Md. Code, State Personnel and Pensions § 21-115

(a) The Board of Trustees shall:

(1) specify by resolution the number of members of the Investment Committee; and

(2) except as provided in subsection (b)(2) of this section, appoint annually the members of the Investment Committee from the members of the Board of Trustees.

(b) The Board of Trustees shall ensure that the membership of the Investment Committee includes:

(1) a representative of each of:

(i) the Employees’ Pension System or the Employees’ Retirement System;

(ii) the Teachers’ Pension System or the Teachers’ Retirement System; and

(iii) the State Police Retirement System; and

(2) three representatives from the public appointed by the Board of Trustees with the approval of the Board of Public Works for staggered 3-year terms who:

(i) are not members, retirees, or beneficiaries under any of the several systems;

(ii) have had experience in the management and control of large investments; and

(iii) have at least 10 years of substantial experience as any one or a combination of the following:

1. a portfolio manager acting in a fiduciary capacity;

2. an employee or principal of a trust institution, investment organization, or endowment fund acting either in a management-related capacity or an investment-related capacity;

3. a chartered financial analyst in good standing; or

4. a professional engaged in a public or private financial or investment field that is comparable to the fields listed in this item.

(c) The Board of Trustees may:

(1) set additional qualifications for public members; and

(2) adopt regulations on ethical standards and conflicts of interest for public members.

(d) By resolution, the Board of Trustees shall designate the chairman of the Investment Committee.