Legislation

Title: State Retirement and Pension System – Investment Climate Risk – Fiduciary Duties
Sponsored by: Senator Elfreth (Chair, Joint Committee on Pensions)
Status: Enacted under Article II, Section 17(b) of the Maryland Constitution - Chapter 25
Analysis: Fiscal and Policy Note

Synopsis

Requiring a fiduciary of the State Retirement and Pension System to consider certain climate risks on the System's assets; requiring a climate risk assessment to include a certain review of the System's investment portfolio to determine the level of climate risk across certain sectors and asset classes, identification of investment opportunities in certain energy sectors, a process for regular reassessment of certain impact of climate risk, and utilization of the best data and practices for climate risk analyses; etc.

Committees

Original:: Budget and Taxation Click to view Recorded Media

Opposite:: Appropriations

Committee Testimony

Witness List

Details

Cross-filed with: HB0740

Bill File Type: Regular

Effective Date(s): June 1, 2022

History

Legislation History
Chamber Senate Calendar Date 2/01/2022 Legislative Date 2/01/2022 Action First Reading Budget and Taxation Proceedings
Chamber Senate Calendar Date 2/01/2022 Legislative Date 2/01/2022 Action Hearing 2/24 at 9:00 a.m. Proceedings
Chamber Calendar Date Legislative Date Action Text - First - State Retirement and Pension System – Investment Climate Risk – Fiduciary Duties Proceedings
Chamber Senate Calendar Date 2/10/2022 Legislative Date 2/10/2022 Action Hearing canceled Proceedings
Chamber Senate Calendar Date 2/10/2022 Legislative Date 2/10/2022 Action Hearing 2/24 at 8:30 a.m. Proceedings
Chamber Calendar Date Legislative Date Action Vote - Senate - Committee - Budget and Taxation Proceedings Click to view Recorded Media
Chamber Senate Calendar Date 3/07/2022 Legislative Date 3/07/2022 Action Favorable Report by Budget and Taxation Proceedings
Chamber Senate Calendar Date 3/08/2022 Legislative Date 2/26/2022 Action Favorable Proceedings 38 Click to view Recorded Media
Chamber Senate Calendar Date 3/08/2022 Legislative Date 2/26/2022 Action Motion Special Order until 3/9 (Senator Simonaire) Adopted Proceedings 38 Click to view Recorded Media
Chamber Senate Calendar Date 3/10/2022 Legislative Date 2/28/2022 Action Favorable Adopted Proceedings 40 Click to view Recorded Media
Chamber Senate Calendar Date 3/10/2022 Legislative Date 2/28/2022 Action Floor Amendment {433824/1 (Senator Cassilly) Rejected (16-30) Proceedings 40 Click to view Recorded Media
Chamber Senate Calendar Date 3/10/2022 Legislative Date 2/28/2022 Action Second Reading Passed Proceedings 40 Click to view Recorded Media
Chamber Calendar Date Legislative Date Action Text - Third - State Retirement and Pension System – Investment Climate Risk – Fiduciary Duties Proceedings
Chamber Senate Calendar Date 3/14/2022 Legislative Date 3/02/2022 Action Third Reading Passed (33-14) Proceedings 42 Click to view Recorded Media
Chamber House Calendar Date 3/15/2022 Legislative Date 3/07/2022 Action Referred Appropriations Proceedings 28 Click to view Recorded Media
Chamber House Calendar Date 3/23/2022 Legislative Date 3/23/2022 Action Hearing 3/29 at 1:00 p.m. Proceedings
Chamber House Calendar Date 3/29/2022 Legislative Date 3/29/2022 Action Hearing canceled Proceedings
Chamber Calendar Date Legislative Date Action Vote - House - Committee - Appropriations Proceedings Click to view Recorded Media
Chamber House Calendar Date 3/29/2022 Legislative Date 3/29/2022 Action Favorable Report by Appropriations Proceedings
Chamber House Calendar Date 3/29/2022 Legislative Date 3/21/2022 Action Favorable Adopted Second Reading Passed Proceedings 42AClick to view Recorded Media
Chamber House Calendar Date 3/30/2022 Legislative Date 3/23/2022 Action Third Reading Passed (94-40) Proceedings 44 Click to view Recorded Media
Chamber Senate Calendar Date 3/31/2022 Legislative Date 3/19/2022 Action Returned Passed Proceedings 59 Click to view Recorded Media
Chamber Post Passage Calendar Date 4/09/2022 Legislative Date 4/09/2022 Action Enacted under Article II, Section 17(b) of the Maryland Constitution - Chapter 25 Proceedings
Chamber Calendar Date Legislative Date Action Text - Chapter - State Retirement and Pension System – Investment Climate Risk – Fiduciary Duties Proceedings

Chamber	Calendar Date	Legislative Date	Action	Proceedings
Senate	2/01/2022	2/01/2022	First Reading Budget and Taxation
Senate	2/01/2022	2/01/2022	Hearing 2/24 at 9:00 a.m.
			Text - First - State Retirement and Pension System – Investment Climate Risk – Fiduciary Duties
Senate	2/10/2022	2/10/2022	Hearing canceled
Senate	2/10/2022	2/10/2022	Hearing 2/24 at 8:30 a.m.
			Vote - Senate - Committee - Budget and Taxation	Click to view Recorded Media
Senate	3/07/2022	3/07/2022	Favorable Report by Budget and Taxation
Senate	3/08/2022	2/26/2022	Favorable	38 Click to view Recorded Media
Senate	3/08/2022	2/26/2022	Motion Special Order until 3/9 (Senator Simonaire) Adopted	38 Click to view Recorded Media
Senate	3/10/2022	2/28/2022	Favorable Adopted	40 Click to view Recorded Media
Senate	3/10/2022	2/28/2022	Floor Amendment {433824/1 (Senator Cassilly) Rejected (16-30)	40 Click to view Recorded Media
Senate	3/10/2022	2/28/2022	Second Reading Passed	40 Click to view Recorded Media
			Text - Third - State Retirement and Pension System – Investment Climate Risk – Fiduciary Duties
Senate	3/14/2022	3/02/2022	Third Reading Passed (33-14)	42 Click to view Recorded Media
House	3/15/2022	3/07/2022	Referred Appropriations	28 Click to view Recorded Media
House	3/23/2022	3/23/2022	Hearing 3/29 at 1:00 p.m.
House	3/29/2022	3/29/2022	Hearing canceled
			Vote - House - Committee - Appropriations	Click to view Recorded Media
House	3/29/2022	3/29/2022	Favorable Report by Appropriations
House	3/29/2022	3/21/2022	Favorable Adopted Second Reading Passed	42AClick to view Recorded Media
House	3/30/2022	3/23/2022	Third Reading Passed (94-40)	44 Click to view Recorded Media
Senate	3/31/2022	3/19/2022	Returned Passed	59 Click to view Recorded Media
Post Passage	4/09/2022	4/09/2022	Enacted under Article II, Section 17(b) of the Maryland Constitution - Chapter 25
			Text - Chapter - State Retirement and Pension System – Investment Climate Risk – Fiduciary Duties

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