| 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 | - | Underlining indicates amendments to bill. | |
| 6 | - | Strike out indicates matter stricken from the bill by amendment or deleted from the law by | |
| 7 | - | amendment. | |
| 8 | 5 | *sb0692* | |
| 9 | 6 | ||
| 10 | 7 | SENATE BILL 692 | |
| 11 | 8 | P6 5lr2229 | |
| 12 | - | CF | |
| 13 | - | By: Senator | |
| 9 | + | CF 5lr2230 | |
| 10 | + | By: Senator Jackson (Chair, Joint Committee on Pensions) | |
| 14 | 11 | Introduced and read first time: January 26, 2025 | |
| 15 | 12 | Assigned to: Budget and Taxation | |
| 16 | - | Committee Report: Favorable | |
| 17 | - | Senate action: Adopted | |
| 18 | - | Read second time: February 25, 2025 | |
| 19 | 13 | ||
| 20 | - | ||
| 14 | + | A BILL ENTITLED | |
| 21 | 15 | ||
| 22 | 16 | AN ACT concerning 1 | |
| 23 | 17 | ||
| 24 | 18 | State Retirement and Pension System – Alterations and Clarifications 2 | |
| 25 | 19 | ||
| 26 | 20 | FOR the purpose of altering certain due dates of certain reports issued by the State 3 | |
| 27 | 21 | Retirement and Pension System; clarifying the eligibility requirement of State Police 4 | |
| 28 | 22 | Retirement System members in the Deferred Retirement Option Program; and 5 | |
| 29 | 23 | generally relating to the administration of the State Retirement and Pension 6 | |
| 30 | 24 | System. 7 | |
| 31 | 25 | ||
| 32 | 26 | BY repealing and reenacting, with amendments, 8 | |
| 33 | 27 | Article – State Personnel and Pensions 9 | |
| 34 | 28 | Section 21–116(d)(4), 21–123.2(f)(1), and 24–401.1(c) and (d) 10 | |
| 35 | 29 | Annotated Code of Maryland 11 | |
| 36 | 30 | (2024 Replacement Volume and 2024 Supplement) 12 | |
| 37 | 31 | ||
| 38 | 32 | BY repealing and reenacting, without amendments, 13 | |
| 39 | 33 | Article – State Personnel and Pensions 14 | |
| 40 | 34 | Section 24–401.1(a) and (b) 15 | |
| 41 | 35 | Annotated Code of Maryland 16 | |
| 42 | 36 | (2024 Replacement Volume and 2024 Supplement) 17 | |
| 43 | 37 | ||
| 44 | 38 | SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF MARYLAND, 18 | |
| 45 | 39 | That the Laws of Maryland read as follows: 19 | |
| 46 | 40 | ||
| 47 | 41 | Article – State Personnel and Pensions 20 | |
| 48 | - | 2 SENATE BILL 692 | |
| 42 | + | ||
| 43 | + | 21–116. 21 | |
| 44 | + | ||
| 45 | + | (d) (4) On or before [September 1] NOVEMBER 1 each year, the Investment 22 | |
| 46 | + | Committee shall submit a report to the Board of Trustees, the Governor’s Office of Small, 23 2 SENATE BILL 692 | |
| 49 | 47 | ||
| 50 | 48 | ||
| 51 | - | 21–116. 1 | |
| 49 | + | Minority, and Women Business Affairs and, subject to § 2–1257 of the State Government 1 | |
| 50 | + | Article, the General Assembly on: 2 | |
| 52 | 51 | ||
| 53 | - | (d) (4) On or before [September 1] NOVEMBER 1 each year, the Investment 2 | |
| 54 | - | Committee shall submit a report to the Board of Trustees, the Governor’s Office of Small, 3 | |
| 55 | - | Minority, and Women Business Affairs and, subject to § 2–1257 of the State Government 4 | |
| 56 | - | Article, the General Assembly on: 5 | |
| 52 | + | (i) the identity of the minority business enterprise brokerage and 3 | |
| 53 | + | investment management services firms used by the Investment Committee in the 4 | |
| 54 | + | immediately preceding fiscal year; 5 | |
| 57 | 55 | ||
| 58 | - | (i) the identity of the minority business enterprise brokerage and 6 | |
| 59 | - | investment management services firms used by the Investment Committee in the 7 | |
| 60 | - | immediately preceding fiscal year; 8 | |
| 56 | + | (ii) the percentage and dollar value of the assets that are under the 6 | |
| 57 | + | control of the Investment Committee that are under the investment control of minority 7 | |
| 58 | + | business enterprise brokerage and investment management services firms for each 8 | |
| 59 | + | allocated asset class; and 9 | |
| 61 | 60 | ||
| 62 | - | (ii) the percentage and dollar value of the assets that are under the 9 | |
| 63 | - | control of the Investment Committee that are under the investment control of minority 10 | |
| 64 | - | business enterprise brokerage and investment management services firms for each 11 | |
| 65 | - | allocated asset class; and 12 | |
| 61 | + | (iii) the measures the Investment Committee undertook in the 10 | |
| 62 | + | immediately preceding fiscal year in accordance with paragraph (2)(ii) of this subsection. 11 | |
| 66 | 63 | ||
| 67 | - | (iii) the measures the Investment Committee undertook in the 13 | |
| 68 | - | immediately preceding fiscal year in accordance with paragraph (2)(ii) of this subsection. 14 | |
| 64 | + | 21–123.2. 12 | |
| 69 | 65 | ||
| 70 | - | 21–123.2. 15 | |
| 66 | + | (f) (1) On or before [December 1] DECEMBER 31 each year, the Board of 13 | |
| 67 | + | Trustees shall submit a report to the Senate Budget and Taxation Committee, the House 14 | |
| 68 | + | Appropriations Committee, and the Joint Committee on Pensions, in accordance with § 15 | |
| 69 | + | 2–1257 of the State Government Article, and subject to § 4–335 of the General Provisions 16 | |
| 70 | + | Article, that includes a detailed description of: 17 | |
| 71 | 71 | ||
| 72 | - | (f) (1) On or before [December 1] DECEMBER 31 each year, the Board of 16 | |
| 73 | - | Trustees shall submit a report to the Senate Budget and Taxation Committee, the House 17 | |
| 74 | - | Appropriations Committee, and the Joint Committee on Pensions, in accordance with § 18 | |
| 75 | - | 2–1257 of the State Government Article, and subject to § 4–335 of the General Provisions 19 | |
| 76 | - | Article, that includes a detailed description of: 20 | |
| 72 | + | (i) the investments, if any, made under this section; 18 | |
| 77 | 73 | ||
| 78 | - | ( | |
| 74 | + | (ii) the recommendations, if any, made under this section; 19 | |
| 79 | 75 | ||
| 80 | - | (ii) the recommendations, if any, made under this section; 22 | |
| 76 | + | (iii) the actions, if any, taken by the Board of Trustees on the 20 | |
| 77 | + | recommendations made under this section; 21 | |
| 81 | 78 | ||
| 82 | - | ( | |
| 83 | - | ||
| 79 | + | (iv) the investment performance of any investments made under this 22 | |
| 80 | + | section; 23 | |
| 84 | 81 | ||
| 85 | - | ( | |
| 86 | - | section; | |
| 82 | + | (v) to the extent possible, an accounting of the fees and expenses 24 | |
| 83 | + | incurred under this section; and 25 | |
| 87 | 84 | ||
| 88 | - | (v) to the extent possible, an accounting of the fees and expenses 27 | |
| 89 | - | incurred under this section; and 28 | |
| 85 | + | (vi) to the extent possible, the ratio of funds invested in projects 26 | |
| 86 | + | under this section to the total percentage of venture capital funds raised in the State by all 27 | |
| 87 | + | sources. 28 | |
| 90 | 88 | ||
| 91 | - | (vi) to the extent possible, the ratio of funds invested in projects 29 | |
| 92 | - | under this section to the total percentage of venture capital funds raised in the State by all 30 | |
| 93 | - | sources. 31 | |
| 89 | + | 24–401.1. 29 | |
| 94 | 90 | ||
| 95 | - | ||
| 91 | + | (a) (1) In this section the following words have the meanings indicated. 30 | |
| 96 | 92 | ||
| 97 | - | (a) (1) In this section the following words have the meanings indicated. 33 SENATE BILL 692 3 | |
| 93 | + | (2) “DROP” means the Deferred Retirement Option Program established 31 | |
| 94 | + | under this section. 32 | |
| 95 | + | SENATE BILL 692 3 | |
| 98 | 96 | ||
| 99 | 97 | ||
| 98 | + | (3) “DROP member” means a member of the State Police Retirement 1 | |
| 99 | + | System who: 2 | |
| 100 | 100 | ||
| 101 | - | ( | |
| 102 | - | ||
| 101 | + | (i) is eligible to participate in the DROP as provided in subsection 3 | |
| 102 | + | (c) of this section; and 4 | |
| 103 | 103 | ||
| 104 | - | ( | |
| 105 | - | ||
| 104 | + | (ii) elects to participate in the DROP as provided in subsection (e) of 5 | |
| 105 | + | this section. 6 | |
| 106 | 106 | ||
| 107 | - | (i) is eligible to participate in the DROP as provided in subsection 5 | |
| 108 | - | (c) of this section; and 6 | |
| 107 | + | (b) There is a DROP for eligible members of the State Police Retirement System. 7 | |
| 109 | 108 | ||
| 110 | - | ( | |
| 111 | - | ||
| 109 | + | (c) (1) (i) This paragraph applies to an individual who is a member of the 8 | |
| 110 | + | State Police Retirement System on or before June 30, 2011. 9 | |
| 112 | 111 | ||
| 113 | - | (b) There is a DROP for eligible members of the State Police Retirement System. 9 | |
| 112 | + | (ii) Except for the Secretary of State Police, a member of the State 10 | |
| 113 | + | Police Retirement System is eligible to participate in the DROP if the member: 11 | |
| 114 | 114 | ||
| 115 | - | (c) (1) (i) This paragraph applies to an individual who is a member of the 10 | |
| 116 | - | State Police Retirement System on or before June 30, 2011. 11 | |
| 115 | + | 1. has at least 22 and less than 32 years of [eligibility 12 | |
| 116 | + | service] EMPLOYMENT IN A POSITION ELIGIBLE FOR MEMBERSHIP IN THE STATE 13 | |
| 117 | + | POLICE RETIREMENT SYSTEM; and 14 | |
| 117 | 118 | ||
| 118 | - | (ii) Except for the Secretary of State Police, a member of the State 12 | |
| 119 | - | Police Retirement System is eligible to participate in the DROP if the member: 13 | |
| 119 | + | 2. is less than 60 years old. 15 | |
| 120 | 120 | ||
| 121 | - | 1. has at least 22 and less than 32 years of [eligibility 14 | |
| 122 | - | service] EMPLOYMENT IN A POSITION ELIGIBLE FOR MEMBERSHIP IN THE STATE 15 | |
| 123 | - | POLICE RETIREMENT SYSTEM; and 16 | |
| 121 | + | (iii) The Secretary of State Police is eligible to participate in the 16 | |
| 122 | + | DROP if the Secretary has at least 22 years of [eligibility service] EMPLOYMENT IN A 17 | |
| 123 | + | POSITION ELIGIBLE FO R MEMBERSHIP IN THE STATE POLICE RETIREMENT 18 | |
| 124 | + | SYSTEM. 19 | |
| 124 | 125 | ||
| 125 | - | 2. is less than 60 years old. 17 | |
| 126 | + | (2) (i) This paragraph applies to an individual who becomes a member 20 | |
| 127 | + | of the State Police Retirement System on or after July 1, 2011. 21 | |
| 126 | 128 | ||
| 127 | - | (iii) The Secretary of State Police is eligible to participate in the 18 | |
| 128 | - | DROP if the Secretary has at least 22 years of [eligibility service] EMPLOYMENT IN A 19 | |
| 129 | - | POSITION ELIGIBLE FO R MEMBERSHIP IN THE STATE POLICE RETIREMENT 20 | |
| 130 | - | SYSTEM. 21 | |
| 129 | + | (ii) Except for the Secretary of State Police, a member of the State 22 | |
| 130 | + | Police Retirement System is eligible to participate in the DROP if the member: 23 | |
| 131 | 131 | ||
| 132 | - | (2) (i) This paragraph applies to an individual who becomes a member 22 | |
| 133 | - | of the State Police Retirement System on or after July 1, 2011. 23 | |
| 132 | + | 1. has at least 25 years and less than 32 years of [eligibility 24 | |
| 133 | + | service] EMPLOYMENT IN A POSI TION ELIGIBLE FOR MEMBERSHIP I N THE STATE 25 | |
| 134 | + | POLICE RETIREMENT SYSTEM; and 26 | |
| 134 | 135 | ||
| 135 | - | (ii) Except for the Secretary of State Police, a member of the State 24 | |
| 136 | - | Police Retirement System is eligible to participate in the DROP if the member: 25 | |
| 136 | + | 2. is less than 60 years old. 27 | |
| 137 | 137 | ||
| 138 | - | 1. has at least 25 years and less than 32 years of [eligibility 26 | |
| 139 | - | service] EMPLOYMENT IN A POSI TION ELIGIBLE FOR ME MBERSHIP IN THE STATE 27 | |
| 140 | - | POLICE RETIREMENT SYSTEM; and 28 | |
| 141 | - | ||
| 142 | - | 2. is less than 60 years old. 29 | |
| 143 | - | ||
| 144 | - | (iii) The Secretary of State Police is eligible to participate in the 30 | |
| 145 | - | DROP if the Secretary has at least 25 years of [eligibility service] EMPLOYMENT IN A 31 4 SENATE BILL 692 | |
| 138 | + | (iii) The Secretary of State Police is eligible to participate in the 28 | |
| 139 | + | DROP if the Secretary has at least 25 years of [eligibility service] EMPLOYMENT IN A 29 | |
| 140 | + | POSITION ELIGIBLE FO R MEMBERSHIP IN THE STATE POLICE RETIREMENT 30 | |
| 141 | + | SYSTEM. 31 | |
| 142 | + | 4 SENATE BILL 692 | |
| 146 | 143 | ||
| 147 | 144 | ||
| 148 | - | ||
| 149 | - | ||
| 145 | + | (d) An eligible member may elect to participate in the DROP for a period not to 1 | |
| 146 | + | exceed the lesser of: 2 | |
| 150 | 147 | ||
| 151 | - | (d) An eligible member may elect to participate in the DROP for a period not to 3 | |
| 152 | - | exceed the lesser of: 4 | |
| 148 | + | (1) 7 years; 3 | |
| 153 | 149 | ||
| 154 | - | (1) 7 years; 5 | |
| 150 | + | (2) the difference between 32 years and the member’s [eligibility service] 4 | |
| 151 | + | YEARS OF EMPLOYMENT IN A POSI TION ELIGIBLE FOR ME MBERSHIP IN THE STATE 5 | |
| 152 | + | POLICE RETIREMENT SYSTEM as of the date of the member’s election to participate in 6 | |
| 153 | + | the DROP and retire from the State Police Retirement System; 7 | |
| 155 | 154 | ||
| 156 | - | (2) the difference between 32 years and the member’s [eligibility service] 6 | |
| 157 | - | YEARS OF EMPLOYMENT IN A POSI TION ELIGIBLE FOR ME MBERSHIP IN THE STATE 7 | |
| 158 | - | POLICE RETIREMENT SYSTEM as of the date of the member’s election to participate in 8 | |
| 159 | - | the DROP and retire from the State Police Retirement System; 9 | |
| 155 | + | (3) the difference between age 60 and the member’s age as of the date of 8 | |
| 156 | + | the member’s election to participate in the DROP and retire from the State Police 9 | |
| 157 | + | Retirement System; or 10 | |
| 160 | 158 | ||
| 161 | - | (3) the difference between age 60 and the member’s age as of the date of 10 | |
| 162 | - | the member’s election to participate in the DROP and retire from the State Police 11 | |
| 163 | - | Retirement System; or 12 | |
| 159 | + | (4) a term selected by the member. 11 | |
| 164 | 160 | ||
| 165 | - | (4) a term selected by the member. 13 | |
| 161 | + | SECTION 2. AND BE IT FURTHER ENACTED, That this Act shal l take effect July 12 | |
| 162 | + | 1, 2025. 13 | |
| 166 | 163 | ||
| 167 | - | SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall take effect July 14 | |
| 168 | - | 1, 2025. 15 | |
| 169 | - | ||
| 170 | - | ||
| 171 | - | ||
| 172 | - | ||
| 173 | - | Approved: | |
| 174 | - | ________________________________________________________________________________ | |
| 175 | - | Governor. | |
| 176 | - | ________________________________________________________________________________ | |
| 177 | - | President of the Senate. | |
| 178 | - | ________________________________________________________________________________ | |
| 179 | - | Speaker of the House of Delegates. |