News

For immediate release:
August 27, 2026

Contact: Benjamin Robb
[email protected]

BALTIMORE – The Maryland State Retirement Agency announced that Ming Cen has been appointed Managing Director of Dynamic Asset Allocation and Risk Management (DAA & RM). Cen began her new role in June 2026.

In this newly created position, Cen will lead a team providing an integrated, top-down and holistic approach to Maryland’s public market investment strategies. She will establish an adaptive investment framework that integrates market regimes, portfolio construction, risk management and strategic positioning across the fund.

“With her deep knowledge, strategic thinking and results driven approach, Ming has ...

For immediate release:
August 18, 2026

Contact: Benjamin Robb
[email protected]

CORRECTION: A previous version of this press release misstated the investment return in the headline. It is 13.19%.

BALTIMORE – The Board of Trustees of the Maryland State Retirement and Pension System today announced a net investment return of 13.19% for the fiscal year ending June 30, 2026, exceeding the 6.80% actuarial target by 6.39 percentage points and outperforming the policy benchmark by three basis points. The fund has generated excess returns relative to its respective benchmark over the one-, three-, five- and 10-year periods.

Over the past ten years, ...

For immediate release:
May 27, 2026

Contact: Benjamin Robb
[email protected]

BALTIMORE – The Board of Trustees of the Maryland State Retirement and Pension System is charged with the responsibility for the management, general administration, and proper operation of the System. In line with these duties, the Board has not adopted any policies concerning investment or divestment in Israel bonds or in any securities associated with Israel.

The System's assets are managed solely in the interests of the System's participants, and for the exclusive purposes of providing benefits and covering reasonable administrative expenses. In accordance with the Board's fiduciary responsibilities, investment ...

For immediate release:
April 28, 2026

Contact: Benjamin Robb
[email protected]

BALTIMORE - The Maryland State Retirement Agency announced today that Marlene Timberlake D’Adamo, J.D., has been appointed Managing Director of EDGE (Emerging Managers, Durable Capital, and Governance Excellence). Timberlake D’Adamo will begin her new role on April 29, 2026.

In this newly created position, Timberlake D’Adamo will help shape how the Agency stewards capital on behalf of Maryland’s public servants by advancing its Terra Maria Emerging Manager program, strengthening innovation and durable long-term investing, enhancing corporate governance and proxy oversight, and reinforcing a culture of disciplined compliance. Reporting directly to CIO ...

For immediate release:
April 15, 2026

Contact: Benjamin Robb
[email protected]

BALTIMORE - Eligible retirees and beneficiaries of the Maryland State Retirement and Pension System will notice an increase in their monthly allowance beginning in July as the 2026 cost-of-living adjustment (COLA) takes effect.

This year’s COLA rate is 2.698%. The System’s total investment performance for the calendar year ending on December 31, 2025 (+13.33%), exceeded the 6.8% assumed rate of investment return established by the Board of Trustees. Therefore, the statutory rate cap for the portion of an allowance based on creditable service earned on or after July 1, 2011, is ...

For immediate release:
January 7, 2026

Contact: Benjamin Robb
[email protected]

BALTIMORE, MD — The Board of Trustees of the Maryland State Retirement and Pension System (SRPS) is seeking nominations for a member of the public to serve as an unpaid advisor to its Investment Committee for a three-year term beginning July 1, 2026. The term of the incumbent public advisor is due to expire on June 30, 2026. The committee meets at least four times each year, typically in person at SRPS offices.

State law requires that three non-board members who meet the following criteria serve as advisors to the ...

For immediate release:
November 21, 2025

Contact: Benjamin Robb
[email protected]

BALTIMORE, MD – The Board of Trustees of the Maryland State Retirement and Pension System (SRPS) is pleased to announce the appointment of Dianne Sandoval as the new Chief Investment Officer (CIO). Ms. Sandoval brings a wealth of experience and a proven track record of success in investment strategy and management and will begin her tenure in January 2026.  

In her new role, Ms. Sandoval will be responsible for oversight of all SRPS investments, leading the investment team, developing and implementing investment strategies, and ensuring the long-term financial health ...

For immediate release:
November 4, 2025

Contact: Benjamin Robb
[email protected]

ANNAPOLIS, Md. (November 4, 2025) — Maryland State Treasurer Dereck Davis and Comptroller Brooke E. Lierman announced today that the Maryland State Retirement and Pension System (SRPS), which oversees investments for more than 400,000 current and retired state and local government employees, teachers, public safety officers and other public servants in Maryland, will vote against Tesla’s proposed one trillion dollar compensation package for CEO Elon Musk at Tesla’s upcoming shareholder meeting.

Serving as Chair and Vice-Chair of the Maryland State Retirement and Pension System Board of Trustees, Treasurer Davis and Comptroller ...

For immediate release:
August 22, 2025

Contact: [email protected]

BALTIMORE, MD — The Maryland State Retirement and Pension System (SRPS) today announced a net investment return of 9.83% for the fiscal year ending June 30, 2025, surpassing its policy benchmark by 29 basis points and continuing its strong long-term performance trajectory. This solid performance was driven by effective asset management and a resilient market environment. The System's assets have now reached an impressive $73.5 billion.

"This year's results are a testament to the strength of our long-term investment strategy and the skill of our investment team," said Acting Chief Investment Officer Robert ...

For immediate release:
August 21, 2025  

Contact: [email protected]

BALTIMORE, MD — The Maryland State Retirement and Pension System (SRPS) Board of Trustees formally welcomed its newest members during the Board’s August 19 meeting. At the session, Vice Chair and Comptroller Brooke E. Lierman introduced the three new trustees, who each shared their background and perspectives with the Board.  

The trustee appointments, along with the addition of a new public advisor to the Investment Committee, reflect a refreshed governance structure as of the start of the fiscal year. Trustee Vernon A. Reid, Jr., Trustee Scott Nicewarner, and Public Advisor Joanna Pratt ...

For immediate release:
June 27, 2025  

Contact: [email protected]

BALTIMORE, MD – The Maryland State Retirement and Pension System (SRPS) Board of Trustees has formally adopted a set of Responsible Workforce Management Principles to guide investment decisions in its private equity portfolio. The vote, held during the Board’s June 17 meeting, builds upon the Investment Committee’s May 29 recommendation and reflects a growing recognition that sound workforce practices and long-term investment performance are closely aligned.

The $70 billion SRPS portfolio includes approximately $15 billion in private equity investments. The newly adopted framework establishes expectations for private equity managers to incorporate workforce ...

For immediate release:
June 17, 2025  

Contact: [email protected]

BALTIMORE, MD – Yesterday, the Maryland State Retirement and Pension System (SRPS) held its inaugural meeting of its Climate Advisory Panel. The newly established panel, which brings together outside experts in climate science, policy and finance, held its first session to review its charter, clarify its responsibilities, and establish a framework for collaboration with SRPS leadership and the investment division.

At its first meeting, the panel reviewed its governance charter, mission and key priorities as presented by the system’s investment division. The panel is expected to support and advise the SRPS Board ...

For immediate release:
June 18, 2025  

Contact: [email protected]

BALTIMORE, MD — The Maryland State Retirement and Pension System (SRPS) Board of Trustees yesterday announced a key leadership appointment, naming Robert “Bob” Burd as Acting Chief Investment Officer, effective July 1, 2025. The appointment was made during a meeting of the Board of Trustees held on June 17.

Burd currently serves as the System’s Deputy Chief investment Officer for SRPS, a role he has held since 2011. In this position, he has played a key role in shaping asset allocation strategy, managing investment risk and overseeing manager selection across the $70 ...

For immediate release:
May 28, 2025  

Contact: [email protected]

BALTIMORE, MD — The Maryland State Retirement Agency announced today at the Maryland State Retirement and Pension System Board of Trustees Investment Committee meeting the appointment of Edward Kamonjoh as the new Senior Corporate Governance Manager. In this critical role, and in accordance with fiduciary responsibilities, Mr. Kamonjoh will oversee the strategic execution of the System’s governance program, including proxy voting, the integration of material environmental, social, and governance (ESG) factors into investment due diligence, and board-level engagement initiatives. 

Mr. Kamonjoh brings more than two decades of corporate governance and investment stewardship ...

For immediate release:
May 27, 2025  

Contact: [email protected]

BALTIMORE, MD — The Maryland State Retirement Agency (SRA) announced today that Chief Investment Officer Andrew Palmer has been named to the 2025 Power100 list as a leading Allocator among institutional investors. The Power100, created by Blueprint Capital Advisors, is a non-profit enterprise designed “to shine a spotlight on alternative investment organizations, professionals and investors that are high performing, impacting the industry and narrowing societal gaps related to wealth, health, education, and other areas important to us all.” 

“This recognition speaks to the work of our investment team and the broader ...

For immediate release:
April 30, 2025  

Contact: [email protected]

BALTIMORE, MD — At this past month’s Maryland State Retirement and Pension System (SRPS) board meeting, Chief Investment Officer Andrew Palmer announced a strategic partnership with global asset manager Barings to launch a new $250M real assets program with a focus on the lower middle-market direct deals and emerging managers. The collaboration includes a $50 million allocation dedicated exclusively to in-state investments and Maryland-based emerging managers.

Barings, a global asset management firm overseeing more than $442 billion in assets, brings decades of experience across public and private markets, including fixed income, real ...

For immediate release:
April 16, 2025  

Contact: [email protected]

BALTIMORE, MD — The Maryland State Retirement and Pension System’s (SRPS) Board of Trustees approved the five nominations for the Climate Advisory panel submitted by Executive Director Martin Noven and Chief Investment Officer Andrew Palmer at yesterday’s board meeting. The vote cements Maryland’s status as a national leader in addressing climate change-related investment risks and pursuing opportunities for the System's investments. 

“We were deeply impressed by the large number of experts willing to volunteer their time and energy to help us guide the System through the challenges of climate change, including its economic ...

For immediate release:
April 7, 2025  

Contact: [email protected]

BALTIMORE, MD (April 7, 2025) – The Maryland State Retirement Agency (SRA) announced today that Danita Johnson, Managing Director of Investments for the Maryland State Retirement and Pension System (SRPS), was named a 2025 Honoree in an exclusive shortlist of investment leaders by the National Association of Securities Professionals (NASP). The NASP is a distinguished nonprofit organization that fosters and curates professional leadership talent from underrepresented communities within the financial services industry.

The New York Chapter of the NASP Foundation held its 27th Annual Wall Street Hall of Fame on March 13 at ...

February 19, 2025  

BALTIMORE, MD – Eligible payees (retirees and beneficiaries) of the Maryland State Retirement and Pension System will notice an increase in their monthly allowance beginning in July as the 2025 cost-of-living adjustment (COLA) takes effect.

This year’s cost-of-living rate is 2.949%. The System’s total investment performance for the calendar year ending on December 31, 2024 (+6.69%), did not equal or exceed the 6.8% assumed rate of investment return established by the Board of Trustees, therefore the statutory rate cap for the portion of an allowance based on creditable service earned on or after July 1, ...

For immediate release:
January 22, 2025  

Contact: [email protected]

BALTIMORE, MD (January 22, 2025) – 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, 2025. The term of the incumbent public member will expire on June 30, 2025.  The committee generally meets four times per year but may meet more or less frequently as needed. Currently, six meetings are scheduled for calendar year 2025.

State law requires that three non-board members who ...

For immediate release:
January 22, 2025  

Contact: [email protected]

BALTIMORE, MD — Andrew Palmer, Chief Investment Officer for the Maryland State Retirement and Pension System (SRPS), announced his retirement today at the System’s Board of Trustees meeting. He will continue to serve as CIO while the Board and the Maryland State Retirement Agency conduct a global search for his successor. Palmer has served as CIO in Maryland since July 2015. Palmer is tentatively slated to step down on June 30, 2025, and is working closely with the Executive Director and Board of Trustees to ensure a smooth transition.

“It has been ...

For immediate release:
December 17, 2024           

Contact: Katherine Morris
[email protected]

BALTIMORE, MD — The Maryland State Retirement and Pension System (SRPS) Board of Trustees today approved a governance charter establishing a Climate Advisory Panel, which will advise the Board and SRPS Investment Division on ways to address and mitigate climate risk in the investment of System assets. The approved charter will see the advisory panel collaborate with the Board of Trustees, SRPS Investment Division and consultants to develop recommendations and initiatives to achieve a long-term sustainable portfolio.

Appointed by the Board, the Climate Advisory Panel will consist of at least ...

For immediate release:
December 13, 2024           

Contact: Katherine Morris
[email protected]

BALTIMORE, MD — The Maryland State Retirement Agency and the system it operates, the Maryland State Retirement and Pension System (SRPS), recently earned national recognition for excellence in plan funding and administration.

The Public Pension Coordinating Council (PPCC) named the System as winner of both Public Pension Standards Awards for Funding and Administration. The standards serve as a benchmark to measure the management, administration and funding of public defined benefit plans.

“This award is a testament to our dedicated staff and indicative of the unwavering support the System receives from ...

For immediate release:
December 06, 2024

Contact: Katherine Morris
[email protected]

BALTIMORE, MD — The Maryland State Retirement and Pension System’s (SRPS) Board of Trustees has approved a new policy to formally include the Terra Maria Emerging Manager Program into its Investment Policy Manual, reinforcing the Board’s commitment to innovation, diversity, and long-term growth within the System's portfolio. In codifying the emerging manager program, the System is pioneering a model of best practices proven to yield investment returns and recognizing the program’s success in increasing diversity among the managers with whom it partners. Maryland’s Terra Maria program serves as one of ...

BALTIMORE, MD — Executive Director Martin Noven announced this week that Thomas Kim has been selected to serve the Maryland State Retirement Agency (SRA) as joint Deputy Chief Investment Officer (CIO) for the Maryland State Retirement and Pension System (SRPS). Kim will report to the agency’s Chief Investment Officer Andrew Palmer, and work alongside Deputy CIO Robert Burd, providing strategic direction and counsel across the entire investment portfolio.

The Maryland state agency conducted an extensive search before selecting the new Deputy CIO. Kim's first day in his new position will be August 28, 2024.

“We are looking forward to working ...

BALTIMORE, MD — The Maryland State Retirement and Pension System (SRPS) reported to its Board of Trustees today that the System generated a 6.93% return for fiscal year ending June 30, 2024, topping its actuarial rate of return by 13 basis points and beating its policy benchmark by 59 basis points. This latest return demonstrates the agency’s track record of consistently meeting or exceeding its benchmarks for long term performance.   

“I am pleased the System earned its actuarial target rate of return for the fiscal year and over the last five years,” said SRPS Chief Investment Officer, Andrew Palmer. “Our strategic ...

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 2024 cost-of-living adjustment (COLA) takes effect.

This year’s COLA rate of 4.116% 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

• 4.116% on the portion of the allowance based on creditable service earned before July 1, 2011, and 2.5% on the portion earned ...

BALTIMORE, MD (January 3, 2024) – 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, 2024. The term of the incumbent public member is due to expire on June 30, 2024. 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.

State law requires that three non-board members who have the following investment experience and other qualifications ...