Maryland State Retirement and Pension System Recognized for Excellence in Plan Funding and Administration
Honored sixteen years in a row, System’s latest award represents continued milestones of growth for its members

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For immediate release:
December 13, 2024           

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

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 its Board of Trustees,” said SRPS Executive Director Martin Noven. “Such recognition underscores our continued commitment to ensuring the financial strength and stability of the State Retirement and Pension System for our members.”

To qualify for the Public Pension Standards Award for Funding, a retirement system must meet either a 100% funded ratio or have actual contribution rates at a level equal to or greater than 100% of the actuarially determined contribution. The Maryland State Retirement and Pension System exceeded the PPCC’s standards by meeting both criteria objectives.

The Recognition Award for Administration requires a retirement system meet five areas of assessment:

  1. Comprehensive Benefits: The system must offer a wide range of benefits, including retirement, disability and death benefits, along with provisions for cost-of-living adjustments (COLAs).
  2. Actuarial Valuation: An actuarial valuation must be completed at least biennially, adhering to generally accepted actuarial practices.
  3. Independent Audit: The system must undergo an independent audit that meets government auditing standards, with an unqualified (clean) opinion.
  4. Investment Practices: The system must follow a written investment policy, uphold fiduciary standards and receive an annual external investment performance review.
  5. Member Communication: The system must regularly update members on plan benefits and changes; provide an annual benefit statement, handbook or summary plan description; and hold quarterly meetings of the governing board with public notice.

The Maryland State Retirement and Pension System received recognition for exceeding the Council’s Administration criteria standards.

The Public Pension Coordinating Council is a coalition of three national associations that represent public retirement systems and administrators: the National Association of State Retirement Administrators (NASRA), the National Council on Teacher Retirement (NCTR) and the National Conference on Public Employee Retirement Systems (NCPERS). Together, these associations represent more than 500 of the largest pension plans in the United States, serving most of the nation’s 18+ million state and local government employees.

The Maryland State Retirement and Pension System 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 fire fighters whose employers have elected to participate in the system.

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