Maryland expands DEI efforts in state retirement agency

BALTIMORE -- While some states are restricting diversity, equity, and inclusion (DEI) expansion, Maryland is not. 

Maryland is one of 20 states that pushed bills this year to expand DEI efforts.

Governor Wes Moore signed HB1212 to allow the State Retirement Agency to hire someone to fulfill a DEI role in the retirement and pension system.

Delegate Jazz Lewis sponsored the bill saying it will accomplish two priorities.

It will help cater to retirees and pension holders by giving them better returns in downtimes and overall less loss, he said.

The second goal is to make the workforce diverse so the asset management industry can continue moving in that direction.

Nearly two dozen states filed bills this year to restrict DEI efforts.

But Lewis says Maryland views DEI differently.

"I know that our governor's often said, we wanna be both asset and strategy rich," he said. "I think our diversity is an asset and we want to put it to use."

Lewis said it's important to address the State Retirement Agency because it sits on over $60 billion of pension funds.

This new role will help ensure that the funds are invested in a way that will improve the returns for Maryland's retirees, he said.

Acting Executive Director of the Maryland Commission on Civil Rights Cleveland L. Horton II said it is effort like this that helps set the state apart. He said the state wants to invest in change that shows a better reflection of the community it serves.

"When we really think about DEI we think about how far it bring innovation by bringing together diverse perspectives, experiences and talents," Horton said. "Leading to more creative solutions and better decisions that you are making. DEI promotes social cohesion and reduces discrimination and a more just equitable society for all of us."

The net is now being cast wide to find a person who will be suitable for this new role.

A governance program will work with the agency to focus on the investment side and ensure that the hiring pool is expanded during this search, Lewis said.

Lewis hopes this effort will help encourage diverse talent recruitment for other foundations and agencies across the state.