Baltimore, MD (August 11, 2021) —The Board of Trustees of the Maryland State Retirement and Pension System (MSRPS) has voted to reduce the System’s actuarial assumed rate of return on its investments from 7.40% to 6.80%. The System’s lower rate will become effective July 1, 2022.

“The Board is committed to improving the strength of our retirement System and sustaining the State’s promise of a secure retirement for its members,” noted State Treasurer Nancy K. Kopp, Chair of the MSRPS Board of Trustees. “The Board has taken this action in recognition of ongoing changes in the financial markets, even as the System continues to achieve the investment returns required over the long term.”

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