Maryland’s pension fund grew more than $13 billion to nearly $67.9 billion during the most recent fiscal year for its best performance since 1985.
The Maryland State Retirement and Pension System announced Tuesday that the fund returned a record-setting 26.7%, net of fees, for the fiscal year ending June 30. The results far exceeded the system’s annual goal of a 7.40% return and its policy benchmark of 24.41%.
In the prior fiscal year, the fund returned 3.57%, net of fees. The pension fund supports nearly168,000 retired state government employees, teachers, police officers, legislators, judges and local government employees and firefighters. The fund’s returns over the last 10 years have averaged 8.2%, exceeding the plan’s expected rate of return.
