MD SB810

Replaces the Objective Criteria Committee with a new Compensation and Staffing Committee within the State Retirement and Pension System Board of Trustees, responsible for recommending compensation, financial incentives, and staffing levels for the Investment Division.

Expands committee membership to include one or more Board of Trustees members from multiple categories, with optional appointments of the State Treasurer and Comptroller; removes legislative members and public member requirements from the prior committee structure.

Clarifies that the Chief Investment Officer and Investment Division employees who retire directly from the division within 30 days of separation remain eligible to receive previously awarded financial incentives, including those delayed during state employee furlough periods.

Shifts the Executive Director (rather than the Chief Investment Officer) to serve as the advisory role to the committee on compensation matters, while prohibiting the Chief Investment Officer from participating in deliberations about their own compensation or staff compensation.

Requires the Board of Trustees to hire an independent consultant to assist with compensation and staffing matters, prohibiting that consultant from simultaneously providing other services to the Board or Investment Division, though executive search services are permitted.