Maryland’s $54.8 billion pension fund recouped its losses from the stock market’s downturn in March and ended the fiscal year with a positive return, on par with how other funds across the country have performed.
The Maryland State Retirement and Pension System announced Monday that the fund returned 3.57%, net of fees, for the fiscal year ending June 30. The fund finished the year with $563 million more in assets compared with the prior year.
Pension funds across the U.S. were hit hard by market declines as the Covid-19 pandemic spread across the U.S. and resulted in a recession. However, double-digit stock gains in the three months ending June 30 pushed public pension returns to a median 11.1% for the quarter, according to Wilshire Trust Universe Comparison Service. The median return for the fiscal year was 3.36%.
The Maryland pension fund had $54.8 billion in assets at the end of February and saw its assets fall 6.75% through the end of March to $51.1 billion.
