By Len Lazarick | Maryland Reporter
Maryland’s pension system for state employees and teachers had another strong investment performance for the fiscal year which ended June 30 earning 14.37 percent, bringing the value of the portfolio to $45.4 billion, a gain of more than $5 billion.
It was the second year in a row of strong performance due to sharp upturns in stocks, according to Chief Investment Officer Melissa Moye. The fund exceeded its target of 7.7% and its market benchmark of 14.16 percent — what its basket of assets would have been expected to earn.
The figures were released last Friday. Unlike last year’s report they do not include investment performance by asset category, and it did not list the dollar amount or percentage of unfunded liabilities for the system which covers 244,000 active and retired state employees and teachers and their beneficiaries.
at Maryland Reporter.