| 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 | *sb0810* | |
| 9 | 6 | ||
| 10 | 7 | SENATE BILL 810 | |
| 11 | 8 | P6 5lr2375 | |
| 12 | 9 | CF HB 1028 | |
| 13 | - | By: Senator | |
| 10 | + | By: Senator Jackson (Chair, Joint Committee on Pensions) | |
| 14 | 11 | Introduced and read first time: January 28, 2025 | |
| 15 | 12 | Assigned to: Budget and Taxation | |
| 16 | - | Committee Report: Favorable with amendments | |
| 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 | Board of Trustees for the State Retirement and Pension System – Investment 2 | |
| 25 | 19 | Division – Compensation and Staffing Committee 3 | |
| 26 | 20 | ||
| 27 | - | FOR the purpose of clarifying that the Board of Trustees for the State Retirement and 4 | |
| 28 | - | Pension System shall pay certain incentive compensation to the Chief Investment 5 | |
| 29 | - | Officer for the State Retirement and Pension System if the Chief Investment Officer 6 | |
| 30 | - | retires from the Investment Division of the State Retirement Agency in a certain 7 | |
| 31 | - | manner; clarifying that the Board of Trustees shall pay certain incentive 8 | |
| 32 | - | compensation to certain employees of the Investment Division if the employees retire 9 | |
| 33 | - | from the Investment Division in a certain manner; repealing the Objective Criteria 10 | |
| 34 | - | Committee of the Board of Trustees for the State Retirement and Pension System 11 | |
| 35 | - | and establishing a Compensation and Staffing Committee of the Board of Trustees; 12 | |
| 36 | - | providing for the membership of the Committee; clarifying the Board of Trustees’ 13 | |
| 37 | - | authority to determine the qualifications and compensation of and the type and 14 | |
| 38 | - | number of positions necessary for carrying out the professional investment functions 15 | |
| 39 | - | of the Investment Division of the State Retirement Agency; requiring the Committee 16 | |
| 40 | - | to make certain recommendations to the Board of Trustees regarding the objective 17 | |
| 41 | - | criteria to be used in setting compensation and awarding financial incentives to 18 | |
| 42 | - | certain employees in the Investment Division; requiring the Board of Trustees to 19 | |
| 43 | - | consider certain recommendations of the Committee; clarifying the requirements for 20 | |
| 44 | - | the Board of Trustees to enter into an agreement with a consultant to provide certain 21 | |
| 45 | - | services to the Committee; and generally relating to the operations of the Board of 22 | |
| 46 | - | Trustees for the State Retirement and Pension System. 23 | |
| 21 | + | FOR the purpose of repealing the Objective Criteria Committee of the Board of Trustees 4 | |
| 22 | + | for the State Retirement and Pension System and establishing a Compensation and 5 | |
| 23 | + | Staffing Committee of the Board of Trustees; providing for the membership of the 6 | |
| 24 | + | Committee; clarifying the Board of Trustees’ authority to determine the 7 | |
| 25 | + | qualifications and compensation of and the type and number of positions necessary 8 | |
| 26 | + | for carrying out the professional investment functions of the Investment Division of 9 | |
| 27 | + | the State Retirement Agency; requiring the Committee to make certain 10 | |
| 28 | + | recommendations to the Board of Trustees regarding the objective criteria to be used 11 | |
| 29 | + | in setting compensation and awarding financial incentives to certain employees in 12 | |
| 30 | + | the Investment Division; requiring the Board of Trustees to consider certain 13 | |
| 31 | + | recommendations of the Committee; clarifying the requirements for the Board of 14 | |
| 32 | + | Trustees to enter into an agreement with a consultant to provide certain services to 15 | |
| 33 | + | the Committee; and generally relating to the operations of the Board of Trustees for 16 | |
| 34 | + | the State Retirement and Pension System. 17 | |
| 47 | 35 | ||
| 48 | - | BY repealing and reenacting, with amendments, 24 2 SENATE BILL 810 | |
| 36 | + | BY repealing and reenacting, with amendments, 18 | |
| 37 | + | Article – State Personnel and Pensions 19 | |
| 38 | + | Section 21–108(b), 21–118.1(a), (b), and (d)(1)(i), and 21–122(f) and (g) 20 | |
| 39 | + | Annotated Code of Maryland 21 | |
| 40 | + | (2024 Replacement Volume and 2024 Supplement) 22 | |
| 41 | + | ||
| 42 | + | BY repealing and reenacting, without amendments, 23 | |
| 43 | + | Article – State Personnel and Pensions 24 | |
| 44 | + | Section 21–122(a)(1) through (3) 25 | |
| 45 | + | Annotated Code of Maryland 26 | |
| 46 | + | (2024 Replacement Volume and 2024 Supplement) 27 | |
| 47 | + | 2 SENATE BILL 810 | |
| 49 | 48 | ||
| 50 | 49 | ||
| 51 | - | Article – State Personnel and Pensions 1 | |
| 52 | - | Section 21–108(b), 21–118.1(a), (b), (c), and (d)(1)(i), and 21–122(f) and (g) 2 | |
| 53 | - | Annotated Code of Maryland 3 | |
| 54 | - | (2024 Replacement Volume and 2024 Supplement) 4 | |
| 50 | + | SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF MARYLAND, 1 | |
| 51 | + | That the Laws of Maryland read as follows: 2 | |
| 55 | 52 | ||
| 56 | - | BY repealing and reenacting, without amendments, 5 | |
| 57 | - | Article – State Personnel and Pensions 6 | |
| 58 | - | Section 21–122(a)(1) through (3) 7 | |
| 59 | - | Annotated Code of Maryland 8 | |
| 60 | - | (2024 Replacement Volume and 2024 Supplement) 9 | |
| 53 | + | Article – State Personnel and Pensions 3 | |
| 61 | 54 | ||
| 62 | - | SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF MARYLAND, 10 | |
| 63 | - | That the Laws of Maryland read as follows: 11 | |
| 55 | + | 21–108. 4 | |
| 64 | 56 | ||
| 65 | - | Article – State Personnel and Pensions 12 | |
| 57 | + | (b) In addition to the Investment Committee established under § 21–114 of this 5 | |
| 58 | + | subtitle AND THE COMPENSATION AND STAFFING COMMITTEE ESTABLISHED UNDER 6 | |
| 59 | + | § 21–122 OF THIS SUBTITLE , the Board of Trustees may establish other committees. 7 | |
| 66 | 60 | ||
| 67 | - | 21– | |
| 61 | + | 21–118.1. 8 | |
| 68 | 62 | ||
| 69 | - | (b) In addition to the Investment Committee established under § 21–114 of this 14 | |
| 70 | - | subtitle AND THE COMPENSATION AND STAFFING COMMITTEE ESTABLISHED UNDER 15 | |
| 71 | - | § 21–122 OF THIS SUBTITLE , the Board of Trustees may establish other committees. 16 | |
| 63 | + | (a) Notwithstanding any other provision of law, on the recommendation of the 9 | |
| 64 | + | Executive Director and the [Investment] COMPENSATION AND STAFFING Committee, 10 | |
| 65 | + | the Board of Trustees shall determine the qualifications and appointment, as well as 11 | |
| 66 | + | compensation and leave, for the Chief Investment Officer who shall be the head of the 12 | |
| 67 | + | Investment Division. 13 | |
| 72 | 68 | ||
| 73 | - | 21–118.1. 17 | |
| 69 | + | (b) (1) In making determinations and appointments under this section, the 14 | |
| 70 | + | Executive Director and the [Investment] COMPENSATION AND STAFFING Committee 15 | |
| 71 | + | shall consider the comparative qualifications, compensation, and leave of employees 16 | |
| 72 | + | serving in similar positions and discharging similar duties at comparable public pension 17 | |
| 73 | + | funds. 18 | |
| 74 | 74 | ||
| 75 | - | (a) (1) Notwithstanding any other provision of law, on the recommendation of 18 | |
| 76 | - | the Executive Director and the [Investment] COMPENSATION AND STAFFING 19 | |
| 77 | - | Committee, the Board of Trustees shall determine the qualifications and appointment, as 20 | |
| 78 | - | well as compensation and leave, for the Chief Investment Officer who shall be the head of 21 | |
| 79 | - | the Investment Division. 22 | |
| 75 | + | (2) (i) 1. The Board of Trustees shall adopt objective criteria for 19 | |
| 76 | + | setting the qualifications and compensation of the Chief Investment Officer. 20 | |
| 80 | 77 | ||
| 81 | - | (2) THE COMPENSATION AND STAFFING COMMITTEE SHALL ASSIST 23 | |
| 82 | - | THE EXECUTIVE DIRECTOR AND THE INVESTMENT COMMITTEE IN RECOMMEN DING 24 | |
| 83 | - | QUALIFICATIONS , COMPENSATION , AND LEAVE FOR THE CHIEF INVESTMENT 25 | |
| 84 | - | OFFICER, INCLUDING ANY SALARY CHANGES FOR THE CHIEF INVESTMENT 26 | |
| 85 | - | OFFICER. 27 | |
| 78 | + | 2. The Board shall consider the recommendations of the 21 | |
| 79 | + | [Objective Criteria] COMPENSATION AND STAFFING Committee under § 21–122(g) of 22 | |
| 80 | + | this subtitle before adopting objective criteria for setting compensation. 23 | |
| 86 | 81 | ||
| 87 | - | (b) (1) In making RECOMMENDATIONS , determinations, and appointments 28 | |
| 88 | - | under this section, the Executive Director and the [Investment] BOARD OF TRUSTEES, 29 | |
| 89 | - | EXECUTIVE DIRECTOR, INVESTMENT COMMITTEE, AND COMPENSATION AND 30 | |
| 90 | - | STAFFING Committee shall consider the comparative qualifications, compensation, and 31 | |
| 91 | - | leave of employees serving in similar positions and discharging similar duties at 32 | |
| 92 | - | comparable public pension funds. 33 | |
| 82 | + | (ii) The criteria adopted under subparagraph (i) of this paragraph 24 | |
| 83 | + | shall include objective benchmarks of investment performance that shall be met or 25 | |
| 84 | + | exceeded for the Chief Investment Officer to be eligible for an increase in compensation. 26 | |
| 93 | 85 | ||
| 94 | - | (2) (i) 1. The Board of Trustees shall adopt objective criteria for 34 | |
| 95 | - | setting the qualifications and compensation of the Chief Investment Officer. 35 | |
| 96 | - | SENATE BILL 810 3 | |
| 86 | + | (iii) The Board may not grant any increases in compensation to the 27 | |
| 87 | + | Chief Investment Officer in a fiscal year in which State employees are subject to a furlough. 28 | |
| 88 | + | ||
| 89 | + | (iv) The Chief Investment Officer’s compensation may not be 29 | |
| 90 | + | adjusted in accordance with cost–of–living adjustments and merit increases available to 30 | |
| 91 | + | State employees. 31 | |
| 92 | + | ||
| 93 | + | (d) (1) (i) 1. On the recommendation of the [Investment] 32 | |
| 94 | + | COMPENSATION AND STAFFING Committee, the Board of Trustees shall establish 33 | |
| 95 | + | objective criteria for awarding financial incentives to the Chief Investment Officer. 34 SENATE BILL 810 3 | |
| 96 | + | ||
| 97 | 97 | ||
| 98 | 98 | ||
| 99 | 99 | 2. The Board shall consider the recommendations of the 1 | |
| 100 | 100 | [Objective Criteria] COMPENSATION AND STAFFING Committee under § 21–122(g) of 2 | |
| 101 | - | this subtitle before adopting objective criteria for | |
| 101 | + | this subtitle before adopting objective criteria for awarding financial incentives. 3 | |
| 102 | 102 | ||
| 103 | - | (ii) The criteria adopted under subparagraph (i) of this paragraph 4 | |
| 104 | - | shall include objective benchmarks of investment performance that shall be met or 5 | |
| 105 | - | exceeded for the Chief Investment Officer to be eligible for an increase in compensation. 6 | |
| 103 | + | 21–122. 4 | |
| 106 | 104 | ||
| 107 | - | (iii) The Board may not grant any increases in compensation to the 7 | |
| 108 | - | Chief Investment Officer in a fiscal year in which State employees are subject to a furlough. 8 | |
| 105 | + | (a) (1) There is an Investment Division in the State Retirement Agency. 5 | |
| 109 | 106 | ||
| 110 | - | ( | |
| 111 | - | ||
| 112 | - | ||
| 107 | + | (2) Subject to subsection (f) of this section, the Board of Trustees shall 6 | |
| 108 | + | determine the qualifications and compensation for positions within the Investment 7 | |
| 109 | + | Division. 8 | |
| 113 | 110 | ||
| 114 | - | (c) (1) In addition to the Board of Trustees setting the compensation of the 12 | |
| 115 | - | Chief Investment Officer under subsection (a) of this section, the Board of Trustees may 13 | |
| 116 | - | also award financial incentives to the Chief Investment Officer in accordance with this 14 | |
| 117 | - | subsection and subsection (d) of this section. 15 | |
| 111 | + | (3) The Board of Trustees: 9 | |
| 118 | 112 | ||
| 119 | - | (2) (i) Any financial incentives paid shall be paid over multiple fiscal 16 | |
| 120 | - | years in equal installments. 17 | |
| 113 | + | (i) may determine and create the type and number of positions 10 | |
| 114 | + | necessary for carrying out the professional investment functions of the Investment 11 | |
| 115 | + | Division; and 12 | |
| 121 | 116 | ||
| 122 | - | (ii) The dates on which financial incentives awarded under this 18 | |
| 123 | - | section shall be paid shall be set by the Board of Trustees at the time the financial 19 | |
| 124 | - | incentives are determined. 20 | |
| 117 | + | (ii) shall adopt objective criteria to be followed when exercising its 13 | |
| 118 | + | authority under item (i) of this paragraph and paragraph (2) of this subsection. 14 | |
| 125 | 119 | ||
| 126 | - | ( | |
| 127 | - | ||
| 120 | + | (f) (1) (i) 1. The Board of Trustees shall adopt objective criteria for 15 | |
| 121 | + | setting the qualifications and compensation of positions under subsection (a) of this section. 16 | |
| 128 | 122 | ||
| 129 | - | (3) (i) Except as provided in subparagraph (ii) of this paragraph, if the 23 | |
| 130 | - | Chief Investment Officer separates from employment, the Board of Trustees may not pay 24 | |
| 131 | - | out any remaining financial incentives due to be paid after the date of separation from 25 | |
| 132 | - | employment. 26 | |
| 123 | + | 2. The Board shall consider the recommendations of the 17 | |
| 124 | + | [Objective Criteria] COMPENSATION AND STAFFING Committee under subsection (g) of 18 | |
| 125 | + | this section before adopting objective criteria for setting compensation. 19 | |
| 133 | 126 | ||
| 134 | - | (ii) The Board of Trustees may pay any remaining [earned] 27 | |
| 135 | - | AWARDED financial incentives after the date of separation from employment if the Chief 28 | |
| 136 | - | Investment Officer retires directly from the Investment Division on or within 30 days after 29 | |
| 137 | - | the date of separation from employment. 30 | |
| 127 | + | (ii) The criteria adopted under subparagraph (i) of this paragraph 20 | |
| 128 | + | shall include: 21 | |
| 138 | 129 | ||
| 139 | - | (4) (i) The Board of Trustees may not pay financial incentives in a fiscal 31 | |
| 140 | - | year in which State employees are subject to a furlough. 32 | |
| 130 | + | 1. consideration of the comparative qualifications and 22 | |
| 131 | + | compensation of employees serving in similar positions and discharging similar duties at 23 | |
| 132 | + | comparable public pension funds; 24 | |
| 141 | 133 | ||
| 142 | - | (ii) [The] EXCEPT AS PROVIDED IN SUBPARAGRAPH (III) OF 33 | |
| 143 | - | THIS PARAGRAPH , THE Board of Trustees shall pay out any financial incentives not paid 34 | |
| 144 | - | in accordance with subparagraph (i) of this paragraph only: 35 | |
| 134 | + | 2. limitations on the amount by which the compensation for 25 | |
| 135 | + | a position may be increased each fiscal year, not to exceed 10%; and 26 | |
| 136 | + | ||
| 137 | + | 3. objective benchmarks of investment performance that 27 | |
| 138 | + | shall be met or exceeded by an individual to be eligible for an increase in compensation. 28 | |
| 139 | + | ||
| 140 | + | (iii) The Board of Trustees may not grant any increases in 29 | |
| 141 | + | compensation in a fiscal year in which State employees are subject to a furlough. 30 | |
| 145 | 142 | 4 SENATE BILL 810 | |
| 146 | 143 | ||
| 147 | 144 | ||
| 148 | - | 1. after the furlough period has ended; and 1 | |
| 145 | + | (iv) For positions that do not involve discretion over 1 | |
| 146 | + | investment–related decisions, the Board of Trustees may not set compensation that exceeds 2 | |
| 147 | + | compensation for providing comparable services in other State employment. 3 | |
| 149 | 148 | ||
| 150 | - | 2. if the Chief Investment Officer is currently employed as 2 | |
| 151 | - | the Chief Investment Officer. 3 | |
| 149 | + | (v) Except for positions under subparagraph (iv) of this paragraph, 4 | |
| 150 | + | the compensation of an employee may not be adjusted in accordance with cost–of–living 5 | |
| 151 | + | adjustments and merit increases available to State employees. 6 | |
| 152 | 152 | ||
| 153 | - | (III) AFTER A FURLOUGH PERI OD HAS ENDED , THE BOARD OF 4 | |
| 154 | - | TRUSTEES SHALL PAY OU T ANY REMAINING AWAR DED FINANCIAL INCENT IVES NOT 5 | |
| 155 | - | PAID TO THE CHIEF INVESTMENT OFFICER IN ACCORDANCE WITH SUBPARAGRAPH 6 | |
| 156 | - | (I) OF THIS PARAGRAPH IF : 7 | |
| 153 | + | (VI) BASED ON THE RECOMMEN DATIONS OF THE 7 | |
| 154 | + | COMPENSATION AND STAFFING COMMITTEE UNDER SUBSE CTION (G) OF THIS 8 | |
| 155 | + | SECTION, THE BOARD OF TRUSTEES SHALL APPROV E: 9 | |
| 157 | 156 | ||
| 158 | - | 1. THE CHIEF INVESTMENT OFFICER SEPARATES FRO M 8 | |
| 159 | - | EMPLOYMENT W ITH THE INVESTMENT DIVISION DURING THE F URLOUGH PERIOD ; 9 | |
| 160 | - | AND 10 | |
| 157 | + | 1. THE TYPE AND NUMBER OF POSITIONS IN THE 10 | |
| 158 | + | INVESTMENT DIVISION; 11 | |
| 161 | 159 | ||
| 162 | - | 2. AFTER THE DATE OF SE PARATION FROM 11 | |
| 163 | - | EMPLOYMENT , THE CHIEF INVESTMENT OFFICER RETIRES DIREC TLY FROM THE 12 | |
| 164 | - | INVESTMENT DIVISION OR WITHIN 30 DAYS AFTER THE DATE OF SEPARATION FROM 13 | |
| 165 | - | EMPLOYMENT . 14 | |
| 160 | + | 2. THE QUALIFICATIONS F OR EACH POSITION IN THE 12 | |
| 161 | + | INVESTMENT DIVISION, AS APPROVED UNDER ITEM 1 OF THIS SUBPARAGRAPH ; AND 13 | |
| 166 | 162 | ||
| 167 | - | (d) (1) (i) 1. On the recommendation of the [Investment] 15 | |
| 168 | - | COMPENSATION AND STAFFING Committee, the Board of Trustees shall establish 16 | |
| 169 | - | objective criteria for awarding financial incentives to the Chief Investment Officer. 17 | |
| 163 | + | 3. ANY COMPENSATION AND FINANCIAL INCENTIVES 14 | |
| 164 | + | FOR THE CHIEF INVESTMENT OFFICER AND INVESTMENT DIVISION STAFF, 15 | |
| 165 | + | INCLUDING SALARY INC REASES OR DECREASES RECOMMENDED FOR THE CHIEF 16 | |
| 166 | + | INVESTMENT OFFICER AND EMPLOYEES O F THE INVESTMENT DIVISION. 17 | |
| 170 | 167 | ||
| 171 | - | 2. The Board shall consider the recommendations of the 18 | |
| 172 | - | [Objective Criteria] COMPENSATION AND STAFFING Committee under § 21–122(g) of 19 | |
| 173 | - | this subtitle before adopting objective criteria for awarding financial incentives. 20 | |
| 168 | + | (2) (i) 1. The Board of Trustees shall adopt objective criteria for 18 | |
| 169 | + | awarding financial incentives under subsection (a) of this section. 19 | |
| 174 | 170 | ||
| 175 | - | 21–122. 21 | |
| 171 | + | 2. The Board shall consider the recommendations of the 20 | |
| 172 | + | [Objective Criteria] COMPENSATION AND STAFFING Committee under subsection (g) of 21 | |
| 173 | + | this section before adopting objective criteria for awarding financial incentives. 22 | |
| 176 | 174 | ||
| 177 | - | (a) (1) There is an Investment Division in the State Retirement Agency. 22 | |
| 175 | + | (ii) Financial incentives may only be awarded based on the objective 23 | |
| 176 | + | criteria adopted in accordance with subparagraph (i) of this paragraph. 24 | |
| 178 | 177 | ||
| 179 | - | (2) Subject to subsection (f) of this section, the Board of Trustees shall 23 | |
| 180 | - | determine the qualifications and compensation for positions within the Investment 24 | |
| 181 | - | Division. 25 | |
| 178 | + | (iii) The criteria adopted under subparagraph (i) of this paragraph 25 | |
| 179 | + | shall include: 26 | |
| 182 | 180 | ||
| 183 | - | (3) The Board of Trustees: 26 | |
| 181 | + | 1. limitations on the amount of financial incentives for a 27 | |
| 182 | + | position in a fiscal year, not to exceed 33% of a position’s compensation, exclusive of 28 | |
| 183 | + | financial incentives; and 29 | |
| 184 | 184 | ||
| 185 | - | (i) may determine and create the type and number of positions 27 | |
| 186 | - | necessary for carrying out the professional investment functions of the Investment 28 | |
| 187 | - | Division; and 29 | |
| 188 | - | ||
| 189 | - | (ii) shall adopt objective criteria to be followed when exercising its 30 | |
| 190 | - | authority under item (i) of this paragraph and paragraph (2) of this subsection. 31 | |
| 191 | - | ||
| 192 | - | (f) (1) (i) 1. The Board of Trustees shall adopt objective criteria for 32 | |
| 193 | - | setting the qualifications and compensation of positions under subsection (a) of this section. 33 SENATE BILL 810 5 | |
| 185 | + | 2. objective benchmarks of investment performance that 30 | |
| 186 | + | shall be met or exceeded by an individual to be eligible for financial incentives, including 31 | |
| 187 | + | benchmarks for the asset class in which investments are under the direction of the 32 | |
| 188 | + | individual. 33 | |
| 189 | + | SENATE BILL 810 5 | |
| 194 | 190 | ||
| 195 | 191 | ||
| 192 | + | (iv) 1. Any financial incentives paid shall be paid over multiple 1 | |
| 193 | + | fiscal years in equal installments. 2 | |
| 196 | 194 | ||
| 197 | - | 2. The | |
| 198 | - | ||
| 199 | - | ||
| 195 | + | 2. The dates on which financial incentives awarded under 3 | |
| 196 | + | this section shall be paid shall be set by the Board of Trustees at the time the financial 4 | |
| 197 | + | incentives are determined. 5 | |
| 200 | 198 | ||
| 201 | - | | |
| 202 | - | ||
| 199 | + | 3. The dates set under subsubparagraph 2 of this 6 | |
| 200 | + | subparagraph may not be changed after being set. 7 | |
| 203 | 201 | ||
| 204 | - | 1. consideration of the comparative qualifications and 6 | |
| 205 | - | compensation of employees serving in similar positions and discharging similar duties at 7 | |
| 206 | - | comparable public pension funds; 8 | |
| 202 | + | (v) Except as provided in subparagraph (vi) of this paragraph, if an 8 | |
| 203 | + | individual who has earned financial incentives separates from employment in the 9 | |
| 204 | + | Investment Division, the Board of Trustees may not pay out any remaining financial 10 | |
| 205 | + | incentives due to be paid after the date of separation from employment. 11 | |
| 207 | 206 | ||
| 208 | - | 2. limitations on the amount by which the compensation for 9 | |
| 209 | - | a position may be increased each fiscal year, not to exceed 10%; and 10 | |
| 207 | + | (vi) The Board of Trustees may pay any remaining earned financial 12 | |
| 208 | + | incentives after the date of separation from employment if the individual retires directly 13 | |
| 209 | + | from the Investment Division on or 30 days after the date of separation. 14 | |
| 210 | 210 | ||
| 211 | - | | |
| 212 | - | ||
| 211 | + | (vii) The Board of Trustees may not award financial incentives for 15 | |
| 212 | + | positions that do not involve discretion over investment–related decisions. 16 | |
| 213 | 213 | ||
| 214 | - | ( | |
| 215 | - | ||
| 214 | + | (viii) 1. The Board of Trustees may not pay out financial 17 | |
| 215 | + | incentives in a fiscal year in which State employees are subject to a furlough. 18 | |
| 216 | 216 | ||
| 217 | - | | |
| 218 | - | ||
| 219 | - | ||
| 217 | + | 2. The Board of Trustees shall pay out any financial 19 | |
| 218 | + | incentives not paid to an individual in accordance with subsubparagraph 1 of this 20 | |
| 219 | + | subparagraph only: 21 | |
| 220 | 220 | ||
| 221 | - | (v) Except for positions under subparagraph (iv) of this paragraph, 18 | |
| 222 | - | the compensation of an employee may not be adjusted in accordance with cost–of–living 19 | |
| 223 | - | adjustments and merit increases available to State employees. 20 | |
| 221 | + | A. after the furlough period has ended; and 22 | |
| 224 | 222 | ||
| 225 | - | (VI) BASED ON THE RECOMMEN DATIONS OF THE 21 | |
| 226 | - | COMPENSATION AND STAFFING COMMITTEE UNDER SUBSE CTION (G) OF THIS 22 | |
| 227 | - | SECTION, THE BOARD OF TRUSTEES SHALL APPROV E: 23 | |
| 223 | + | B. if the individual is currently employed in the Investment 23 | |
| 224 | + | Division. 24 | |
| 228 | 225 | ||
| 229 | - | 1. THE TYPE AND NUMBER OF POSITIONS IN THE 24 | |
| 230 | - | INVESTMENT DIVISION; 25 | |
| 226 | + | (3) (i) On or before October 1 each year, the Board of Trustees shall 25 | |
| 227 | + | submit to the Senate Budget and Taxation Committee, the House Appropriations 26 | |
| 228 | + | Committee, and the Joint Committee on Pensions, in accordance with § 2–1257 of the State 27 | |
| 229 | + | Government Article, a copy of the most recent criteria adopted under this subsection, 28 | |
| 230 | + | INCLUDING ANY CHANGE S TO COMPENSATION AN D INCENTIVES FOR THE CHIEF 29 | |
| 231 | + | INVESTMENT OFFICER AND INVESTMENT DIVISION STAFF. 30 | |
| 231 | 232 | ||
| 232 | - | 2. THE QUALIFICATIONS F OR EACH POSITION IN THE 26 | |
| 233 | - | INVESTMENT DIVISION, AS APPROVED UNDER IT EM 1 OF THIS SUBPARAGRAPH ; AND 27 | |
| 234 | - | ||
| 235 | - | 3. ANY COMPENSATION AND FINANCIAL INCENTIVES 28 | |
| 236 | - | FOR THE CHIEF INVESTMENT OFFICER AND INVESTMENT DIVISION STAFF, 29 | |
| 237 | - | INCLUDING SALARY INC REASES OR DECREASES RECOMMENDED FOR THE CHIEF 30 | |
| 238 | - | INVESTMENT OFFICER AND EMPLOYEES OF THE INVESTMENT DIVISION; AND 31 | |
| 239 | - | ||
| 240 | - | 4. IN ACCORDANCE WITH § 21–118.1 OF THIS SUBTITLE , 32 | |
| 241 | - | ANY COMPENSATION AND FINANCIAL INCENTIVES FOR THE CHIEF INVESTMENT 33 6 SENATE BILL 810 | |
| 233 | + | (ii) In addition to the report required under subparagraph (i) of this 31 | |
| 234 | + | paragraph, the Board of Trustees shall submit, within 30 days of adoption by the Board of 32 | |
| 235 | + | Trustees, a copy of any changes adopted to the criteria established under this subsection to 33 | |
| 236 | + | the Senate Budget and Taxation Committee, the House Appropriations Committee, and the 34 | |
| 237 | + | Joint Committee on Pensions, in accordance with § 2–1257 of the State Government Article. 35 | |
| 238 | + | 6 SENATE BILL 810 | |
| 242 | 239 | ||
| 243 | 240 | ||
| 244 | - | OFFICER, INCLUDING SALARY INC REASES OR DECREASES RECOMMENDED FOR THE 1 | |
| 245 | - | CHIEF INVESTMENT OFFICER. 2 | |
| 241 | + | (4) On or before October 1, January 1, March 1, and July 1 each year, the 1 | |
| 242 | + | Board of Trustees shall submit to the Senate Budget and Taxation Committee, the House 2 | |
| 243 | + | Appropriations Committee, and the Joint Committee on Pensions, in accordance with § 3 | |
| 244 | + | 2–1257 of the State Government Article, a report on system investment returns for the 4 | |
| 245 | + | preceding fiscal quarter, including: 5 | |
| 246 | 246 | ||
| 247 | - | ||
| 248 | - | ||
| 247 | + | (i) investment performance by asset class, including performance 6 | |
| 248 | + | relative to asset class benchmarks; and 7 | |
| 249 | 249 | ||
| 250 | - | 2. The Board shall consider the recommendations of the 5 | |
| 251 | - | [Objective Criteria] COMPENSATION AND STAFFING Committee under subsection (g) of 6 | |
| 252 | - | this section before adopting objective criteria for awarding financial incentives. 7 | |
| 250 | + | (ii) investment performance of assets under the direction of each 8 | |
| 251 | + | Investment Division employee. 9 | |
| 253 | 252 | ||
| 254 | - | ( | |
| 255 | - | ||
| 253 | + | (g) (1) There is [an Objective Criteria] A COMPENSATION AND STAFFING 10 | |
| 254 | + | Committee of the Board of Trustees. 11 | |
| 256 | 255 | ||
| 257 | - | ( | |
| 258 | - | ||
| 256 | + | (2) (I) The [Committee consists of the] following members SHALL BE 12 | |
| 257 | + | INCLUDED ON THE COMMITTEE: 13 | |
| 259 | 258 | ||
| 260 | - | 1. limitations on the amount of financial incentives for a 12 | |
| 261 | - | position in a fiscal year, not to exceed 33% of a position’s compensation, exclusive of 13 | |
| 262 | - | financial incentives; and 14 | |
| 259 | + | [(i) one member of the Senate of Maryland serving on the Joint 14 | |
| 260 | + | Committee on Pensions, appointed by the President of the Senate; 15 | |
| 263 | 261 | ||
| 264 | - | 2. objective benchmarks of investment performance that 15 | |
| 265 | - | shall be met or exceeded by an individual to be eligible for financial incentives, including 16 | |
| 266 | - | benchmarks for the asset class in which investments are under the direction of the 17 | |
| 267 | - | individual. 18 | |
| 262 | + | (ii) one member of the House of Delegates serving on the Joint 16 | |
| 263 | + | Committee on Pensions, appointed by the Speaker of the House; 17 | |
| 268 | 264 | ||
| 269 | - | (iv) 1. Any financial incentives paid shall be paid over multiple 19 | |
| 270 | - | fiscal years in equal installments. 20 | |
| 265 | + | (iii) the State Treasurer or the State Treasurer’s designee; 18 | |
| 271 | 266 | ||
| 272 | - | 2. The dates on which financial incentives awarded under 21 | |
| 273 | - | this section shall be paid shall be set by the Board of Trustees at the time the financial 22 | |
| 274 | - | incentives are determined. 23 | |
| 267 | + | (iv)] 1. the Secretary of Budget and Management or the 19 | |
| 268 | + | Secretary’s designee; 20 | |
| 275 | 269 | ||
| 276 | - | 3. The dates set under subsubparagraph 2 of this 24 | |
| 277 | - | subparagraph may not be changed after being set. 25 | |
| 270 | + | [(v)] 2. one [member] OR MORE MEMBERS of the Board of 21 | |
| 271 | + | Trustees under § 21–104(a)(4)(i), (ii), (iii), (iv), or (v) of this subtitle, appointed by the 22 | |
| 272 | + | Chairman of the Board of Trustees; AND 23 | |
| 278 | 273 | ||
| 279 | - | (v) Except as provided in subparagraph (vi) of this paragraph, if an 26 | |
| 280 | - | individual who has earned BEEN AWARDED financial incentives separates from 27 | |
| 281 | - | employment in the Investment Division, the Board of Trustees may not pay out any 28 | |
| 282 | - | remaining financial incentives due to be paid after the date of separation from employment. 29 | |
| 274 | + | [(vi)] 3. one [member] OR MORE MEMBERS of the Board of 24 | |
| 275 | + | Trustees under § 21–104(a)(4)(viii) of this subtitle, appointed by the Chairman of the Board 25 | |
| 276 | + | of Trustees[; and 26 | |
| 283 | 277 | ||
| 284 | - | (vi) The Board of Trustees may pay any remaining earned AWARDED 30 | |
| 285 | - | financial incentives after the date of separation from employment if the individual retires 31 | |
| 286 | - | directly from the Investment Division on or 30 days after the date of separation. 32 | |
| 278 | + | (vii) a member of the public with financial industry experience, 27 | |
| 279 | + | appointed jointly by the presiding officers of the General Assembly]. 28 | |
| 287 | 280 | ||
| 288 | - | (vii) The Board of Trustees may not award financial incentives for 33 | |
| 289 | - | positions that do not involve discretion over investment–related decisions. 34 | |
| 281 | + | (II) THE FOLLOWING MEMBERS MA Y BE APPOINTED TO TH E 29 | |
| 282 | + | COMMITTEE BY THE CHAIRMAN OF THE BOARD OF TRUSTEES: 30 | |
| 283 | + | ||
| 284 | + | 1. THE STATE TREASURER, OR THE STATE 31 | |
| 285 | + | TREASURER’S DESIGNEE; AND 32 | |
| 290 | 286 | SENATE BILL 810 7 | |
| 291 | 287 | ||
| 292 | 288 | ||
| 293 | - | | |
| 294 | - | ||
| 289 | + | 2. THE COMPTROLLER , OR THE COMPTROLLER ’S 1 | |
| 290 | + | DESIGNEE. 2 | |
| 295 | 291 | ||
| 296 | - | 2. The EXCEPT AS PROVIDED IN SUBSUBPARAGRAPH 3 3 | |
| 297 | - | OF THIS SUBPARAGRAPH , THE Board of Trustees shall pay out any financial incentives 4 | |
| 298 | - | not paid to an individual in accordance with subsubparagraph 1 of this subparagraph only: 5 | |
| 292 | + | (3) (i) The Chairman of the Board of Trustees shall appoint the Chair 3 | |
| 293 | + | of the Committee. 4 | |
| 299 | 294 | ||
| 300 | - | A. after the furlough period has ended; and 6 | |
| 295 | + | (ii) The Chairman of the Board of Trustees may not serve as the 5 | |
| 296 | + | Chair of the Committee. 6 | |
| 301 | 297 | ||
| 302 | - | B. if the individual is currently employed in the Investment 7 | |
| 303 | - | Division. 8 | |
| 298 | + | (4) [On or before December 31, 2018, and at least once every 5 years 7 | |
| 299 | + | thereafter, the] THE Committee shall make recommendations to the Board of Trustees 8 | |
| 300 | + | regarding: 9 | |
| 304 | 301 | ||
| 305 | - | 3. AFTER A FURLOUGH PERI OD HAS ENDED, THE BOARD 9 | |
| 306 | - | OF TRUSTEES SHALL PAY OU T ANY REMAINING AWARDED FI NANCIAL INCENTIVES 10 | |
| 307 | - | NOT PAID TO AN INDIV IDUAL IN ACCORDANCE WITH SUBSUBPARAGRAPH 1 OF THIS 11 | |
| 308 | - | SUBPARAGRAPH IF : 12 | |
| 302 | + | (i) objective criteria under § 21–118.1(b)(2) and (d) of this subtitle 10 | |
| 303 | + | for the compensation and financial incentives for the Chief Investment Officer; and 11 | |
| 309 | 304 | ||
| 310 | - | A | |
| 311 | - | ||
| 305 | + | (ii) objective criteria under subsections (a) and (f) of this section for 12 | |
| 306 | + | the compensation and financial incentives for the positions in the Investment Division. 13 | |
| 312 | 307 | ||
| 313 | - | | |
| 314 | - | ||
| 315 | - | ||
| 316 | - | ||
| 308 | + | (5) (i) The Board of Trustees shall enter into an agreement with a 14 | |
| 309 | + | consultant to assist the Committee AND THE BOARD regarding objective criteria under 15 | |
| 310 | + | this subsection AND THE BOARD’S RESPONSIBILITIES F OR COMPENSATION AND 16 | |
| 311 | + | STAFFING. 17 | |
| 317 | 312 | ||
| 318 | - | (3) (i) On or before October 1 each year, the Board of Trustees shall 19 | |
| 319 | - | submit to the Senate Budget and Taxation Committee, the House Appropriations 20 | |
| 320 | - | Committee, and the Joint Committee on Pensions, in accordance with § 2–1257 of the State 21 | |
| 321 | - | Government Article, a copy of the most recent criteria adopted under this subsection, 22 | |
| 322 | - | INCLUDING ANY CHANGE S TO COMPENSATION AND INC ENTIVES FOR THE CHIEF 23 | |
| 323 | - | INVESTMENT OFFICER AND INVESTMENT DIVISION STAFF. 24 | |
| 313 | + | (ii) The Board of Trustees may not enter into an agreement with a 18 | |
| 314 | + | consultant under subparagraph (i) of this paragraph if that consultant is actively providing 19 | |
| 315 | + | consulting services for the Board of Trustees [and] OR the staff of the Investment Division. 20 | |
| 324 | 316 | ||
| 325 | - | (ii) In addition to the report required under subparagraph (i) of this 25 | |
| 326 | - | paragraph, the Board of Trustees shall submit, within 30 days of adoption by the Board of 26 | |
| 327 | - | Trustees, a copy of any changes adopted to the criteria established under this subsection to 27 | |
| 328 | - | the Senate Budget and Taxation Committee, the House Appropriations Committee, and the 28 | |
| 329 | - | Joint Committee on Pensions, in accordance with § 2–1257 of the State Government Article. 29 | |
| 317 | + | (III) THE CHIEF INVESTMENT OFFICER MAY NOT SEPAR ATELY 21 | |
| 318 | + | RETAIN THE CONSULTAN T HIRED UNDER SUBPARAGRAPH (I) OF THIS PARAGRAPH 22 | |
| 319 | + | FOR ANY SERVICES . 23 | |
| 330 | 320 | ||
| 331 | - | (4) On or before October 1, January 1, March 1, and July 1 each year, the 30 | |
| 332 | - | Board of Trustees shall submit to the Senate Budget and Taxation Committee, the House 31 | |
| 333 | - | Appropriations Committee, and the Joint Committee on Pensions, in accordance with § 32 | |
| 334 | - | 2–1257 of the State Government Article, a report on system investment returns for the 33 | |
| 335 | - | preceding fiscal quarter, including: 34 | |
| 321 | + | (6) (i) The [Chief Investment Officer] EXECUTIVE DIRECTOR shall 24 | |
| 322 | + | serve in an advisory capacity to the Committee REGARDING COMPENSATI ON AND 25 | |
| 323 | + | INCENTIVE COMPENSATI ON FOR THE CHIEF INVESTMENT OFFICER AND 26 | |
| 324 | + | INVESTMENT DIVISION STAFF. 27 | |
| 336 | 325 | ||
| 337 | - | (i) investment performance by asset class, including performance 35 | |
| 338 | - | relative to asset class benchmarks; and 36 8 SENATE BILL 810 | |
| 326 | + | (ii) The Chief Investment Officer may not participate in any 28 | |
| 327 | + | deliberations regarding the criteria for compensation and financial incentives for the Chief 29 | |
| 328 | + | Investment Officer OR INVESTMENT DIVISION STAFF. 30 | |
| 329 | + | ||
| 330 | + | (III) THE CHIEF INVESTMENT OFFICER SHALL SERVE I N AN 31 | |
| 331 | + | ADVISORY CAPACITY RE GARDING THE TYPE OF , NUMBER OF, AND QUALIFICATIONS 32 | |
| 332 | + | FOR POSITIONS IN THE INVESTMENT DIVISION. 33 | |
| 333 | + | 8 SENATE BILL 810 | |
| 339 | 334 | ||
| 340 | 335 | ||
| 341 | - | ||
| 342 | - | (ii) investment performance of assets under the direction of each 1 | |
| 343 | - | Investment Division employee. 2 | |
| 344 | - | ||
| 345 | - | (g) (1) There is [an Objective Criteria] A COMPENSATION AND STAFFING 3 | |
| 346 | - | Committee of the Board of Trustees. 4 | |
| 347 | - | ||
| 348 | - | (2) (I) The [Committee consists of the] following members SHALL BE 5 | |
| 349 | - | INCLUDED ON THE COMMITTEE: 6 | |
| 350 | - | ||
| 351 | - | [(i) one member of the Senate of Maryland serving on the Joint 7 | |
| 352 | - | Committee on Pensions, appointed by the President of the Senate; 8 | |
| 353 | - | ||
| 354 | - | (ii) one member of the House of Delegates serving on the Joint 9 | |
| 355 | - | Committee on Pensions, appointed by the Speaker of the House; 10 | |
| 356 | - | ||
| 357 | - | (iii) the State Treasurer or the State Treasurer’s designee; 11 | |
| 358 | - | ||
| 359 | - | (iv)] 1. the Secretary of Budget and Management or the 12 | |
| 360 | - | Secretary’s designee; 13 | |
| 361 | - | ||
| 362 | - | [(v)] 2. one [member] OR MORE MEMBERS of the Board of 14 | |
| 363 | - | Trustees under § 21–104(a)(4)(i), (ii), (iii), (iv), or (v) of this subtitle, appointed by the 15 | |
| 364 | - | Chairman of the Board of Trustees; AND 16 | |
| 365 | - | ||
| 366 | - | 3. ONE OR MORE MEMBERS OF THE BOARD OF 17 | |
| 367 | - | TRUSTEES UNDER § 21–104(A)(4)(VI) OR (VII) OF THIS SUBTITLE , APPOINTED BY 18 | |
| 368 | - | THE CHAIRMAN OF THE BOARD OF TRUSTEES; AND 19 | |
| 369 | - | ||
| 370 | - | [(vi)] 3. 4. one [member] OR MORE MEMBERS of the Board of 20 | |
| 371 | - | Trustees under § 21–104(a)(4)(viii) of this subtitle, appointed by the Chairman of the Board 21 | |
| 372 | - | of Trustees[; and 22 | |
| 373 | - | ||
| 374 | - | (vii) a member of the public with financial industry experience, 23 | |
| 375 | - | appointed jointly by the presiding officers of the General Assembly]. 24 | |
| 376 | - | ||
| 377 | - | (II) THE FOLLOWING MEMBERS MAY BE APPOINTED TO THE 25 | |
| 378 | - | COMMITTEE BY THE CHAIRMAN OF THE BOARD OF TRUSTEES: 26 | |
| 379 | - | ||
| 380 | - | 1. THE STATE TREASURER, OR THE STATE 27 | |
| 381 | - | TREASURER’S DESIGNEE; AND 28 | |
| 382 | - | ||
| 383 | - | 2. THE COMPTROLLER , OR THE COMPTROLLER ’S 29 | |
| 384 | - | DESIGNEE. 30 | |
| 385 | - | SENATE BILL 810 9 | |
| 386 | - | ||
| 387 | - | ||
| 388 | - | (3) (i) The Chairman of the Board of Trustees shall appoint the Chair 1 | |
| 389 | - | of the Committee. 2 | |
| 390 | - | ||
| 391 | - | (ii) The Chairman of the Board of Trustees may not serve as the 3 | |
| 392 | - | Chair of the Committee. 4 | |
| 393 | - | ||
| 394 | - | (4) [On or before December 31, 2018, and at least once every 5 years 5 | |
| 395 | - | thereafter, the] THE Committee shall make recommendations to the Board of Trustees 6 | |
| 396 | - | regarding: 7 | |
| 397 | - | ||
| 398 | - | (i) objective criteria under § 21–118.1(b)(2) and (d) of this subtitle 8 | |
| 399 | - | for the compensation and financial incentives for the Chief Investment Officer; and 9 | |
| 400 | - | ||
| 401 | - | (ii) objective criteria under subsections (a) and (f) of this section for 10 | |
| 402 | - | the compensation and financial incentives for the positions in the Investment Division. 11 | |
| 403 | - | ||
| 404 | - | (5) (i) The Board of Trustees shall enter into an agreement with a 12 | |
| 405 | - | consultant to assist the Committee AND THE BOARD regarding objective criteria under 13 | |
| 406 | - | this subsection AND THE BOARD’S RESPONSIBILITIES F OR COMPENSATION AND 14 | |
| 407 | - | STAFFING. 15 | |
| 408 | - | ||
| 409 | - | (ii) 1. The EXCEPT AS PROVIDED IN SUBSUBPARAGRAPH 2 16 | |
| 410 | - | OF THIS SUBPARAGRAPH , THE Board of Trustees may not enter into an agreement with 17 | |
| 411 | - | a consultant under subparagraph (i) of this paragraph if that consultant is actively 18 | |
| 412 | - | providing consulting services for the Board of Trustees [and] OR the staff of the Investment 19 | |
| 413 | - | Division. 20 | |
| 414 | - | ||
| 415 | - | 2. THE BOARD OF TRUSTEES MAY ENTER IN TO AN 21 | |
| 416 | - | AGREEMENT WITH A CON SULTANT SELECTED UND ER SUBPARAGRAPH (I) OF THIS 22 | |
| 417 | - | PARAGRAPH TO PROVIDE EXECUTIVE SEARCH SER VICES FOR THE BOARD OF 23 | |
| 418 | - | TRUSTEES OR THE EXECUTIVE DIRECTOR. 24 | |
| 419 | - | ||
| 420 | - | (III) THE CHIEF INVESTMENT OFFICER MAY NOT SEPAR ATELY 25 | |
| 421 | - | RETAIN THE CONSULTAN T HIRED UNDER SUBPAR AGRAPH (I) OF THIS PARAGRAPH 26 | |
| 422 | - | FOR ANY SERVICES . 27 | |
| 423 | - | ||
| 424 | - | (6) (i) The [Chief Investment Officer] EXECUTIVE DIRECTOR shall 28 | |
| 425 | - | serve in an advisory capacity to the Committee REGARDING COMPENS ATION AND 29 | |
| 426 | - | INCENTIVE COMPENSATI ON FOR THE CHIEF INVESTMENT OFFICER AND 30 | |
| 427 | - | INVESTMENT DIVISION STAFF. 31 | |
| 428 | - | ||
| 429 | - | (ii) The Chief Investment Officer may not participate in any 32 | |
| 430 | - | deliberations regarding the criteria for compensation and financial incentives for the Chief 33 | |
| 431 | - | Investment Officer OR INVESTMENT DIVISION STAFF. 34 | |
| 432 | - | 10 SENATE BILL 810 | |
| 433 | - | ||
| 434 | - | ||
| 435 | - | (III) THE CHIEF INVESTMENT OFFICER SHALL SERVE I N AN 1 | |
| 436 | - | ADVISORY CAPACITY RE GARDING THE TYPE OF , NUMBER OF, AND QUALIFICATIONS 2 | |
| 437 | - | FOR POSITIONS IN THE INVESTMENT DIVISION. 3 | |
| 438 | - | ||
| 439 | - | SECTION 2. AND BE IT FURTHER ENACTED , That this Act shall take effect July 4 | |
| 440 | - | 1, 2025. 5 | |
| 441 | - | ||
| 442 | - | ||
| 443 | - | ||
| 444 | - | ||
| 445 | - | Approved: | |
| 446 | - | ________________________________________________________________________________ | |
| 447 | - | Governor. | |
| 448 | - | ________________________________________________________________________________ | |
| 449 | - | President of the Senate. | |
| 450 | - | ________________________________________________________________________________ | |
| 451 | - | Speaker of the House of Delegates. | |
| 336 | + | SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall take effect July 1 | |
| 337 | + | 1, 2025. 2 |