Baltimore, MD (July 26, 2019) —The Board of Trustees of the Maryland State Retirement and Pension System (MSRPS) today voted to reduce the System’s actuarial assumed rate of return on its investments from 7.45% to 7.40%. The System’s lower rate will be effective beginning in fiscal year 2021.

“The Board’s prudent action today is in recognition of ongoing changes in the financial markets, while continuing to achieve the investment returns required for the System over the long term,” noted State Treasurer Nancy K. Kopp, Chair of the MSRPS Board of Trustees. “Our goal is to continue to improve the strength of our retirement System and to keep our promise of a secure retirement that our members have worked so hard to earn in their years of service to the public.”

The Board based its decision upon an analysis by its actuary, Gabriel Roeder Smith & Company (GRS).