The Maryland State Retirement and Pension System announced Tuesday a 13.19% return for fiscal 2026, outperforming its actuarial target of 6.8%. The value of the fund’s assets was $82.1 billion at the end of the fiscal year.
The fund—which provides retirement benefits for 431,000 beneficiaries—also noted that it achieved a 10-year annualized net return of 8.25%.
“We don’t expect to achieve a 13.2% return every year, especially during a period of transition like the one the system experienced in fiscal year 2026,” said Dereck Davis, the Maryland state treasurer and the chair of the system’s board of trustees, in a statement. “What’s most important about these returns is that they prove we continue to be mindful investors, fiscally conservative and socially responsible.”
The results are the fund’s first since Dianne Sandoval joined SRPS as CIO in November 2025, succeeding Andrew Palmer, who retired that previous January.
“I am proud of the work of our investment staff and grateful for their commitment to generating value for Maryland’s public servants,” Sandoval said in a statement. “I am equally appreciative of the board’s partnership and the time, judgment and perspective they bring to the stewardship of the system. Strong investment outcomes are ultimately the product of both sound governance and disciplined execution.”