Maryland Pension System Earns 6.46% On Investments

BALTIMORE (AP) -- The Maryland State Retirement and Pension System says its portfolio returned 6.46% on investments for the last fiscal year.

System officials announced Wednesday that falls short of the system's 7.45% assumed actuarial return rate.

The fund's performance raised the system's assets to $54.2 billion.

That's an increase of $2.4 billion over the year before.

Chief Investment Officer Andrew Palmer says the system's returns reflect strong performance of private equity assets and nominally fixed-income assets, along with positive but more modest returns in the remainder of the asset classes.

(© Copyright 2019 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)