For immediate release:
August 22, 2025

Contact: Katherine Morris
kmorris@sra.state.md.us

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 Burd. “We outperformed our benchmark across nearly every asset class over the five-year period, and our ten-year return of 7.04% continues to exceed the actuarial assumption of 6.8%.”

The fiscal year 2025 performance builds upon a solid foundation of long-term returns. Over the five-year period, the plan averaged 8.29%, outperforming its policy benchmark by 88 basis points. The System’s diversified portfolio and strategic asset allocation have been critical to its success, generating strong returns that help fulfill the retirement commitments to its more than 400,000 active and retired members.

“Our members count on us to deliver results that are both strong and sustainable,” said Executive Director Martin Noven. “This year’s return is a testament to our team’s discipline and our Board’s strategic oversight, reinforcing our commitment to provide retirement security for Maryland’s public employees.”

Long-Term Performance Highlights

“We are long-term investors, and our strategy is designed to weather market cycles while delivering consistent value to our members,” said State Treasurer Dereck E. Davis, Chair of the Maryland State Retirement and Pension System Board of Trustees. “This year’s performance reinforces our commitment to a risk-aware, forward-looking investment approach.”

“Our commitment to meeting long-term actuarial assumptions and providing retirement security for our members remains unwavering,” said Comptroller Brooke E. Lierman, Vice Chair of the System’s Board of Trustees. “This year’s results demonstrate the value of strategic oversight and effective asset management.”

Benchmarks are set by the Board of Trustees, which directs the management of the System’s $73.5 billion investment portfolio. The returns of each asset class and the System’s total portfolio are measured against their benchmarks to evaluate the impact of manager performance and tactical asset allocation.

The Maryland State Retirement Agency is charged with the fiduciary responsibility for properly administering the retirement and pension allowances of nearly 168,000 retirees and beneficiaries, as well as the future benefits for more than 245,000 active and former members. These groups include state government employees, teachers, law enforcement personnel, legislators, judges and local government employees and firefighters whose employers have elected to participate in the system. 

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