment returns for the 6 | |
| 251 | + | preceding fiscal quarter, including: 7 | |
| 243 | 252 | ||
| 244 | - | | |
| 245 | - | ||
| 253 | + | (i) investment performance by asset class, including performance 8 | |
| 254 | + | relative to asset class benchmarks; and 9 | |
| 246 | 255 | ||
| 247 | - | 3. ANY COMPENSATION AND FINANCIAL INCENTIVES 8 | |
| 248 | - | FOR THE CHIEF INVESTMENT OFFICER AND INVESTMENT DIVISION STAFF, 9 | |
| 249 | - | INCLUDING SALARY INC REASES OR DECREASES RECOMMENDED FOR THE CHIEF 10 | |
| 250 | - | INVESTMENT OFFICER AND EMPLOYEES OF THE INVESTMENT DIVISION; AND 11 | |
| 256 | + | (ii) investment performance of assets under the direction of each 10 | |
| 257 | + | Investment Division employee. 11 | |
| 251 | 258 | ||
| 252 | - | 4. IN ACCORDANCE WITH § 21–118.1 OF THIS SUBTITLE , 12 | |
| 253 | - | ANY COMPENSATION AND FINANCIAL INCENTIVES FOR THE CHIEF INVESTMENT 13 | |
| 254 | - | OFFICER, INCLUDING SALARY INC REASES OR DECREASES RECOMMENDED FOR THE 14 | |
| 255 | - | CHIEF INVESTMENT OFFICER. 15 | |
| 259 | + | (g) (1) There is [an Objective Criteria] A COMPENSATION AND STAFFING 12 | |
| 260 | + | Committee of the Board of Trustees. 13 | |
| 256 | 261 | ||
| 257 | - | (2) (i) | |
| 258 | - | ||
| 262 | + | (2) (I) The [Committee consists of the] following members SHALL BE 14 | |
| 263 | + | INCLUDED ON THE COMMITTEE: 15 | |
| 259 | 264 | ||
| 260 | - | 2. The Board shall consider the recommendations of the 18 | |
| 261 | - | [Objective Criteria] COMPENSATION AND STAFFING Committee under subsection (g) of 19 | |
| 262 | - | this section before adopting objective criteria for awarding financial incentives. 20 | |
| 265 | + | [(i) one member of the Senate of Maryland serving on the Joint 16 | |
| 266 | + | Committee on Pensions, appointed by the President of the Senate; 17 | |
| 263 | 267 | ||
| 264 | - | (ii) | |
| 265 | - | ||
| 268 | + | (ii) one member of the House of Delegates serving on the Joint 18 | |
| 269 | + | Committee on Pensions, appointed by the Speaker of the House; 19 | |
| 266 | 270 | ||
| 267 | - | (iii) The criteria adopted under subparagraph (i) of this paragraph 23 | |
| 268 | - | shall include: 24 | |
| 271 | + | (iii) the State Treasurer or the State Treasurer’s designee; 20 | |
| 269 | 272 | ||
| 270 | - | 1. limitations on the amount of financial incentives for a 25 | |
| 271 | - | position in a fiscal year, not to exceed 33% of a position’s compensation, exclusive of 26 | |
| 272 | - | financial incentives; and 27 | |
| 273 | + | (iv)] 1. the Secretary of Budget and Management or the 21 | |
| 274 | + | Secretary’s designee; 22 | |
| 273 | 275 | ||
| 274 | - | 2. objective benchmarks of investment performance that 28 | |
| 275 | - | shall be met or exceeded by an individual to be eligible for financial incentives, including 29 | |
| 276 | - | benchmarks for the asset class in which investments are under the direction of the 30 | |
| 277 | - | individual. 31 | |
| 276 | + | [(v)] 2. one [member] OR MORE MEMBERS of the Board of 23 | |
| 277 | + | Trustees under § 21–104(a)(4)(i), (ii), (iii), (iv), or (v) of this subtitle, appointed by the 24 | |
| 278 | + | Chairman of the Board of Trustees; AND 25 | |
| 278 | 279 | ||
| 279 | - | (iv) 1. Any financial incentives paid shall be paid over multiple 32 | |
| 280 | - | fiscal years in equal installments. 33 | |
| 280 | + | [(vi)] 3. one [member] OR MORE MEMBERS of the Board of 26 | |
| 281 | + | Trustees under § 21–104(a)(4)(viii) of this subtitle, appointed by the Chairman of the Board 27 | |
| 282 | + | of Trustees[; and 28 | |
| 283 | + | ||
| 284 | + | (vii) a member of the public with financial industry experience, 29 | |
| 285 | + | appointed jointly by the presiding officers of the General Assembly]. 30 | |
| 286 | + | ||
| 287 | + | (II) THE FOLLOWING MEMBERS MAY BE APPOINTED TO THE 31 | |
| 288 | + | COMMITTEE BY THE CHAIRMAN OF THE BOARD OF TRUSTEES: 32 | |
| 281 | 289 | HOUSE BILL 1028 7 | |
| 282 | 290 | ||
| 283 | 291 | ||
| 284 | - | 2. The dates on which financial incentives awarded under 1 | |
| 285 | - | this section shall be paid shall be set by the Board of Trustees at the time the financial 2 | |
| 286 | - | incentives are determined. 3 | |
| 292 | + | 1. THE STATE TREASURER, OR THE STATE 1 | |
| 293 | + | TREASURER’S DESIGNEE; AND 2 | |
| 287 | 294 | ||
| 288 | - | | |
| 289 | - | ||
| 295 | + | 2. THE COMPTROLLER , OR THE COMPTROLLER ’S 3 | |
| 296 | + | DESIGNEE. 4 | |
| 290 | 297 | ||
| 291 | - | (v) Except as provided in subparagraph (vi) of this paragraph, if an 6 | |
| 292 | - | individual who has earned BEEN AWARDED financial incentives separates from 7 | |
| 293 | - | employment in the Investment Division, the Board of Trustees may not pay out any 8 | |
| 294 | - | remaining financial incentives due to be paid after the date of separation from employment. 9 | |
| 298 | + | (3) (i) The Chairman of the Board of Trustees shall appoint the Chair 5 | |
| 299 | + | of the Committee. 6 | |
| 295 | 300 | ||
| 296 | - | (vi) The Board of Trustees may pay any remaining earned AWARDED 10 | |
| 297 | - | financial incentives after the date of separation from employment if the individual retires 11 | |
| 298 | - | directly from the Investment Division on or 30 days after the date of separation. 12 | |
| 301 | + | (ii) The Chairman of the Board of Trustees may not serve as the 7 | |
| 302 | + | Chair of the Committee. 8 | |
| 299 | 303 | ||
| 300 | - | (vii) The Board of Trustees may not award financial incentives for 13 | |
| 301 | - | positions that do not involve discretion over investment–related decisions. 14 | |
| 304 | + | (4) [On or before December 31, 2018, and at least once every 5 years 9 | |
| 305 | + | thereafter, the] THE Committee shall make recommendations to the Board of Trustees 10 | |
| 306 | + | regarding: 11 | |
| 302 | 307 | ||
| 303 | - | ( | |
| 304 | - | incentives | |
| 308 | + | (i) objective criteria under § 21–118.1(b)(2) and (d) of this subtitle 12 | |
| 309 | + | for the compensation and financial incentives for the Chief Investment Officer; and 13 | |
| 305 | 310 | ||
| 306 | - | 2. The EXCEPT AS PROVIDED IN SUBSUBPARAGRAPH 3 17 | |
| 307 | - | OF THIS SUBPARAGRAPH , THE Board of Trustees shall pay out any financial incentives 18 | |
| 308 | - | not paid to an individual in accordance with subsubparagraph 1 of this subparagraph only: 19 | |
| 311 | + | (ii) objective criteria under subsections (a) and (f) of this section for 14 | |
| 312 | + | the compensation and financial incentives for the positions in the Investment Division. 15 | |
| 309 | 313 | ||
| 310 | - | A. after the furlough period has ended; and 20 | |
| 314 | + | (5) (i) The Board of Trustees shall enter into an agreement with a 16 | |
| 315 | + | consultant to assist the Committee AND THE BOARD regarding objective criteria under 17 | |
| 316 | + | this subsection AND THE BOARD’S RESPONSIBILITIES F OR COMPENSATION AND 18 | |
| 317 | + | STAFFING. 19 | |
| 311 | 318 | ||
| 312 | - | B. if the individual is currently employed in the Investment 21 | |
| 313 | - | Division. 22 | |
| 319 | + | (ii) The Board of Trustees may not enter into an agreement with a 20 | |
| 320 | + | consultant under subparagraph (i) of this paragraph if that consultant is actively providing 21 | |
| 321 | + | consulting services for the Board of Trustees [and] OR the staff of the Investment Division. 22 | |
| 314 | 322 | ||
| 315 | - | 3. AFTER A FURLOUGH PERI OD HAS ENDED , THE BOARD 23 | |
| 316 | - | OF TRUSTEES SHALL PAY OUT ANY REMAININ G AWARDED FINANCIAL INCENTIVES 24 | |
| 317 | - | NOT PAID TO AN INDIV IDUAL IN ACCORDANCE WITH SUBSUBPARAGRAPH 1 OF THIS 25 | |
| 318 | - | SUBPARAGRAPH IF : 26 | |
| 323 | + | (III) THE CHIEF INVESTMENT OFFICER MAY NOT SEPAR ATELY 23 | |
| 324 | + | RETAIN THE CONSULTAN T HIRED UND ER SUBPARAGRAPH (I) OF THIS PARAGRAPH 24 | |
| 325 | + | FOR ANY SERVICES . 25 | |
| 319 | 326 | ||
| 320 | - | A. THE INDIVIDUAL SEPAR ATES FROM EMPLOYMENT 27 | |
| 321 | - | WITH THE INVESTMENT DIVISION DURING THE F URLOUGH PERIOD ; AND 28 | |
| 327 | + | (6) (i) The [Chief Investment Officer] EXECUTIVE DIRECTOR shall 26 | |
| 328 | + | serve in an advisory capacity to the Committee REGARDING COMPENSATI ON AND 27 | |
| 329 | + | INCENTIVE COMPENSATI ON FOR THE CHIEF INVESTMENT OFFICER AND 28 | |
| 330 | + | INVESTMENT DIVISION STAFF. 29 | |
| 322 | 331 | ||
| 323 | - | B. AFTER THE DATE OF SE PARATION FROM 29 | |
| 324 | - | EMPLOYMENT , THE INDIVIDUAL RETIR ES DIRECTLY FROM THE INVESTMENT 30 | |
| 325 | - | DIVISION OR WITHIN 30 DAYS AFTER THE DATE OF SEPARATION FROM E MPLOYMENT . 31 | |
| 326 | - | ||
| 327 | - | (3) (i) On or before October 1 each year, the Board of Trustees shall 32 | |
| 328 | - | submit to the Senate Budget and Taxation Committee, the House Appropriations 33 | |
| 329 | - | Committee, and the Joint Committee on Pensions, in accordance with § 2–1257 of the State 34 8 HOUSE BILL 1028 | |
| 332 | + | (ii) The Chief Investment Officer may not participate in any 30 | |
| 333 | + | deliberations regarding the criteria for compensation and financial incentives for the Chief 31 | |
| 334 | + | Investment Officer OR INVESTMENT DIVISION STAFF. 32 | |
| 335 | + | 8 HOUSE BILL 1028 | |
| 330 | 336 | ||
| 331 | 337 | ||
| 332 | - | ||
| 333 | - | ||
| 334 | - | ||
| 338 | + | (III) THE CHIEF INVESTMENT OFFICER SHALL SERVE I N AN 1 | |
| 339 | + | ADVISORY CAPACITY RE GARDING THE TYPE OF , NUMBER OF, AND QUALIFICATIONS 2 | |
| 340 | + | FOR POSITIONS IN THE INVESTMENT DIVISION. 3 | |
| 335 | 341 | ||
| 336 | - | (ii) In addition to the report required under subparagraph (i) of this 4 | |
| 337 | - | paragraph, the Board of Trustees shall submit, within 30 days of adoption by the Board of 5 | |
| 338 | - | Trustees, a copy of any changes adopted to the criteria established under this subsection to 6 | |
| 339 | - | the Senate Budget and Taxation Committee, the House Appropriations Committee, and the 7 | |
| 340 | - | Joint Committee on Pensions, in accordance with § 2–1257 of the State Government Article. 8 | |
| 341 | - | ||
| 342 | - | (4) On or before October 1, January 1, March 1, and July 1 each year, the 9 | |
| 343 | - | Board of Trustees shall submit to the Senate Budget and Taxation Committee, the House 10 | |
| 344 | - | Appropriations Committee, and the Joint Committee on Pensions, in accordance with § 11 | |
| 345 | - | 2–1257 of the State Government Article, a report on system investment returns for the 12 | |
| 346 | - | preceding fiscal quarter, including: 13 | |
| 347 | - | ||
| 348 | - | (i) investment performance by asset class, including performance 14 | |
| 349 | - | relative to asset class benchmarks; and 15 | |
| 350 | - | ||
| 351 | - | (ii) investment performance of assets under the direction of each 16 | |
| 352 | - | Investment Division employee. 17 | |
| 353 | - | ||
| 354 | - | (g) (1) There is [an Objective Criteria] A COMPENSATION AND STAFFING 18 | |
| 355 | - | Committee of the Board of Trustees. 19 | |
| 356 | - | ||
| 357 | - | (2) (I) The [Committee consists of the] following members SHALL BE 20 | |
| 358 | - | INCLUDED ON THE COMMITTEE: 21 | |
| 359 | - | ||
| 360 | - | [(i) one member of the Senate of Maryland serving on the Joint 22 | |
| 361 | - | Committee on Pensions, appointed by the President of the Senate; 23 | |
| 362 | - | ||
| 363 | - | (ii) one member of the House of Delegates serving on the Joint 24 | |
| 364 | - | Committee on Pensions, appointed by the Speaker of the House; 25 | |
| 365 | - | ||
| 366 | - | (iii) the State Treasurer or the State Treasurer’s designee; 26 | |
| 367 | - | ||
| 368 | - | (iv)] 1. the Secretary of Budget and Management or the 27 | |
| 369 | - | Secretary’s designee; 28 | |
| 370 | - | ||
| 371 | - | [(v)] 2. one [member] OR MORE MEMBERS of the Board of 29 | |
| 372 | - | Trustees under § 21–104(a)(4)(i), (ii), (iii), (iv), or (v) of this subtitle, appointed by the 30 | |
| 373 | - | Chairman of the Board of Trustees; AND 31 | |
| 374 | - | ||
| 375 | - | 3. ONE OR MORE MEMBERS OF THE BOARD OF TRUSTEES 32 | |
| 376 | - | UNDER § 21–104(A)(4)(VI) OR (VII) OF THIS SUBTITLE , APPOINTED BY THE 33 | |
| 377 | - | CHAIRMAN OF THE BOARD OF TRUSTEES; AND 34 HOUSE BILL 1028 9 | |
| 378 | - | ||
| 379 | - | ||
| 380 | - | ||
| 381 | - | [(vi)] 3. 4. one [member] OR MORE MEMBERS of the Board of 1 | |
| 382 | - | Trustees under § 21–104(a)(4)(viii) of this subtitle, appointed by the Chairman of the Board 2 | |
| 383 | - | of Trustees[; and 3 | |
| 384 | - | ||
| 385 | - | (vii) a member of the public with financial industry experience, 4 | |
| 386 | - | appointed jointly by the presiding officers of the General Assembly]. 5 | |
| 387 | - | ||
| 388 | - | (II) THE FOLLOWING MEMBERS MAY BE APPOINTED TO THE 6 | |
| 389 | - | COMMITTEE BY THE CHAIRMAN OF THE BOARD OF TRUSTEES: 7 | |
| 390 | - | ||
| 391 | - | 1. THE STATE TREASURER, OR THE STATE 8 | |
| 392 | - | TREASURER’S DESIGNEE; AND 9 | |
| 393 | - | ||
| 394 | - | 2. THE COMPTROLLER , OR THE COMPTROLLER ’S 10 | |
| 395 | - | DESIGNEE. 11 | |
| 396 | - | ||
| 397 | - | (3) (i) The Chairman of the Board of Trustees shall appoint the Chair 12 | |
| 398 | - | of the Committee. 13 | |
| 399 | - | ||
| 400 | - | (ii) The Chairman of the Board of Trustees may not serve as the 14 | |
| 401 | - | Chair of the Committee. 15 | |
| 402 | - | ||
| 403 | - | (4) [On or before December 31, 2018, and at least once every 5 years 16 | |
| 404 | - | thereafter, the] THE Committee shall make recommendations to the Board of Trustees 17 | |
| 405 | - | regarding: 18 | |
| 406 | - | ||
| 407 | - | (i) objective criteria under § 21–118.1(b)(2) and (d) of this subtitle 19 | |
| 408 | - | for the compensation and financial incentives for the Chief Investment Officer; and 20 | |
| 409 | - | ||
| 410 | - | (ii) objective criteria under subsections (a) and (f) of this section for 21 | |
| 411 | - | the compensation and financial incentives for the positions in the Investment Division. 22 | |
| 412 | - | ||
| 413 | - | (5) (i) The Board of Trustees shall enter into an agreement with a 23 | |
| 414 | - | consultant to assist the Committee AND THE BOARD regarding objective criteria under 24 | |
| 415 | - | this subsection AND THE BOARD’S RESPONSIBILITIES F OR COMPENSATION AND 25 | |
| 416 | - | STAFFING. 26 | |
| 417 | - | ||
| 418 | - | (ii) 1. The EXCEPT AS PROVIDED IN SUBSUBPARAGRAPH 2 27 | |
| 419 | - | OF THIS SUBPARAGRAPH , THE Board of Trustees may not enter into an agreement with 28 | |
| 420 | - | a consultant under subparagraph (i) of this paragraph if that consultant is actively 29 | |
| 421 | - | providing consulting services for the Board of Trustees [and] OR the staff of the Investment 30 | |
| 422 | - | Division. 31 | |
| 423 | - | 10 HOUSE BILL 1028 | |
| 424 | - | ||
| 425 | - | ||
| 426 | - | 2. THE BOARD OF TRUSTEES MAY ENTER IN TO AN 1 | |
| 427 | - | AGREEMENT WITH A CONSULTANT SE LECTED UNDER SUBPARA GRAPH (I) OF THIS 2 | |
| 428 | - | PARAGRAPH TO PROVIDE EXECUTIVE SEARCH SER VICES FOR THE BOARD OF 3 | |
| 429 | - | TRUSTEES OR THE EXECUTIVE DIRECTOR. 4 | |
| 430 | - | ||
| 431 | - | (III) THE CHIEF INVESTMENT OFFICER MAY NOT SEPAR ATELY 5 | |
| 432 | - | RETAIN THE CONSULTAN T HIRED UNDER SUBPA RAGRAPH (I) OF THIS PARAGRAPH 6 | |
| 433 | - | FOR ANY SERVICES . 7 | |
| 434 | - | ||
| 435 | - | (6) (i) The [Chief Investment Officer] EXECUTIVE DIRECTOR shall 8 | |
| 436 | - | serve in an advisory capacity to the Committee REGARDING COMPENSATI ON AND 9 | |
| 437 | - | INCENTIVE COMPENSATI ON FOR THE CHIEF INVESTMENT OFFICER AND 10 | |
| 438 | - | INVESTMENT DIVISION STAFF. 11 | |
| 439 | - | ||
| 440 | - | (ii) The Chief Investment Officer may not participate in any 12 | |
| 441 | - | deliberations regarding the criteria for compensation and financial incentives for the Chief 13 | |
| 442 | - | Investment Officer OR INVESTMENT DIVISION STAFF. 14 | |
| 443 | - | ||
| 444 | - | (III) THE CHIEF INVESTMENT OFFICER SHALL SERVE I N AN 15 | |
| 445 | - | ADVISORY CAPACITY RE GARDING THE TYPE OF , NUMBER OF, AND QUALIFICATIONS 16 | |
| 446 | - | FOR POSITIONS IN THE INVESTMENT DIVISION. 17 | |
| 447 | - | ||
| 448 | - | SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall take effect July 18 | |
| 449 | - | 1, 2025. 19 | |
| 342 | + | SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall take effect July 4 | |
| 343 | + | 1, 2025. 5 | |
| 450 | 344 | ||
| 451 | 345 | ||
| 452 | 346 | ||
| 453 | 347 | ||
| 454 | 348 | Approved: | |
| 455 | 349 | ________________________________________________________________________________ | |
| 456 | 350 | Governor. | |
| 457 | 351 | ________________________________________________________________________________ | |
| 458 | 352 | Speaker of the House of Delegates. | |
| 459 | 353 | ________________________________________________________________________________ | |
| 460 | 354 | President of the Senate. |