The Maryland State Retirement and Pension System announced on Friday a 9.83% investment return in the fiscal year that ended June 30. The fund outperformed its policy benchmark, which returned 9.54%.
Assets of the pension fund, which provides retirement benefits to nearly 168,000 retirees and beneficiaries and more than 245,000 active and former members, rose to $73.5 billion at the end of June. SRPS attributed its performance to effective asset management and a resilient market environment.
“This year’s results are a testament to the strength of our long-term investment strategy and the skill of our investment team,” Acting CIO Robert Burd said in a statement. “We outperformed our benchmark across nearly every asset class over the five-year period, and our 10-year return of 7.04% continues to exceed the actuarial assumption of 6.8%.”
Over the past three, five and 10 years, the fund returned an annualized 6.60%, 8.29% and 7.04%, respectively, outperforming its benchmark in each period. The benchmarks for those periods were 5.98%, 7.41% and 6.62%, respectively.
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“We are long-term investors, and our strategy is designed to weather market cycles while delivering consistent value to our members,” State Treasurer Dereck E. Davis, chair of the Maryland SRPS board of trustees, said in a statement. “This year’s performance reinforces our commitment to a risk-aware, forward-looking investment approach.”
The pension fund is currently searching for a permanent CIO—Burd was appointed to the role on an interim basis in June, following the retirement of Andrew Palmer.
Maryland SRPS members and beneficiaries include state government employees, educators, law enforcement personnel, legislators, judges and local government employees, and firefighters whose employers have elected to participate in the pension system.
Related Stories:
Maryland SRPS Names Robert Burd as Acting CIO
Maryland State Pension CIO Andrew Palmer Announces Retirement
Maryland Retirement Agency Hires Deputy CIO
Tags: Maryland State Retirement & Pension System (MSRPS)
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