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Martin O'Malley, Governor
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Ch. 368
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SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That the Laws of Maryland read as follows:
Article - State Personnel and Pensions
21-108.
(c) Subject to [§ 21-123] §§ 21-122 and 21-123 of this subtitle, the Board
of Trustees shall have full power to invest the assets of the several systems.
21-118.1.
(A) NOTWITHSTANDING ANY OTHER PROVISION OF LAW, ON THE
RECOMMENDATION OF THE EXECUTIVE DIRECTOR AND THE INVESTMENT
COMMITTEE, THE BOARD OF TRUSTEES SHALL DETERMINE THE
QUALIFICATIONS AND APPOINTMENT, AS WELL AS COMPENSATION AND LEAVE,
FOR THE CHIEF INVESTMENT OFFICER WHO SHALL BE THE HEAD OF THE
INVESTMENT DIVISION.
(B) IN MAKING DETERMINATIONS AND APPOINTMENTS UNDER THIS
SECTION, THE EXECUTIVE DIRECTOR AND THE INVESTMENT COMMITTEE
SHALL CONSIDER THE COMPARATIVE STATUS QUALIFICATIONS,
COMPENSATION, AND LEAVE OF EMPLOYEES SERVING IN SIMILAR POSITIONS
AND DISCHARGING SIMILAR DUTIES AT COMPARABLE PUBLIC PENSION FUNDS.
(C) IN ADDITION TO THE BOARD OF TRUSTEES SETTING THE SALARY OF
THE CHIEF INVESTMENT OFFICER UNDER SUBSECTION (A) OF THIS SECTION IN
ACCORDANCE WITH THE STATE BUDGET, THE BOARD OF TRUSTEES MAY ALSO
AWARD FINANCIAL INCENTIVES TO THE CHIEF INVESTMENT OFFICER IN
ACCORDANCE WITH SUBSECTION (D) OF THIS SECTION.
(D) (1) ON THE RECOMMENDATION OF THE INVESTMENT
COMMITTEE, THE BOARD OF TRUSTEES SHALL ESTABLISH CRITERIA FOR
AWARDING FINANCIAL INCENTIVES TO THE CHIEF INVESTMENT OFFICER.
(2) THE CRITERIA UNDER PARAGRAPH (1) OF THIS SUBSECTION
SHALL BE BASED ON:
(I) OBJECTIVE BENCHMARKS OF INVESTMENT
PERFORMANCE FOR THE ASSETS OF THE SEVERAL SYSTEMS; AND
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- 2317 -
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