2021 News
Historic Earnings Moves The Maryland State Retirement and Pension System Funded Ratio Close to 80%
Actuary Says MSRPS’ Funded Ratio Nearly 77%
Baltimore, MD (October 19, 2021) — The Board of Trustees of the Maryland State Retirement and Pension System (MSRPS) today certified the fiscal year 2021 actuarial valuation as presented by its independent actuary, Gabriel Roeder Smith & Co. (GRS). GRS reported that due to the System’s extraordinary earnings of 26.7% for the fiscal year which ended June 30, 2021, its funded ratio has increased to 76.9%, up from 73.6% reported the previous fiscal year. The System is on track to be 80% funded by 2026; 85% funded by 2030; and 100% funded by 2039.
State Retirement Board Reduces Actuarial Assumed Rate of Return
Rate reduced from 7.40% to 6.80% for Fiscal 2023
Baltimore, MD (August 11, 2021) —The Board of Trustees of the Maryland State Retirement and Pension System (MSRPS) has voted to reduce the System’s actuarial assumed rate of return on its investments from 7.40% to 6.80%. The System’s lower rate will become effective July 1, 2022.
The Maryland State Retirement and Pension System Earns Historic 26.7% During FY 2021
Fund grows more than $13 billion to nearly $68 billion
Baltimore, MD (August 10, 2021) — The Board of Trustees of the Maryland State Retirement and Pension System (MSRPS) today announced that its portfolio returned a record-setting 26.7%, net of fees, on investments for the fiscal year that ended June 30, 2021. The fiscal year earnings far exceeded the System’s 7.40% assumed actuarial return rate and surpassed its policy benchmark of 24.41 by 230 basis points. The fund’s performance raised the System’s assets to $67.9 billion, an increase of $13.3 billion over the prior fiscal year.
SRPS members return Craddock to Board of Trustees
Trustee Jamaal R. A. Craddock, who has served as Employees’ Systems representative on the Maryland State Retirement and Pension System Board since 2018, has been re-elected to a second four-year term by members and retirees of the System. Results of the summer election were certified by the Board of Trustees July 20. His new term will begin August 1.
COVID-19 Line-of-Duty Death Benefit Now Available to Members of the Maryland State Retirement and Pension System
Special Benefit Covers Period Between March 5, 2020 and July 1, 2022
BALTIMORE, MD (June 4, 2020) – Effective immediately, a special line-of-duty death benefit is available to certain families of deceased active members of the Maryland State Retirement and Pension System if COVID-19 was the cause of death or a contributing cause of death of the member. The benefit is now available due to legislation the General Assembly enacted during the 2021 Legislative Session in response to the COVID-19 pandemic.
The following conditions must be met to qualify for this special death benefit:
Martin Noven named Executive Director of Maryland State Retirement Agency
Baltimore, MD (May 19, 2021)— Following a nationwide search conducted by Denver-based EFL Associates, the Board of Trustees of the Maryland State Retirement and Pension System (MSRPS) today announced that Martin Noven, of Illinois, has been selected as the System’s new Executive Director, effective July 1. Noven takes over the reins from R. Dean Kenderdine, who is retiring June 30 after serving as Executive Director for the last 14 years.
Eligible retirees to receive 1.234% 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 for the fiscal year beginning July 1 is 1.234%.
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?