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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

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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.

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Maryland State Retirement and Pension System Seeks Nominees to Serve as a Public Member of the Investment Committee

BALTIMORE, MD (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.