MD HB1028

Replaces the Objective Criteria Committee with a new Compensation and Staffing Committee within the Board of Trustees for the State Retirement and Pension System, with revised membership appointed by the Board Chairman rather than legislative leaders

Clarifies that awarded financial incentives must be paid to the Chief Investment Officer and Investment Division employees who retire directly from the Division within 30 days of separation, including those who separate during a furlough period

Transfers responsibility for recommending qualifications, compensation, and leave for the Chief Investment Officer from the Investment Committee to the new Compensation and Staffing Committee

Requires the Board of Trustees to approve the type, number, and qualifications of Investment Division positions, as well as all compensation and financial incentives for the Chief Investment Officer and staff, based on Committee recommendations

Prohibits the Chief Investment Officer from separately retaining the consultant hired by the Board and bars the CIO from participating in deliberations on compensation criteria for both themselves and Investment Division staff