2011 News
New Trustee Elected to the Maryland State Retirement and Pension System
Kenneth B. Haines to Complete Term of William D. Brown
The Board of Trustees of the Maryland State Retirement and Pension System (MSRPS) today recognized Kenneth B. Haines—a veteran Prince George’s County teacher with experience both in the classroom and at the bargaining table—as its newest member.
Agency Closes Direct Equity Real Estate Program
Seeks Greater Diversification In Core Comingled Funds
The Investment Division of the Maryland State Retirement Agency (SRA) has successfully closed its 20-year-old Direct Equity Real Estate Program with the recent sale of the three remaining properties in its portfolio: Kentlands Square Shopping Center in Gaithersburg; Severna Park Marketplace in Severna Park; and Cranberry Square in Westminster. The three Maryland properties were purchased in September by Bethesda-based Saul Centers, Inc.
Agency Issues Corporate Governance RFI
Responses due by December 19
The Investment Division of the Maryland State Retirement Agency (SRA) has issued a Request for Information (RFI) from interested firms to provide various Corporate Governance Services. Specifically, the RFI seeks one or more firms to provide Corporate Governance Research and Proxy Services; Iran/Sudan Research Services; and Iran/Sudan Engagement Services.
A. Melissa Moye, Ph.D. Named CIO of Maryland State Retirement and Pension System
Dr. Moye has served as acting CIO since October 2010
Following a nationwide search, the Board of Trustees of the Maryland State Retirement and Pension System (MSRPS) today announced that A. Melissa Moye, Ph.D. has been selected as the system’s Chief Investment Officer (CIO). Dr. Moye, Deputy Treasurer for Financial Policy, has been serving as acting CIO since the departure last October of Mansco Perry, III who left to take a similar position with the endowment fund of Macalester College in Saint Paul, Minnesota.
Agency Earns 20.04% on Investments in FY2011
Exceeds 7.75% assumed return.
The Board of Trustees of the Maryland State Retirement and Pension System has been informed that its portfolio returned 20.04 percent on investments for the fiscal year that just ended June 30, 2011—exceeding the 7.75 percent assumed actuarial return rate. The performance raised the assets of the system to $37.5 billion—a total gain of $6 billion for the year.
Attorney General Gansler and State Treasurer Kopp Announce $73 Million Award to State Retirement System Upheld
Maryland Court of Appeals rules actuarial firm liable.
Attorney General Douglas F. Gansler and State Treasurer Nancy K. Kopp today announced that the Court of Appeals of Maryland has ruled that an actuarial firm is liable to the Maryland State Retirement and Pension System (MSRPS) for damages of approximately $73 million resulting from the firm’s repeated errors in performing actuarial valuations for the State Police Retirement System, Law Enforcement Officers’ Pension System, and Judges’ Retirement System over a 22 year period.
Theresa Lochte Reelected to Board of Trustees
Retired teacher Theresa Lochte has been elected by her fellow educators to a second term on the Board of Trustees of the Maryland State Retirement and Pension System.
Board Resolution Honors William Donald Schaefer
On April 26 the Board of Trustees issued a resolution honoring the late Governor William Donald Schaefer and expressing gratitude for his fifty-plus years of public service—in particular his eight years on the Board from 1999 to 2007.
MSRA Seeks Advisory Services for Absolute Return Allocation
RFIs due by May 20.
The Maryland State Retirement Agency has issued a Request for Information (RFI) seeking a qualified consulting firm to advise the staff on the Absolute Return portfolio. As of December 31, 2010, the System has roughly $1.6 billion invested in the Absolute Return allocation.
Click here for the printable RFI
Proposals should be emailed to investAR@sra.state.md.us and mailed by 4:00 p.m. on Friday, May 20, 2011 to:
Attn: Art Lynch
120 East Baltimore Street, 16th Floor
Baltimore, MD 21202
MSRPS Call for Nominations for Public_Member, Investment Committee
Submissions due March 21, 2011
The Board of Trustees of the Maryland State Retirement and Pension System is accepting nominations for one person to serve as an unpaid public member of the retirement system’s Investment Committee for a three-year term beginning July 1, 2011. Nominations must be received by close of business Monday, March 21, 2011.
Nominees must meet the following criteria:
Eligible Retirees to Receive Cost of Living Adjustment COLA) in July 2011
Eligible retirees and beneficiaries of the Maryland State Retirement and Pension System will receive a COLA applied to their monthly retirement benefit in July 2011.
Maryland Pension System Earns 14.3 Percent at Fiscal Year Midpoint
Return exceeds rate for Fiscal Year 2010
The Maryland State Retirement Agency today reported that as of December 31, 2010—the midpoint of fiscal year 2011—the state pension system’s portfolio returned 14.3 percent on investments, increasing the fund’s value by more than $4 billion. These earnings exceed the 7.75 percent actuarially assumed return rate, raising the assets of the system to $36.0 billion, up from $31.9 billion reported at the close of fiscal year 2010, six months before.