As reported by MarylandReporter.com, Maryland’s State Retirement and Pension System earned 14.37% in fiscal 2014, bringing the total value of the system up to $45.4 billion, a gain of more than $5 billion for the year.
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% — what its basket of assets would have been expected to earn.
The System’s press release provides additional information.
“The funds annual returns continue to reflect the strong market environment that has prevailed since the end of the credit crisis,” said State Treasurer Nancy K. Kopp, Chair of the Maryland State Retirement and Pension System Board of Trustees.