Maryland State Retirement Agency

The Board of Trustees meeting covered several key topics. These included the adoption of final amendments to COMAR 22.04.02 regarding system membership and a legislative update concerning priority bills. The Administrative and Investment Committee reports were presented, including an Asset Allocation Transition Plan and a contract extension for investment consulting services. Furthermore, updates were provided on the fund's market performance, legislative budget hearings, the launch of a new online enrollment wizard, and oversight of investment matters. The meeting also included a closed session to review medical board reports and discuss specific investment strategies.

The Board of Trustees meeting covered several key administrative and operational topics. Highlights included a legislative update regarding agency bills and a report on the Investment Compliance team's monitoring activities. The Administrative Committee discussed procurement processes for a governance consultant, while the Audit Committee reviewed internal quality assurance reports and the audit plan status. The Chief Investment Officer provided a market update regarding global economic conditions and staffing status. Additionally, the Executive Director reminded trustees of ethics disclosure deadlines and announced staff appointments for the Chief Technology Officer roles. The board also held a closed session to address medical board reports, cybersecurity matters, and review closed meeting minutes.

This Charter outlines the comprehensive duties and responsibilities of the Executive Director for the Maryland State Retirement and Pension System. Key areas of responsibility include providing executive leadership, policy analysis, supporting board governance and operations, overseeing investment operations, ensuring accurate benefits administration, managing agency operations, adhering to financial and accounting practices, managing human resources, and facilitating communications. The document also details the Executive Director's role in appointments, monitoring, and reporting to ensure the System's mission, goals, and objectives are met with efficiency and effectiveness.

The board meeting agenda focused on corporate governance and financial oversight. Key discussions included the acceptance of financial statements and statutory reports, the approval of discharge for management and the board, and the allocation of income and dividends. Additionally, shareholders voted on the re-election of directors, the ratification of auditors for both financial and sustainability reporting, share capital reduction through cancellation, and various proposals regarding ESG criteria, human rights due diligence, and the discontinuation of arms transportation.

The meeting included a review of the internal audit charter, internal quality assurance results, and the status of the audit plan. Key discussions involved an open issues log, management's remediation plan for open issues, and a review of completed audits, including the teachers' appropriation and a cybersecurity report. The committee discussed the Three Lines model and addressed cybersecurity matters, including network security infrastructure, in a closed session. Finally, the committee approved a revised fiscal year 2026 audit plan.