MD HB1072

Repeals the requirement that participating employers pay separate per-participant administrative fees to fund the State Retirement and Pension System's administrative and operational expenses

Requires the Board of Trustees to incorporate administrative and operational costs (excluding Investment Division expenses) into the employer contribution rates certified annually to all participating employers

Mandates operating expenses of the State Retirement Agency be funded through the accumulation fund rather than through separate administrative fee assessments

Establishes a transition timeline: local employers must pay fiscal year 2025 fees by June 1, 2025; fiscal year 2026 expenses paid from accumulation funds on pro rata basis; fiscal year 2027 and beyond funded through employer contribution rates

Effective June 1, 2025; approved by Governor Wes Moore on May 20, 2025