2020 News
R. Dean Kenderdine Stepping Down as Executive Director of the Maryland State Retirement and Pension System
Retirement set for June 30, 2021
Baltimore, MD (October 5, 2020) — R. Dean Kenderdine, Executive Director of the Maryland State Retirement and Pension System (SRPS), has notified the Board of Trustees that he will retire from his position, held since 2007, on June 30, 2021. The SRPS administers retirement, disability, and death benefits on behalf of more than 408,000 active, vested, and retired State employees, teachers, State Police, correctional and law enforcement officers, judges and legislators. The fund has more than $58 billion in assets under management for the benefit of its members.
Nominations Sought for Board of Trustees
Eligible members of the Maryland State Retirement and Pension System who wish to serve on the plan’s Board of Trustees may request nomination packets starting September 4 through December 4, 2020.
Eligible candidates will then vie for two Board seats in an election slated for spring 2021.
Each potential candidate must obtain the signatures and dates of birth of 150 persons who are eligible to vote in the election. Both active members and retirees of the applicable systems will be eligible to vote.
MSRPS Announces New Committee Leadership
Baltimore, MD (August 27, 2020) — State Treasurer Nancy K. Kopp, Chair of the Maryland State Retirement and Pension System (MSRPS) Board of Trustees, today announced new assignments to the Board’s Administrative and Investment Committees, effective August 1, 2020 to July 31, 2021. The management, general administration and proper operation of the system are vested in a 15-member Board of Trustees—a combination of elected, appointed, and ex-officio members, including the Secretary of the Department of Budget and Management, the State Comptroller, and the State Treasurer.
The Maryland State Retirement and Pension System Earns 3.6% During Volatile FY 2020
Fund grows $563 million to nearly $55 billion
Baltimore, MD (August 14, 2020) — The Board of Trustees of the Maryland State Retirement and Pension System (MSRPS) today announced that its portfolio returned 3.57%, net of fees, on investments for the fiscal year that ended June 30, 2020. The fiscal year returns reflect the ongoing impact of the COVID-19 pandemic on global markets. Although the fiscal year earnings fell short of the System’s 7.40% assumed actuarial return rate, it exceeded the policy benchmark of 3.14% by 43 basis points.
Eligible retirees to receive 1.812% cost-of-living adjustment in July
Retired Maryland teachers, state and municipal employees, correctional officers and police will notice an increase to their monthly retirement benefit in July as the annual cost-of-living adjustment (COLA) takes effect.
This year’s COLA rate is 1.812%.
The increased monthly benefit will be shown on the Automatic Deposit Advice mailed to the homes of all retirees on July 31.
Frequently asked questions
Q. Who qualifies to receive the COLA this July?
MARYLAND STATE RETIREMENT AND PENSION SYSTEM AMENDED AND RESTATED NOTICE EXTENDING CERTAIN TIME REQUIREMENTS
Changes due to COVID-19 State of Emergency
This Amended and Restated Notice Extending Certain Time Requirements (“Amended and Restated Notice”) is given by the Board of Trustees of the Maryland State Retirement and Pension System (“System”) on March 1, 2021, acting pursuant to the Proclamation of Governor Lawrence J. Hogan, Jr.
SRPS is Open for Business During State of Emergency
Considering recent local developments related to the Coronavirus (COVID-19), the Maryland State Retirement Agency is taking precautions to ensure the health and safety of the participants we serve and our employees. As this situation continues to evolve, we will continue to follow all guidance from the Governor’s Office, the State Department of Health, and the Centers for Disease Control and Prevention (CDC).
In-person meetings with retirement counselor suspended
Maryland State Retirement and Pension System
Calls for Nominations: Public Member, Investment Committee
BALTIMORE, MD (January 21, 2020) – The Board of Trustees of the Maryland State Retirement and Pension System is calling for nominations for a public member to serve as an unpaid advisor to the retirement system’s Investment Committee for a three-year term beginning July 1, 2020. The term of the incumbent public member is due to expire on June 30, 2020. The committee meets four times each year on the third Tuesdays of February, May, September and November, in the System’s offices in Baltimore.
Maryland State Retirement and Pension System
Calls for Nominations: Public Member, Investment Committee
BALTIMORE, MD (January 21, 2020) – The Board of Trustees of the Maryland State Retirement and Pension System is calling for nominations for a public member to serve as an unpaid advisor to the retirement system’s Investment Committee for a three-year term beginning July 1, 2020. The term of the incumbent public member is due to expire on June 30, 2020. The committee meets four times each year on the third Tuesdays of February, May, September and November, in the System’s offices in Baltimore.