State Treasurer Nancy Kopp Applauds Joint Committee on Pension’s Proposal to Reform Pension Funding Policy

Elections will be conducted in Spring 2013 for two seats on the Board of Trustees of the Maryland State Retirement and Pension System. A Teachers’ Systems representative and an Employees’ Systems representative will be chosen in the election. These two board seats are currently held by Teachers’ Systems representative Kenneth B. Haines and Employees’ Systems representative Sheila Hill, whose terms expire in July 2013. Although these two board seats are open only to active members, both active members and retirees of the respective systems will be eligible to vote.

Retirees who have been retired for at least one full year, as of July 1, 2012, will receive a cost-of-living adjustment (COLA) in July. This year’s adjustment has been set at 3.157%, which is based by state law upon the Consumer Price Index (all urban consumers – United States city average – all items) for the previous calendar year. This COLA rate exceeds the system 3% cap for the majority of retirees of the state pension system.

The Investment Division of the Maryland State Retirement Agency (MSRA) today announced that it has selected Albourne America LLC to advise staff on the retirement system’s Absolute Return portfolio. As of November 30, 2011, the System has roughly $2.5 billion invested in its Absolute Return allocation.