2022 News
Maryland state pension system launches convenient sign-up for direct deposit
For years, retirees receiving a monthly benefit from the Maryland State Retirement and Pension System had to visit their savings institution to sign up for direct deposit of their monthly benefit. No more!
A new process launched in November provides payees with two convenient options to register for direct deposit:
Trustee elections slated by Maryland State Retirement and Pension System
Nominations for retired teacher, employee representatives now underway
September 8, 2022
Members and retirees of the Maryland State Retirement and Pension System will elect two trustees to the $66 billion plan’s Board of Trustees in an election slated for spring 2023.
Two elections will be conducted. Voters will choose a retired Teachers’ Systems representative and a retired Employees’ Systems representative to the board. While only retirees are eligible to vie in these elections, both active members and retirees of the respective systems will be eligible to vote.
State Retirement and Pension System’s diversified asset allocation and successful implementation help protect asset values in a challenging fiscal year
August 16, 2022
The Board of Trustees of the Maryland State Retirement and Pension System (MSRPS) confirmed today that the System generated a modestly negative return of -2.97%, net of fees, for the fiscal year ending June 30, 2022, beating its policy benchmark of -3.48%. The System’s diversified and risk-balanced asset allocation, designed to weather extremes in market volatility, performed significantly better than a traditional 60/40 allocation to publicly traded stocks and bonds, saving more than $5 billion on its investments for the fiscal year that ended June 30, 2022.
Cost-of-living adjustment payable to eligible payees in July 2022
April 21, 2022
Eligible payees (retirees and beneficiaries) of the Maryland State Retirement and Pension System will notice a boost in their monthly allowance beginning in July as the 2022 cost-of-living adjustment (COLA) takes effect.
This year’s COLA rate of 4.698% exceeds the statutory rate caps that apply to all or a portion of the allowance payable to most payees. The information below summarizes the COLA rate that generally applies to payees of the various State systems:
Correctional Officers’ Retirement System
Chief Investment Officer Andrew Palmer Addresses Impact of Ukraine Crisis on Maryland State Retirement and Pension System
February 28, 2022
In addition to your concern about the calamity for Ukraine, I am sure you are wondering how this event is impacting the portfolio.
Executive Director Martin Noven responds to Washington Post op-ed
A recent op-ed argued that “Maryland is wasting its pensioners’ money” by investing system assets in a diversified portfolio rather than simply investing the $70 billion portfolio in a couple of index funds. Doing so would cost the Maryland State Retirement and Pension System, and ultimately State taxpayers, billions of dollars in lost investment earnings. Of even greater concern, the proposal would significantly increase the risk to the portfolio.
Maryland State Retirement and Pension System Seeks Nominees to Serve as a Public Member of the Investment Committee
January 6, 2022
The Board of Trustees of the Maryland State Retirement and Pension System is seeking 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, 2022. The term of the incumbent public member is due to expire on June 30, 2022. The committee meets four times each year on the third Tuesdays of February, May, September, and November, typically in the System’s offices in Baltimore.