State Retirement and Pension System (SRPS) Board

The Board

The Maryland State Retirement and Pension System (SRPS) provides retirement, death, and disability benefits for over 420,000 members, including state employees, teachers, police, and judges. A 15-person Board of Trustees, led by the Treasurer and Comptroller, oversees the system. The Board and several committees meet regularly to set policies that guide investment strategy, and to review operations and performance. State Retirement Agency (SRA) staff execute the work to ensure timely benefits distribution and investment of plan assets for a fully funded retirement system. 

Comptroller Lierman's Role

Comptroller Lierman serves as Vice Chair of the Board of Trustees, Chair of the Investment Committee, and member of the Corporate Governance and Securities Litigation Committee. The Trustees are responsible for guiding policies, governance, and investment strategies to ensure the sustainability and success of the $70 billion dollar portfolio. 

The Investment Committee is responsible for advising the Board and making recommendations regarding the System’s investment programs, including compliance with Board policies, risk management, and adherence to minority business enterprise policies. Additionally, the committee oversees the development and amendment of the Investment Policy Manual, evaluates service providers, and monitors the performance and compliance of investment strategies and managers. Under her leadership, the committee evaluates asset allocation policies, assesses risks impacting the system, and ensures that the investment strategy aligns with the long-term goals of the pension fund. The committee’s work is vital to maintaining the financial health and stability of the retirement system.  

The Corporate Governance and Securities Litigation Committee is responsible for addressing corporate governance issues, overseeing proxy voting guidelines, and implementing the Board’s policies on securities litigation to protect the integrity of the capital markets. The committee monitors legislative and regulatory developments, collaborates with like-minded investors, evaluates governance initiatives, and provides recommendations on securities litigation matters, including seeking lead plaintiff status or filing independent actions. 

Information on requesting to address the Board, where & how to view or attend meetings, Board-published reports, and other resources can be accessed here: Maryland State Retirement Agency Website.  

Comptroller’s Board of Trustees Staff 

The Office of the Comptroller’s Office of Policy, Public Works and Investment oversees the Comptroller’s role on the BOT. 

If needed, please contact Devaughn Blackburn, Investment Research Associate DBlackburn@Marylandtaxes.gov