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Session Laws, 2007
Volume 803, Page 2318   View pdf image
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2007 Laws of Maryland
Ch. 368
(II) CRITERIA USED BY COMPARABLE PUBLIC PENSION
FUNDS AWARDING FINANCIAL INCENTIVES TO CHIEF INVESTMENT OFFICERS;
AND (III) THE INVESTMENT PERFORMANCE OF THE SEVERAL
SYSTEMS AS COMPARED TO COMPARABLE PUBLIC PENSION FUNDS RANKED IN
THE 25TH PERCENTILE OF THE ANNUAL EVALUATION PERFORMED BY THE
TRUST UNIVERSE COMPARISON SERVICE. (3) THE CHIEF INVESTMENT OFFICER MAY NOT PARTICIPATE IN
ANY DELIBERATIONS REGARDING THE ESTABLISHMENT OF CRITERIA UNDER
THIS SUBSECTION. (4) THE CRITERIA ESTABLISHED UNDER THIS SUBSECTION SHALL
BE INCLUDED IN THE INVESTMENT POLICY MANUAL. (5) ON OR BEFORE SEPTEMBER 1 OF EACH YEAR, THE BOARD OF
TRUSTEES SHALL SUBMIT TO THE JOINT COMMITTEE ON PENSIONS, IN
ACCORDANCE WITH § 2-1246 OF THE STATE GOVERNMENT ARTICLE, A COPY OF
THE MOST RECENT CRITERIA ESTABLISHED UNDER THIS SECTION AND ANY
FINANCIAL INCENTIVES THAT WERE AWARDED FOR THE PREVIOUS FISCAL YEAR
TO THE CHIEF INVESTMENT OFFICER. (E) THE COMPENSATION AND ANY FINANCIAL INCENTIVES AWARDED TO
THE CHIEF INVESTMENT OFFICER SHALL BE IN ACCORDANCE WITH THE
LIMITATIONS ON ADMINISTRATIVE AND OPERATIVE EXPENSES UNDER §
21-315(C) OF THIS TITLE. (F) THE CHIEF INVESTMENT OFFICER APPOINTED UNDER THIS
SECTION IS A STATE EMPLOYEE AND SHALL BE ENTITLED TO PARTICIPATE IN
THE EMPLOYEES' PENSION SYSTEM UNDER TITLE 23 OF THIS ARTICLE. (G) ON THE RECOMMENDATION OF EITHER THE INVESTMENT
COMMITTEE OR THE EXECUTIVE DIRECTOR AND ON RECEIVING AN
AFFIRMATIVE VOTE FROM A MAJORITY OF THE BOARD OF TRUSTEES, THE
EXECUTIVE DIRECTOR SHALL TERMINATE THE APPOINTMENT OF THE CHIEF
INVESTMENT OFFICER. 21-122.
(a) There is an Investment Division in the State Retirement Agency.
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Session Laws, 2007
Volume 803, Page 2318   View pdf image
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