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SB 692

Cybersecurity Standards and Liability

2026 Regular Session Introduced by Tom Leek

Clarifies SPRS DROP eligibility based on employment in an SPRS-eligible position (not service credit) and updates SRPS reporting deadlines.

Died in Appropriations
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Bill Summary · SB 692

SB 692 — State Retirement and Pension System — Alterations and Clarifications (Chapter 766)

Status: Approved by the Governor (Chapter 766). Approved May 20, 2025. Effective July 1, 2025.
Introduced: 2025 (Sen. M. Jackson). Companion: HB 1034.

Main purpose

Adjust administrative deadlines for two annual reports of the State Retirement and Pension System (SRPS) and correct/clarify eligibility computations for the State Police Retirement System (SPRS) Deferred Retirement Option Program (DROP) so eligibility is based on years of employment in an SPRS-eligible position rather than on years of “eligibility service” (service credit).

Key provisions

  • Report deadlines
    • Amends §21‑116(d)(4): Investment Committee report due to Board of Trustees, Governor’s Office of Small, Minority, and Women Business Affairs, and (subject to law) the General Assembly — deadline moved from September 1 to November 1. The report covers MBE brokerage and investment-management firms used, percentages/dollar values of assets managed by MBEs by asset class, and measures to increase MBE participation.
    • Amends §21‑123.2(f)(1): Board of Trustees’ annual report on private equity/venture capital investments (those located in, operating in, or reasonably expected to invest in the State) — deadline moved from December 1 to December 31. Recipients include Senate Budget & Taxation, House Appropriations, and the Joint Committee on Pensions; report must include investment descriptions, actions, performance, fees/expenses, and related ratios as practicable.
  • DROP eligibility (SPRS) — Amends §24‑401.1(c) and (d):
    • Replaces references to “eligibility service” (service credit) with “employment in a position eligible for membership in the State Police Retirement System.”
    • Applies to members hired on/before June 30, 2011 (eligible retirement after 22 years) and those hired after (eligible after 25 years).
    • Leaves the existing caps on DROP participation in place (lesser of 7 years; difference between 32 years and years of employment in an eligible position; difference between age 60 and member’s age; or a term chosen by the member), but ties the “32‑year” cap to years of employment rather than service credit.

Who is affected

  • SRPS Investment Committee and Board of Trustees (reporting timelines).
  • SPRS members (Maryland State Troopers, cadets, Secretary of State Police) who participate or may participate in DROP — clarifies/ restores intended eligibility calculations.
  • General Assembly committees that receive the reports.

Fiscal and policy impact

  • Fiscal Note (Maryland Dept. of Legislative Services): No material effect on state or local finances. The change to DROP eligibility corrects an unintended consequence of prior law (member contributions stop after 28 years, which previously prevented accrual of service credit toward the 32‑year DROP cap); SRA reported only one current member affected. No expected change in actuarial liabilities or contribution rates.

Effective date and scope

  • Act takes effect July 1, 2025.
  • Implements reporting deadline changes and the DROP eligibility clarification statewide under the State Personnel and Pensions Article (specified sections amended).

Compiled from official sources — confirm details with the bill’s official record.

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