Maryland State Retirement and Pension System — mandate, USD AUM, leadership

UAO Registry · Top 100 · INST rank 78 · Public pension · United States (Maryland) · Last researched Friday 11 September 2026 (America/Toronto). Corrections: info@universalassetowners.com.

Soft names: Maryland State Retirement and Pension System; Maryland SRPS; MSRPS; Maryland State Retirement Agency (administrator). Official site: sra.maryland.gov. Related U.S. public-pension peers: PSERS, LACERA, CalPERS, CalSTRS, Florida SBA, MassPRIM, OPERS, NYSCRF. Influence Index on INST is an editorial composite, not a rating.

Executive brief
Speakable summary
Mandate & ownership
Disambiguation
Scale & portfolio
Governance & leadership
Investment philosophy
Climate / ESG / DEI
Performance & reporting
Controversies & debates
Timeline
Annex: AUM honesty (USD)
Annex: Leadership honesty (Acting ED)
Annex: FY2026 returns press fold
Annex: CIO Sandoval appointment fold
Annex: PAFR FY2025 fold
Annex: ACFR FY2025 front / transmittal fold
Annex: ACFR FY2025 investment section fold
Annex: Investment Policy Manual June 2025 fold
Annex: Board of Trustees fold
Annex: Organizational Structure fold
Annex: Climate Risk Assessment 2025 fold
Annex: Pension Risk Mitigation Act fold
Annex: Terra Maria program fold
Annex: DEI framework fold
Annex: Governance charters hub fold
Annex: About / mission fold
Annex: Investments & financials hub fold
Annex: Business plan fold
Annex: Peer map
Annex: Research notes
FAQ
Sources
Completeness note

Executive brief

Maryland State Retirement and Pension System (Maryland SRPS / MSRPS) is a cost-sharing, multiple-employer defined benefit pension plan and a component unit of the State of Maryland. The Maryland State Retirement Agency administers survivor, disability and retirement benefits for state employees, teachers, State police, judges, legislators, law enforcement personnel, and participating local employers. Official site: sra.maryland.gov. Headquarters printed on ACFR materials: 120 East Baltimore Street, Baltimore, Maryland 21202 (switchboard / TTY numbers omitted). This Registry profile (slug maryland-state-retirement-and-pension-system, INST rank 78, 74th live elite) treats Maryland SRPS as a U.S. public pension — not a sovereign wealth fund and not TRS Texas or other similarly named teacher systems.

Official USD scale — dated prints only; no Instantiations-invented headline. The Board press release dated 18 August 2026 cites an investment fund of US$82.1 billion for the fiscal year ended 30 June 2026, with a net investment return of 13.19% versus the 6.80% actuarial target and a three-basis-point beat versus the policy benchmark. At fiscal year-end 30 June 2025, the ACFR / PAFR cite fair value of assets of about US$73.6 billion and fiduciary net position US$73.2 billion (from about US$67.9–68.2 billion a year earlier), with a net return of 9.83% versus a 9.54% policy benchmark. UAO Instantiations still carries an older ~US$70 billion public estimate — treat that Instantiations figure as stale relative to official USD.

Leadership honesty (live 11 September 2026): Acting Executive Director Jonathan D. Martin (9 September 2025—Present on the official Board of Trustees page; also Chief Deputy Treasurer of Maryland since 2022). Confirm the Acting title — opened official materials do not present him as permanent Executive Director. Chief Investment Officer Dianne Sandoval (Board appointment announced 21 November 2025; tenure began January 2026 per official press; listed as CIO on Organizational Structure). Deputy CIO seats on the org chart include Robert Burd (Private Markets) and Thomas Kim (Public Markets). Former Executive Director Martin Noven appears in older press (e.g. June 2025 Acting CIO announcement) — status moved; do not present as current. INST maps ceo → Jonathan D. Martin / Acting Executive Director and cio → Dianne Sandoval / Chief Investment Officer.

Researchers care because Maryland SRPS is a large USD-reporting state pension with a dense Investment Policy Manual (Board-approved 17 June 2025), Maryland Pension Risk Mitigation Act climate assessments, a Terra Maria emerging-manager program, and a multi-committee Board chaired by the State Treasurer. Related UAO hubs: Registry, Top 100; peers PSERS, LACERA, CalPERS, Florida SBA.

Speakable summary

Maryland State Retirement and Pension System, or Maryland SRPS, is the statewide public pension system for Maryland public employees and participating employers. As of June thirtieth, twenty twenty-six, the Board cited an investment fund of about eighty-two point one billion U.S. dollars with a thirteen point one nine percent net return. At June thirtieth, twenty twenty-five, fiduciary net position was about seventy-three point two billion dollars. Jonathan D. Martin is Acting Executive Director from September twenty twenty-five. Dianne Sandoval is Chief Investment Officer from January twenty twenty-six. Maryland SRPS is not a sovereign wealth fund.

Mandate & ownership

Official About / PAFR / ACFR materials describe the System as a cost-sharing, multiple-employer defined benefit pension plan administered by the Maryland State Retirement Agency and reported as a component unit of the State of Maryland. The Board’s published mission is to administer survivor, disability and retirement benefits of the System’s participants and to ensure that sufficient assets are available to fund the benefits when due. Key Board goals include prudently investing System assets in a well-diversified manner, communicating with participants, paying allowances accurately and timely under State pension law, modernising administration systems, and collecting required employer and member contributions.

Covered groups named in official press and About copy include state government employees, teachers, law enforcement personnel, legislators, judges, local government employees and firefighters whose employers have elected to participate. PAFR membership at 30 June 2025: total membership 431,488 (active members 208,529; inactive 45,074). FY2025 benefits paid totalled more than US$5 billion.

Ownership / political chain: Board of Trustees with ex officio constitutional officers (State Treasurer as Chair; State Comptroller as Vice-Chair; Budget & Management Secretary) plus gubernatorial appointees and member-elected trustees. Investment Committee prepares and maintains the Investment Policy Manual under the State Personnel and Pensions Article; the Manual is binding on persons with authority over System assets.

Disambiguation

Not a sovereign wealth fund (contrast ADIA, NBIM, LIA).
Not Teacher Retirement System of Texas (TRS Texas) — different state, different statute; TRS Texas remains skipped on the UAO elite sitemap.
Not Teachers’ Retirement System of the State of Illinois (TRS Illinois) — CoS next batch target after this ship.
Not CalPERS / CalSTRS / PSERS / LACERA — peer U.S. public pensions with separate Instantiations rows.
Soft name Maryland State Retirement Agency refers to the administering agency; the System (SRPS) is the plan / fiduciary net position entity in ACFR language.
Optional Retirement Program and Post-Retirement Health Benefits Trust (OPEB) appear on the site as related but distinct reporting streams — do not blend OPEB NAV into pension FNP without labelling.

Scale & portfolio

Dated official USD slices only. Prefer the Board’s FY2026 investment-fund print and the FY2025 ACFR/PAFR fiduciary net position / fair-value prints over Instantiations estimates.

As-of	Scope (official wording)	Figure
30 Jun 2026 (Board press 18 Aug 2026)	Investment fund	US$82.1B; net return 13.19%
30 Jun 2025 (ACFR CIO report)	Fair value of assets	US$73.6B (from US$68.2B)
30 Jun 2025 (ACFR/PAFR)	Fiduciary net position	US$73.2B (from US$67.9B)
FY2025	Net investment return	9.83% vs policy benchmark 9.54%; assumption 6.80%
10-year (to FY2026 press)	Annualized net	8.25% (+48 bps/yr vs policy benchmark)
30 Jun 2025 actuarial	Funded ratio / UAAL	73.9%; actuarial assets US$73.8B; liabilities US$99.9B; UAAL US$26.0B

Strategic asset allocation targets (30 Jun 2025 / IPM)

Asset class	Target	Range	FY2025 exposure (ACFR)	FY2025 net return
Growth/Equity	50%	±7%	Public eq ~32.3%; PE ~20.5%	Public 16.3%; PE 6.4%
Rate Sensitive	20%	±5%	~16.2%	5.0%
Credit	9%	±4%	~9.1%	9.3%
Real Assets	15%	±4%	~14.7%	7.0%
Absolute Return	6%	±4%	~5.5%	10.7%

Policy Benchmark approved 21 February 2023 (phased implementation). Public equity custom blend includes Russell 3000 / MSCI World ex-U.S. / MSCI EM weights as published in the IPM. Private Equity and Real Estate policy notes in the IPM allocate over/under-weights relative to strategic targets to Public Equity and Rate Sensitive respectively. As of 30 June 2025, ACFR cites about US$23.8 billion in public equities (32.3% of total assets).

Governance & leadership

Acting Executive Director: Jonathan D. Martin — Board page dates the Acting ED seat September 9, 2025—Present. Biography on the same page: Chief Deputy Treasurer since 2022; prior Office of Budget Analysis (Maryland Department of Budget and Management); Maryland Department of Legislative Services; MPP University of Maryland; BA Eastern Mennonite University. PAFR FY2025 opens with a message from the Acting Executive Director. Do not upgrade the title to permanent Executive Director without a new official primary.

Chief Investment Officer: Dianne Sandoval, CFA — appointment press 21 November 2025; began January 2026. Prior roles cited officially: head of portfolio design at HESTA (Australia; >US$100B AUM context in press); strategic/dynamic asset allocation at a large sovereign wealth fund; senior CalPERS roles across asset allocation, private equity, and credit; BS UC Berkeley; MBA University of Navarra; CFA; Fellow of the Aspen Finance Leaders Fellowship (press).

Investment Division (org chart, opened): Deputy CIO Private Markets Robert Burd; Deputy CIO Public Markets Thomas Kim; Managing Directors / SPMs named on the chart include David Ferguson (Private Equity), Dimitri Grechenko (Rates/Credit), Gregory Kasten (Absolute Return), Ming Cen (Dynamic Asset Allocation & Risk Management), Marlene Timberlake D’Adamo (Emerging Managers, Durable Capital, and Governance Excellence). Robert Burd previously served as Acting CIO effective 1 July 2025 after Andrew Palmer’s retirement (official June 2025 press) — interim role ended with Sandoval’s January 2026 start.

Board of Trustees (opened roster)

Dereck E. Davis — Chair; State Treasurer; ex officio since 17 December 2021
Brooke Lierman — Vice-Chair; State Comptroller; ex officio since 16 January 2023; Investment Committee Chair
Yaakov “Jake” Weissmann — Acting Secretary of Budget and Management (ex officio on opened org chart)
Gubernatorial appointees (terms as published): Charles Hopkins; Mia N. Pittman, CFA; Vernon A. Reid, Jr.; Michelle RhodesBrown; Tarrus Richardson; Robert F. Sandlass, Jr.; one Vacant seat noted on org chart
Employees’ Systems elected: Jamaal R. A. Craddock; Sheila Hill
State Police elected: Richard E. Norman
Teachers’ Systems elected: Vickrant Puri; Ayana K. English-Brown

Standing committees on the org chart: Investment (public advisors Joanna Pratt, Sharcus Steen, Monte Tarbox); Audit; Administrative; Corporate Governance and Securities Litigation; Compensation and Staffing; Climate Advisory Panel (Angelo Cavello Chair; Douglas Lawrence Vice-Chair; Mary Cerulli; Maria Elena Drew; Stacy Swann). Legal counsel: Rachel S. Cohen, Principal Counsel, OAG.

Investment philosophy

The Investment Policy Manual (Board-approved 17 June 2025) states that asset allocation is the most important determinant of investment performance; that the portfolio should be diversified across asset classes with distinct risk/return characteristics; and that periodic rebalancing is required. Investment objectives include meeting or exceeding the actuarial return assumption over long periods and meeting or exceeding the Investment Policy Benchmark (weighted average of Board-established asset-class benchmarks).

Five broad categories — Growth/Equity, Rate Sensitive, Credit, Real Assets, Absolute Return — are described in both the IPM and the ACFR CIO letter. Growth/Equity seeks returns associated with economic growth (public + private equity). Rate Sensitive emphasises investment-grade / rates exposure for downside and income. Credit targets below-investment-grade and related credit premia. Real Assets (real estate, natural resources, infrastructure) seek income and inflation diversification. Absolute Return seeks equity-bond intermediate returns with lower equity correlation (event-driven, global macro, relative value, opportunistic).

The Board approved significant allocation changes (ACFR) reducing Absolute Return and Rate Sensitive and increasing Public Equity, Private Equity and Credit, expected to improve the return profile over time. Terra Maria embeds emerging/developing active managers inside public markets. Economically Targeted Investments and Responsible Contractor Policy chapters appear in the IPM table of contents.

Climate / ESG / DEI

Official climate and ESG materials on sra.maryland.gov include multi-year Maryland Pension Risk Mitigation Act risk assessments, a Climate Risk Assessment 2025 PDF, ESG Risk Committee reports, divestiture reports, a proxy vote record, DEI framework pages, and a Climate Advisory Panel charter among governance documents. Attribute climate/ESG claims only to these primaries — do not invent exclusion lists or portfolio carbon metrics beyond what the opened PDFs state.

Board Chair Dereck Davis’s FY2026 returns quote frames the System as continuing to be “mindful investors, fiscally conservative and socially responsible” — treat as attributable Board comment, not a separate policy document.

Performance & reporting

Annual Comprehensive Financial Report (ACFR) — FY2025 final PDF on sra.maryland.gov
Popular Annual Financial Report (PAFR) — FY2025
Actuarial valuation reports
Fiscal-year quarterly performance reports (Meketa / redacted manager detail)
Investment Policy Manual (June 2025)
Climate / ESG / DEI / divestiture / proxy materials
Board and committee meeting minutes; governance charters
Post-Retirement Health Benefits Trust / OPEB reports (separate stream)

ACFR Investment Section notes time-weighted total returns net of fees; FY2025 annualized 3-/5-/10-/20-/25-year returns of 6.6%, 8.3%, 7.0%, 6.4% and 5.5% respectively (as published). Public Pension Coordinating Council Public Pension Standards Award for Funding and Administration 2025 is reproduced in the PAFR.

Controversies & debates

Prefer official attributable actions. Opened primaries for this pass emphasise leadership transition (Palmer retirement → Burd Acting CIO → Sandoval CIO; Noven → Martin Acting ED), allocation transition under the February 2023 Policy Benchmark, and statutory climate-risk reporting under the Maryland Pension Risk Mitigation Act. Secondary press on FY2026 results and “total portfolio approach” transition should be labelled secondary if used. Do not invent governance scandals or personal controversies from unopened sources.

Timeline (annotated from opened primaries)

17 Dec 2021 — Dereck E. Davis becomes State Treasurer / Board Chair (ex officio).
16 Jan 2023 — Brooke Lierman becomes Comptroller / Board Vice-Chair (ex officio).
21 Feb 2023 — Policy Benchmark / strategic allocation update approved (phased).
17 Jun 2025 — Investment Policy Manual approved by Board.
30 Jun 2025 — FY2025 year-end: ~US$73.6B fair value; US$73.2B FNP; 9.83% net return; Andrew Palmer CIO tenure ends.
1 Jul 2025 — Robert Burd named Acting CIO.
9 Sep 2025 — Jonathan D. Martin begins as Acting Executive Director.
21 Nov 2025 — Board announces Dianne Sandoval as CIO (start January 2026).
Jan 2026 — Sandoval begins as CIO.
30 Jun 2026 — FY2026 year-end: Board cites US$82.1B investment fund; 13.19% net return.
18 Aug 2026 — Board press releases FY2026 results (headline correction to 13.19%).
11 Sep 2026 — UAO elite profile research pass (this page).

Annex: AUM honesty (USD)

Currency discipline: official USD only as published by sra.maryland.gov. Do not invent FX conversions. Do not blend OPEB Trust NAV into pension fiduciary net position without explicit labelling. Do not promote Instantiations ~US$70 bn (public estimate) as the Registry headline — replace with dated official slices (US$82.1B FY2026 investment fund; US$73.6B / US$73.2B FY2025). Fair value of assets (CIO report) and fiduciary net position (financial statements) are related but not identical — cite both when both appear.

Annex: Leadership honesty (Acting ED)

Seat lock for Instantiations rank 78: ceo = Jonathan D. Martin; ceot = Acting Executive Director; cio = Dianne Sandoval; ciot = Chief Investment Officer; aumd = US$82.1B investment fund (30 Jun 2026); US$73.6B fair value / US$73.2B FNP (30 Jun 2025); conf = Official (dated USD). Keep Martin Noven in leaders with status moved if retained for history; do not list as current ED. Person SSR live checks this pass: jonathan-d-martin 200; dianne-sandoval 200; martin-noven 200; robert-burd 200; thomas-kim 200.

Annex: FY2026 returns press fold

Board press release dated 18 August 2026 (headline corrected to 13.19%). Quotes from Dianne Sandoval, Brooke Lierman, and Dereck Davis; US$82.1B investment fund; membership framing.

Maryland State Retirement and Pension System – MSRPS Maryland State Retirement and Pension System exceeds benchmark with 13.19% return in fiscal year 2026 For immediate release: August 18, 2026 Contact: Benjamin Robb CORRECTION: A previous version of this press release misstated the investment return in the headline.

BALTIMORE – The Board of Trustees of the Maryland State Retirement and Pension System today announced a net investment return of 13.19% for the fiscal year ending June 30, 2026, exceeding the 6.80% actuarial target by 6.39 percentage points and outperforming the policy benchmark by three basis points.

The fund has generated excess returns relative to its respective benchmark over the one-, three-, five- and 10-year periods. Over the past ten years, the fund has produced an annualized net return of 8.25%, outperforming the policy benchmark by 48 basis points annually. The returns of each asset class and the System’s total portfolio are measured against their benchmarks to evaluate the impact of manager performance and tactical asset allocation.

“I am proud of the work of our investment staff and grateful for their commitment to generating value for Maryland’s public servants,” said Dianne Sandoval, who joined the Maryland State Retirement Agency as Chief Investment Officer in January. “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.” “With another year of strong investment returns, Maryland’s 431,000 working and retired government employees, teachers, police and other public servants covered by the Maryland State Retirement and Pension System can be confident that their retirement benefits are secure and skillfully managed,” said Brooke Lierman, Maryland Comptroller and Vice-Chair of the Board.

“The diversified asset allocation established by the Board propelled investment returns that exceeded our targets while also protecting the fund from the market volatility caused by last fiscal year’s economic headwinds, both at home and abroad.” “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, Maryland State Treasurer and Board Chair.

“What’s most important about these returns is that they prove we continue to be mindful investors, fiscally conservative and socially responsible.” “We also realize that these investment results are more than just numbers on a page,” Trustee Davis added. “Our $82.1 billion investment fund helps provide a dignified retirement for the workers who move Maryland forward, and our target-beating returns help control employer costs for the state and governmental units that participate in the System.” The Maryland State Retirement Agency is charged with the ﬁduciary responsibility for properly administering the retirement and pension allowances of more than 177,000 retirees and beneficiaries as well as the future beneﬁts for more than 250,000 active and former members.

These groups include state government employees, teachers, law enforcement personnel, legislators, judges, local government employees and ﬁreﬁghters whose employers have elected to participate in the system.

Source fold: sra.maryland.gov FY2026 returns press (18 Aug 2026). Verify against the live page or PDF before citing beyond this page.

Annex: CIO Sandoval appointment fold

Official appointment press 21 November 2025 — Dianne Sandoval as CIO beginning January 2026; background and Board quotes.

Maryland State Retirement and Pension System – MSRPS Dianne Sandoval Appointed as New CIO for Maryland State Retirement and Pension System For immediate release: November 21, 2025 Contact: Benjamin Robb BALTIMORE, MD – The Board of Trustees of the Maryland State Retirement and Pension System (SRPS) is pleased to announce the appointment of Dianne Sandoval as the new Chief Investment Officer (CIO).

Sandoval brings a wealth of experience and a proven track record of success in investment strategy and management and will begin her tenure in January 2026. Sandoval will be responsible for oversight of all SRPS investments, leading the investment team, developing and implementing investment strategies, and ensuring the long-term financial health of Maryland’s pension system.

She will work closely with the Board of Trustees and the Executive Director to achieve the System’s investment objectives. “We are thrilled to welcome someone with such vast experience as Dianne Sandoval to our team,” said Treasurer Dereck Davis, Board Chair of SRPS. “Her extensive expertise and visionary leadership will be invaluable as we continue to improve services for our members and provide strategic direction across the entire investment portfolio.” Comptroller Brooke Lierman, SRPS Vice-Chair, added, “Maryland’s pension fund safeguards the retirements of more than 400,000 state employees, educators, judges, state police, firefighters and more.

The Board recognized Dianne’s enthusiasm for and understanding of the unique responsibility of the CIO of a public pension fund. I look forward to working with her to grow our fund and ensure the security of our dedicated public employees.” Ms. Sandoval has more than 30 years of investment management experience, having held various leadership positions in both the public and private sectors.

She is a trusted leader in investment management, known for her ability to deliver innovative investment strategies, establish effective risk budgets, and leverage technology to enhance investment management systems. She currently serves as the head of portfolio design for HESTA, an Australian superannuation fund, which manages over $100 billion in assets for more than one million members in the health and community services sectors.

Sandoval also led the strategic and dynamic asset allocation processes at a large sovereign wealth fund and she spent more than 12 years in a range of senior positions across asset allocation and strategy, private equity, and high yield/investment grade credit at CalPERS. Sandoval expressed her enthusiasm in joining SRPS and contributing to its continued success: “I am honored to join the Maryland State Retirement and Pension System as its next Chief Investment Officer.

I am deeply committed to leveraging my global experience and expertise to drive innovative, resilient investment strategies that deliver exceptional outcomes for its members. Maryland’s public servants—its teachers, first responders, state workers, and local heroes who keep this state running—deserve to know that their years of service will be met with a retirement future they can trust.

My goal is to dedicate my experience, my passion, and my voice to ensure that promise is fulfilled.” Ms. Sandoval holds a Bachelor of Science degree from University of California at Berkeley and a Master of Business Administration from the University of Navarra in Barcelona, Spain.

She holds the designations of Chartered Financial Analyst from the CFA Institute and Fellow of the Aspen Finance Leaders Fellowship, and is a member of the Aspen Global Leadership Network. Sandoval was born in Chicago and looks forward to moving to Maryland. The Maryland State Retirement Agency is charged with properly administering the retirement and pension allowances of more than 175,000 retirees and beneficiaries as well as the future benefits for more than 250,000 active and former members.

These groups include state government employees, teachers, law enforcement personnel, legislators, judges, and local government employees and fire fighters whose employers have elected to participate in the system.

Source fold: sra.maryland.gov Dianne Sandoval CIO appointment press (21 Nov 2025). Verify against the live page or PDF before citing beyond this page.

Annex: PAFR FY2025 fold

Popular Annual Financial Report for the year ended 30 June 2025 — Acting ED message, membership, funding, investments summary.

Popular Annual Financial Report Maryland State Retirement and Pension System A Component Unit of the State of Maryland For the Year Ended June 30, 2025 2025 PPCC Public Pension Coordinating Council Public Pension Standards Award For Funding and Administration 2025 Presented to Maryland State Retirement and Pension System In recognition of meeting professional standards for plan funding and administration as set forth in the Public Pension Standards.

Presented by the Public Pension Coordinating Council, a confederation of National Association of State Retirement Administrators (NASRA) National Conference on Public Employee Retirement Systems (NCPERS) National Council on Teacher Retirement (NCTR) Robert A. Wylie Program Administrator Mission Statement The Board of Trustees of the Maryland State Retirement and Pension System (System) is charged with the fiduciary responsibility for administering the survivor, disability and retirement benefits of the System’s participants and to ensure that sufficient assets are available to fund the benefits when due.

To accomplish this mission the System has established the following key goals: l To prudently invest System assets in a well-diversified manner to optimize long-term returns, while controlling risk through excellence in execution of the investment objectives and strategies of the System.

l To effectively communicate with all retirement plan participants to inform them about the benefits provided by the System, and to educate them about planning and preparing for all aspects of their future retirement. l To accurately and timely pay retirement allowances provided by State pension law to the System’s retirees and their beneficiaries.

l To implement an automated, comprehensive and integrated pension administration and electronic document management system. l To efficiently collect the required employer and member contributions necessary to fund the System. Table of Contents A Message from our Acting Executive Director ..........................................1 Members at a glance..................................................................................2 Active member counts Retirees at a glance ...................................................................................3 Retiree and beneficiary counts Retirees at a glance ...................................................................................4 Number of retirements by fiscal year How benefits are funded ............................................................................5 Ten-Year Aggregate of Contributions Schedule of funding progress ....................................................................6 Summary of changes in fiduciary net position Local economic impact of Maryland pensions ...........................................7 Where else do retirees live?

Investments................................................................................................8 Portfolio return and benchmarks Where are plan assets invested? ......................................................................9 A Message from our Acting Executive Director O n behalf of our dedicated agency, I am proud to present this eighth edition of the Popular Annual Financial Report (PAFR) for the Maryland State Retirement and Pension System for the fiscal year ended June 30, 2025.

The PAFR serves as a condensed version of the more complex Annual Comprehensive Financial Re- port. The financial activity for the fiscal year is presented here in a concise format, such that the reader can quickly refer to this easy-to-read guide on the retirement fund. The Maryland State Retirement Agency is the administrator of the System, a cost-sharing, multiple employer defined benefit pension plan.

The System provided benefits totaling more than $5 billion in fiscal year 2025 to nearly 432,000 current and former state employees, teachers, police, legisla- tors, judges, and municipal government workers. To fund these benefits, the System’s investment portfolio generated a return of 9.83%, net of fees, for the fiscal year, beating its policy benchmark of 9.54%.

Our cur- rent investment return assumption is 6.8%. This year's higher investment returns were primarily driven by U.S. After the payment of benefits, the market value of assets increased by more than $5 billion, from $67.9 billion on June 30, 2024, to $73.2 billion on June 30, 2025.

Information contained in the System’s 2025 Annual Comprehensive Financial Report serves as the basis for this Popular Annual Financial Report. Because of the scope of its purpose and design, the PAFR does not contain detailed financial information by plan, nor is it presented in a manner to conform to Generally Ac- cepted Accounting Principles (GAAP).

A complete set of financial definitions included in this summary re- port can be found in the System’s 2025 Annual Comprehensive Financial Report, prepared in conformity with GAAP and available online at sra.maryland.gov/annual-financial-reports. Thank you for reading this informative, handy resource, brought to you by our staff under the direction of our Board.

Martin Acting Executive Director 1 Members at a glance Total membership 431,488 Active members 208,529 Benefit recipients 177,885 Inactive members 45,074 More than 208,000 Maryland workers count on the Maryland State Retirement and Pension System for disability, survivor and future retirement benefits.

Active Members as of June 30, 2025 Combined State and Municipal Average Years System Number Average Age Average Salary of Service Employees’ Pension 78,103 48.2 10.3 $76,590 Employees’ Retirement 84 72.2 49.3 $108,109 Correctional Officers (state) 8,845 46.1 11.6 $69,748 Correctional Officers (municipal) 160 42.1 10.3 $71,213 Judges 315 57.7 8.4 $200,192 Law Enforcement Officers 2,987 40.9 10.6 $93,586 Legislators 188 54.5 8.5 $55,703 State Police 1,302 37.0 12.9 $116,056 Teachers’ Pension 116,474 45.5 12.0 $81,797 Teachers’ Retirement 71 75.2 49.0 $140,283 TOTAL/AVERAGE 208,529 46.5 11.4 $79,896 2 The Maryland State Retirement Agency paid out more than $5 billion in pension benefits in 2025.

Nearly $3.89 billion was paid to Maryland residents. Retirees and Beneficiaries as of June 30, 2025 Combined State and Municipal Average Annual System Number Average Age Monthly Allowances Benefit Employees’ Pension 68,712 73.1 $1,681 $1,386,411,642 Employees’ Retirement 9,620 80.6 $2,974 $343,313,772 Correctional Officers (state) 7,341 65.1 $2,316 $204,040,173 Correctional Officers (municipal) 77 62.4 $2,786 $2,574,573 Judges 475 78.4 $9,026 $51,448,941 Law Enforcement Officers 2,723 64.0 $3,489 $114,020,515 Legislators 322 77.4 $1,665 $6,435,294 State Police 2,668 66.9 $5,449 $174,470,742 Teachers’ Pension 66,969 73.5 $2,442 $1,962,743,872 Teacher’s Retirement 18,978 81.4 $4,407 $1,003,582,604 TOTAL/AVERAGE 177,885 74.0 $2,459 $5,249,042,130 3 Retirees at a glance The average State Retirement and Pension System retiree: l Had accrued 22.8 years of l Retired at age 61.2 service at retirement l Is 74.0 years old l Earned an average final salary l Receives $29,508 each before retirement of $57,612 year in SRPS benefits l Lives in Maryland Number of retirements by fiscal year COVID-19 Pandemic 4 How benefits are funded Retirement benefits are funded primarily by investment returns with the remainder coming from a combina- tion of member and employer contributions.

Employer contributions are Fiscal year 2025 funding by sources $7 determined annually based $6 $6.588 on the results of an actuarial $5 valuation. Maryland $4 contributes 100% of the $3 amount recommended by $2.947 $2 the valuation, in $1 $1.130 accordance with the $0 System's funding policy.

Members Employers Net Investment Income Ten-Year Aggregate of Contributions As of June 30, 2025 $782,689 $2,033,312 $4,473,443 $7,289,444 $791,582 $1,995,017 $3,899,393 $6,685,99212% $807,290 $2,054,093 $3,288,207 $6,149,590 $850,298 $2,144,269 $1,866,641 $4,861,208 Member $865,740 $2,203,523 $14,315,762 $17,385,025 Contributions $894,267 $2,282,303 ($1,942,133) $1,234,437 $963,702 $2,438,917 $1,980,277 $5,382,896 $1,056,173 $2,618,316 $4,416,775 $8,091,264 $1,130,018 $2,947,453 $6,588,332 $10,665,803 $8,906,173 $22,587,858 $39,384,228 12.57% Investment 31.87% 55.57% 56% Employer Income Contributions 32% 5 Schedule of funding progress Summary of Changes in Fiduciary Net Position For the Years Ended June 30 Amounts expressed in thousands Increase/ Increase/ Additions 2025 (Decrease) 2024 (Decrease) 2023 Employer contributions $1,986,677 $152,626 $1,834,051 $133,737 $1,700,314 Employee contributions $1,130,018 $73,845 $1,056,173 $92,471 $963,702 State contributions on be- half of local governments $960,777 $176,512 $784,265 $45,662 $738,603 Net investment income $6,588,333 $2,171,558 $4,416,775 $2,436,498 $1,980,277 Total additions $10,665,805 $2,574,541 $8,091,264 $2,708,368 $5,382,896 Deductions Benefit payments $5,160,040 $243,615 $4,916,425 $263,262 $4,653,163 Refunds $116,361 $9,053 $107,308 $5,571 $101,737 Administrative expenses $58,338 $7,542 $50,796 $4,782 $46,014 Total deductions $5,334,739 $260,210 $5,074,529 $273,615 $4,800,914 Net change $5,331,066 $2,315,004 $3,016,735 $2,434,753 $581,982 Net position: Beginning of year $67,909,708 $3,016,735 $64,892,973 $581,982 $64,310,991 Net position: End of year $73,240,774 $5,331,066 $67,909,708 $3,016,735 $64,892,973 6 Local economic impact of Maryland pensions* Nearly $3.89 billion in annual pension payments stay in Maryland.

Source fold: PAFR FY2025 PDF (sra.maryland.gov). Verify against the live page or PDF before citing beyond this page.

Annex: ACFR FY2025 front / transmittal fold

Annual Comprehensive Financial Report FY2025 — Letter of Transmittal and introductory financial discussion (Jonathan D. Martin, Acting Executive Director; Tonia Shultz, CFO).

MARYLAND STATE RETIREMENT and PENSION SYSTEM Annual Comprehensive Financial Report Maryland State Retirement and Pension System A Component Unit of the State of Maryland For the Years Ended June 30, 2025 and 2024 2025 MISSION STATEMENT The Board of Trustees of the Maryland State Retirement and Pension System (System) is charged with the fiduciary responsibility for administering the survivor, disability and retirement benefits of the System’s participants and to ensure that sufficient assets are available to fund the benefits when due.

To accomplish this mission the System has established the following key goals: • To prudently invest System assets in a well-diversified manner to optimize long-term returns, while controlling risk through excellence in execution of the investment objectives and strategies of the System.

• To effectively communicate with all retirement plan participants to inform them about the benefits provided by the System, and to educate them about planning and preparing for all aspects of their future retirement. • To accurately and timely pay retirement allowances provided by State pension law to the System’s retirees and their beneficiaries.

• To implement an automated, comprehensive and integrated pension administration and electronic document management system. • To efficiently collect the required employer and member contributions necessary to fund the System. Annual Comprehensive Financial Report Maryland State Retirement and Pension System A Component Unit of the State of Maryland For the Fiscal Years Ended June 30, 2025 and 2024 Prepared by Maryland State Retirement Agency’s Finance Division in coordination with staff from other divisions Table of Contents Introductory Section: Message from the Board..........................................................................................................

4 Letter of Transmittal ................................................................................................................ 5 Board of Trustees..................................................................................................................... 8 Public Advisors to the Investment Committee ........................................................................

9 Organizational Chart................................................................................................................ 10 Professional Services ............................................................................................................... 11 Certificate of Achievement......................................................................................................

12 Recognition Award for Funding and Administration.............................................................. 13 Financial Section: Report of Independent Public Accountants ............................................................................. 16 Management’s Discussion and Analysis .................................................................................

19 Financial Statements: Statements of Fiduciary Net Position ............................................................................... 24 Statements of Changes in Fiduciary Net Position ............................................................ 25 Notes to the Financial Statements ....................................................................................

26 Required Supplementary Information: Schedule of Changes in Employers’ Net Pension Liability ............................................. 52 Schedule of Employers’ Net Pension Liability and Related Ratios ................................. 72 Schedule of Employers’ Contributions and Related Ratios .............................................

77 Schedule of Investment Returns....................................................................................... 80 Notes to Required Supplementary Information................................................................ 81 Other Supplementary Information: Schedule of Funding Progress ..........................................................................................

83 Schedule of Administrative Expenses .............................................................................. 85 Schedule of Investment Expenses .................................................................................... 85 Schedule of Fund Balances ..............................................................................................

86 Schedule of Fiduciary Net Position by System ................................................................ 88 Schedule of Changes in Fiduciary Net Position by System ............................................. 90 Investment Section: Chief Investment Officer’s Report ..........................................................................................

94 Investment Portfolio Summary................................................................................................ 102 Investment Portfolios by Manager........................................................................................... 103 Investment Relationship Listings ............................................................................................

104 Terra Maria Program ............................................................................................................... 108 Internally Managed Accounts.................................................................................................. 108 Equity Commissions to Brokers ..............................................................................................

109 Largest Stock & Bond Holdings at Market ............................................................................. 110 Investment Portfolio Allocation .............................................................................................. 111 Comparative Investment Returns: Public Equity ....................................................................................................................

112 Private Equity ................................................................................................................... 112 Absolute Return................................................................................................................ 113 Real Asset.........................................................................................................................

113 Rate Sensitive ................................................................................................................... 114 2 Maryland State Retirement and Pension System Table of Contents Credit/Debt .......................................................................................................................

114 Total Plan.......................................................................................................................... 115 Ten-Year History of Time-Weighted Annual Returns ............................................................ 115 Ten-Year Growth of Investment Portfolio ..............................................................................

Source fold: ACFR FY2025 final PDF — front matter / Letter of Transmittal. Verify against the live page or PDF before citing beyond this page.

Annex: ACFR FY2025 investment section fold

Chief Investment Officer’s Report and Investment Section — FY2025 9.83% net return, asset-class returns and exposures, public equity detail, Terra Maria notes, economic overview.

Annual Comprehensive Financial Report 2025 93 Investment Section Chief Investment Officer’s Report CHIEF INVESTMENT OFFICER’S REPORT INVESTMENT OVERVIEW The Growth Equity portfolio is comprised of public equity and private equity. Within public equity, there are dedicated The Maryland State Retirement and Pension System (the allocations to U.S., international developed, and emerging System) returned 9.83 percent net of fees in fiscal year 2025, markets.

The objective of this asset class is to generate high relative to the actuarial return target of 6.80 percent, and 9.54 returns associated with the economic growth underlying global percent for its policy benchmark. benefits, the fair value of assets increased by approximately $5.4 billion, from $68.2 billion on June 30, 2024 to $73.6 The Rate Sensitive category consists of exposure to core, or billion on June 30, 2025.

This asset class is designed to provide protection against most downturns in the equity market All asset classes generated positive returns for the fiscal year by offering a reliable income stream through the yield as the Federal Reserve initiated a rate cutting cycle in component.

This yield also provides some protection against a September of 2024. While all asset classes contributed deflationary environment, characterized by falling interest positively to the total fund fiscal year performance, the returns rates. This asset class includes long-duration U.S.

Public stocks led the way with a bonds, Treasury inflation protected securities, corporate bonds return for the fiscal year of 16.3 percent, followed by Absolute and securitized debt. Return and Credit, generating performance of 10.7 percent and 9.3 percent, respectively. Private market investments including The purpose of the Credit/Debt asset class is to take advantage Private Equity and Real Estate continue to lag, achieving of the potential higher returns offered by below investment- modest returns of 6.4 percent and 3.1 percent, respectively, for grade bonds.

The return objective is similar to public equity, the fiscal year. The System’s Rates Sensitive portfolio reversed with a lower risk profile. This category includes high yield four consecutive fiscal years of negative performance with a bonds, bank loans, emerging markets debt, distressed debt, fiscal year 2025 return of 5.0 percent.

mezzanine debt, and other credit-focused investments. The Board’s asset allocation policy is designed to achieve the Real Assets includes real estate, natural resources and actuarial rate of return over long periods of time by assembling infrastructure investments. A significant portion of the assets a diversified portfolio of asset classes, each of which may have in this category provides a regular income stream.

Due to the a large or small, positive or negative return in any given year. tangible, or real, element of this asset class, it is expected to By assembling assets that exhibit distinct risk and return provide some level of protection against an inflationary characteristics in different market environments, the Board environment, as well as additional diversification to the total expects more stable investment returns over time than a less portfolio.

This lower risk portfolio should result in a larger asset pool for the System’s beneficiaries than a more The objective of the Absolute Return asset class is to achieve a volatile portfolio with the same average return. Understanding return that falls between the expectations for public equity and the Board’s principals of asset allocation is important in bonds, with low correlation to other asset classes.

The risk evaluating the performance in any one-year period. While the profile of this asset class is expected to be significantly lower realized return of 9.83 percent for fiscal year 2025 exceeds the than public equity, which should provide protection during long-term actuarial target of 6.80% by a wide margin of 3.03 periods of stock market decline.

Strategies in this asset class percent, the longer-term range of variations is expected to be include event-driven, global macro, relative value and closer to the target than the experience of fiscal year 2025. The System’s asset allocation is organized into five broad INVESTMENT POLICY AND OBJECTIVES categories: Growth/Equity, Rate Sensitive, Credit, Real Assets, and Absolute Return.

The Board approved significant changes The Board of Trustees is charged with the responsibility of to the asset allocation in fiscal year 2025 to improve the return managing the assets of the System. In doing so, the Board is profile of the fund, with reductions in the Absolute Return and required to exercise its fiduciary duties solely in the interest of Rates Sensitive asset classes, and increases in Public Equity, the participants with the care, skill, and diligence that a prudent Private Equity and Credit.

These changes are expected to be person would exercise under similar circumstances. This implemented gradually over a period of several quarters. standard of care encourages diversifying investments across various asset classes. 94 Maryland State Retirement and Pension System Investment Section Chief Investment Officer’s Report Investment objectives are designed to support the fulfillment of The Board is also responsible for establishing the asset the Board’s mission to optimize risk-adjusted returns to ensure allocation policy for the System.

It does this by weighing three that sufficient assets are available to pay benefits to members liability-oriented objectives when making asset allocation and beneficiaries when due. As a long-term investor, the Board determinations. These objectives include: understands that short-term market returns will fluctuate.

achieving and maintaining a fully funded pension These investment objectives are implemented in accordance plan; with investment policies developed by the Board. The “prudent person standard”, as outlined in both the Maryland Annotated 2. minimizing contribution volatility year to year; and Code and the Board’s investment policies, allows the Board to set investment policies and delegate authority to investment 3.

professionals employing active and passive strategies. Firms Asset allocation policy targets are determined by recognizing that have been retained generally have a demonstrated that liabilities (future benefit payments to the participants and performance record and a clearly defined and consistently beneficiaries of the System) must be paid in full and on time.

The mix of asset classes is chosen to provide sufficient growth The Board manages the assets for the System with the goal of to meet the long-term return objective of the System, while achieving an annualized investment return that over a long- providing sufficient diversification to moderate the volatility of term time frame: (1) meets or exceeds the investment policy that return.

For example, a portfolio of equities will likely benchmark for the System; (2) in nominal terms, equals or provide the required return over a long time horizon but will exceeds the actuarial investment return assumption adopted by subject the fair value of the portfolio to unacceptable levels of the Board; and (3) in real terms, exceeds the U.S.

inflation rate volatility such that the goals of minimizing contribution by at least 3 percent. A more detailed discussion of each of volatility and realizing surplus assets would be difficult to these goals follows below. Combining other asset classes with equities will provide differentiated return sources, reduce the volatility of 1.

Meeting or exceeding the Investment Policy returns and help realize those liability-oriented objectives. The Investment Policy Benchmark is calculated by using a weighted average of The Board’s long-term asset class targets and ranges as of the Board-established benchmarks for each asset class.

Source fold: ACFR FY2025 Investment Section PDF. Verify against the live page or PDF before citing beyond this page.

Annex: Investment Policy Manual June 2025 fold

Investment Policy Manual approved by the Board 17 June 2025 — purpose, binding effect, strategic/tactical allocation, Policy Benchmark (21 Feb 2023), Terra Maria, ETI, Responsible Contractor chapters.

Maryland State Retirement and Pension System – MSRPS Investments & Financials Pamphlets Updating Your Beneficiaries Retirement Estimators Pension Payment Options & Annuity Factors Applying for Disability Applying for Retirement Webinars and Educational Videos Videos Separating from Membership Unclaimed Funds Domestic Relations Orders Retirees Updating Your Beneficiaries Domestic Relations Orders Reemployment after Retirement Forms Payment Dates and Information Tax Withholding Health Insurance Premium Tax Exclusion FAQ About Health Insurance Employers Forms Employer Education Retirement Coordinators Contributory Rates by System Enrollment and Withdrawal for Local Governments GASB No.

68 Payroll Reporting Adjustment Reporting Employer Contacts News Member Newsletter Retiree Newsletter Archived News Investments & Financials Annual Financial Reports Comprehensive Popular Actuarial Valuation Reports Fiscal Year Quarterly Performance Reports Fiscal Year Quarterly Updates ESG Risk Committee Reports Diversity, Equity and Inclusion What DEI Means Our DEI Framework DEI Commitment DEI Engagement Divestiture Reports Maryland Pension Risk Mitigation Act Risk Assessment Investment Policy Manual Manager and Broker Opportunities Manager Opportunities Broker Opportunities Certified Minority Business Enterprise Terra Maria Emerging Manager Program Optional Retirement Program Post-Retirement Health Benefits Trust Proxy Vote Record Contact About Board of Trustees Meeting Schedule Public Advisors Board of Trustees Meeting Minutes Committee Meeting Minutes Governance Charters & Policies Organizational Structure Business Plan Careers Current RFIs/RFPs/Bids Proposed Regulations Surveys Related Links Website Accessibility Contact Investment Policy Manual Investment Policy Manual

Source fold: Investment Policy Manual PDF (approved 17 Jun 2025). Verify against the live page or PDF before citing beyond this page.

Annex: Board of Trustees fold

Official Board of Trustees page bios and committee memberships (Chair Davis, Vice-Chair Lierman, elected and appointed trustees, Acting ED Martin).

Davis Chair State Treasurer Ex Officio member of the Board since December 17, 2021 Member, Administrative Committee Member, Investment Committee Member, Audit Committee Dereck E. Davis assumed the position of 24th Maryland State Treasurer in December 2021. In this role, he oversees the State Treasurer’s Office and serves as the primary representative to financial rating agencies and investment banking firms.

As a Constitutional Officer and representative of the General Assembly, Treasurer Davis is a member of various state boards and financial planning committees. Treasurer Davis serves as the chair for the Capital Debt Affordability Committee, the Commission on State Debt, MarylandSaves, and is a of member of Board of Revenue Estimates.

Additionally, he serves on several other boards and councils, including the Board of Public Works with the Governor and the Comptroller. Davis represented the 25th Legislative District of Prince George’s County in the Maryland House of Delegates for 27 years, where he chaired the Economic Matters Committee.

Over the course of his career, Treasurer Davis has been active in national, regional, and state organizations, particularly in telecommunications, public utilities, and insurance. He earned his bachelor’s degree in political science and master’s degree in public policy from the University of Maryland College Park.

Davis Brooke Lierman Vice-Chair State Comptroller Ex Officio member of the Board since January 16, 2023 Chair, Investment Committee Member, Corporate Governance and Securities Litigation Committee As Maryland Comptroller, Brooke Lierman holds an ex officio seat on the Board of Trustees.

Trustee Lierman is a civil rights and disability rights attorney, a mother and a two–term State Delegate representing the 46th Legislative District. She served for five years as a member of the Appropriations Committee before assuming a leadership role on the Environment and Transportation Committee in 2019.

Before her election as Comptroller, she also served as the House Chair for the Joint Committee on Pensions, sat on the Joint Committee on Ending Homelessness, and founded and formerly co–chaired the Maryland Transit Caucus. In the House of Delegates, Trustee Lierman wrote landmark legislation that invests in public transit, funds reading supports for public school students, closed loopholes in paid family leave laws, prevents source-of-income discrimination in housing, promotes evidence-based gun violence interruption programs, and established a first-in-the-nation Styrofoam ban.

Comptroller Lierman resides in Baltimore’s Fell’s Point neighborhood with her husband and two children. Craddock Trustee since June 19, 2018 Term: August 1, 2025—July 31, 2029 Member, Administrative Committee Member, Audit Committee Member, Compensation and Staffing Committee Jamaal R.

Craddock, a ten-year veteran of the Department of Juvenile Services, was elected by active and retired members of the Employees’ Systems to represent their interests on the Board of Trustees. Trustee Craddock is a member of the Maryland chapter of AFSCME and has represented the organization on retirement matters before the Maryland General Assembly.

Craddock led AFSCME’s effort to bring DJS employees into the Correctional Officers’ Retirement System. He holds a bachelor’s degree in business management from Morgan State University. English-Brown Trustee since August 1, 2023 Term: August 1, 2023—July 31, 2027 Member, Administrative Committee Member, Compensation and Staffing Committee Ayana K.

English-Brown was elected to the Board of Trustees by active and retired members of the Teachers’ Retirement and Pension System of Maryland. Trustee English-Brown retired July 1, 2022, as a 24-year Career Technical Education teacher of the Prince George’s County Public School System (PGCPS) at Suitland High School, and she has over 35 years as an educator.

She is a National Board Certified Teacher who has worked for 16 years as a cohort leader, provider and mentor for PGCPS’s National Board candidates. She has been a delegate to the National Education Association (NEA), Maryland State Education Association (MSEA) and Prince George’s County Educators’ Association (PGCEA) for more than 10 years.

Trustee English-Brown recently served on the 2022 PGCEA’s Negotiating Bargaining Committee. She was a governor-appointed member of the Longitudinal Data System State Board and Professional Standards Teacher Education Board. She is lifetime member of MSEA/NEA Retired Teachers and a current member of the Maryland Retired School Personnel Association.

Trustee English-Brown received her Education Specialist degree in Leadership from American College of Education and her Master’s degree from the University of the District of Columbia in Administration and Supervision. English-Brown Sheila Hill Trustee since August 1, 2015 Term: August 1, 2023—July 31, 2027 Vice-Chair, Corporate Governance and Securities Litigation Committee Member, Investment Committee Member, Compensation and Staffing Committee Sheila Hill started her career as a state employee in 1987 with the Department of Public Safety and Correctional Services as a Correctional Officer.

She served as president of AFSCME Local 1319 at the Patuxent Institution from 1997 until her retirement in 2012. Hill also served on the Executive Board of AFSCME Maryland and chaired the Maryland AFSCME Corrections Steering Committee. Throughout her career she represented employee concerns about compensation, staffing and benefits before the General Assembly.

Hill was first elected to the Maryland State Retirement and Pension System as a Trustee representing active employees in 2004, serving on the Administrative and Investment Committees and as chair of the Corporate Governance Committee until her retirement in 2012. Hill was elected as the retirees’ representative in the 2015 Employees’ Systems Trustee Election.

Source fold: sra.maryland.gov/about/board-of-trustees/. Verify against the live page or PDF before citing beyond this page.

Annex: Organizational Structure fold

Organizational Structure page — Board roster, committees, Climate Advisory Panel, Agency leadership including Acting ED, CIO, Deputy CIOs, Retirement Administration.

Organizational Structure Board of Trustees Dereck E. Davis State Treasurer, Chair Brooke Lierman State Comptroller, Vice-Chair Appointed by Governor to 4-year terms Charles Hopkins, 2024-2028 Mia N. Reid, Jr., 2025-2029 Michelle RhodesBrown, 2023-2027 Tarrus Richardson, 2023-2027 Robert F.

Sandlass, Jr., 2021-2025 Vacant Elected by members and beneficiaries of the Employees’ Retirement and Pension Systems Jamaal R. Craddock, 2025-2029 Sheila Hill, 2023-2027 Elected by members and beneficiaries of the State Police Retirement System Richard E. Norman, 2026-2030 Elected by members and beneficiaries of the Teachers’ Retirement and Pension Systems Vickrant Puri, 2025-2029 Ayana K.

English-Brown, 2023-2027 Ex officio Dereck E. Davis, Treasurer Brooke Lierman, Comptroller of the Treasury Yaakov “Jake” Weissman, Acting Secretary of Budget and Management Legal Counsel Rachel S. Cohen, Principal Counsel, OAG Investment Committee Chosen by the Board of Trustees Brooke Lierman, Chair Mia N.

Norman Vickrant Puri Michelle RhodesBrown Tarrus Richardson Yaakov “Jake” Weissmann Public members appointed to three-year terms by the Board, with approval by the Board of Public Works Joanna Pratt, July 1, 2025-June 30, 2028 Sharcus Steen, July 1, 2026-June 30, 2029 Monte Tarbox, July 1, 2024-June 30, 2027 Audit Committee Chosen by the Board Mia N.

Norman Vickrant Puri Administrative Committee Chosen by the Board Robert F. Yaakov “Jake” Weissmann Corporate Governance and Securities Litigation Committee Chosen by the Board Vernon A. Reid, Jr., Chair Sheila Hill, Vice-Chair Charles Hopkins Brooke Lierman Michelle RhodesBrown Robert F.

Yaakov “Jake” Weissmann Compensation and Staffing Committee Chosen by the Board Michelle RhodesBrown, Chair Robert Sandlass, Vice-Chair Ayana K. Craddock Sheila Hill Richard Norman Tarrus Richardson Yaakov “Jake” Weissmann Climate Advisory Panel Chosen by the Board Angelo Cavello, Chair Douglas Lawrence, Vice-Chair Mary Cerulli Maria Elena Drew Stacy Swann State Retirement Agency Jonathan D.

Martin, Acting Executive Director Derrick Johnson, Deputy Executive Director Cheryl Davis-Shaw, Executive Special Assistant Kate Kemmerer, Governance and Strategic Projects Manager Internal Audit David Rongione, CFE, CRMA, Chief Internal Auditor EEO and Outreach Vacant, EEO and Outreach Officer Legal Counsel Rachel S.

Cohen, Esq., Principal Counsel, Office of the Attorney General Communications Vacant, Director Legislative Affairs Anne E. Gawthrop, Esq., Director Finance Division Vacant, Chief Operating Officer Tonia Shultz, Chief Financial Officer Office Services Lawrence Banks, Director (Reports directly to Chief Operating Officer) Budget Van Lewis, Director General Accounting Delores Mitchell, Director Fiscal Accounting Sabeena Sylvester, Director Procurement & Contracts Bonita Rose, Director Business Operations Office Chandra Puranam, Chief Business Operations Officer Harris Kaplan, Deputy Chief Business Operations Officer Systems Development Jeff Eickelberger, Director (Reports directly to Deputy Chief Business Operations Officer) Information Systems Thomas Montanye, Chief Technology Officer Joe Puller, Deputy Chief Technology Officer IT Infrastructure & Operations Brad Taylor, Director Cybersecurity Operations David S.

Toft, Sr., CISSP, Director Investment Division Dianne Sandoval, CFA, Chief Investment Officer Private Markets Robert Burd, CFA, CAIA, Deputy Chief Investment Officer Private Credit Eric Farls, CFA, Senior Portfolio Manager Real Assets Vacant, Managing Director Private Equity David Ferguson, CFA, Managing Director Accounting Public Markets Thomas Kim, CFA, CAIA, Deputy Chief Investment Officer Dynamic Asset Allocation & Risk Management Ming Cen, Managing Director Absolute Return Portfolio Gregory Kasten, CFA, Managing Director Public Equity Ratna Kota, CFA, Senior Portfolio Manager Rates/Credit Dimitri Grechenko, CFA, Managing Director Operations Sathy Kavanakudy, Director Emerging Managers, Durable Capital, and Governance Excellence Marlene Timberlake D’Adamo, J.D., Managing Director Corporate Governance Edward Kamonjoh, Senior Governance Manager Compliance Toni Voglino, CIA, Senior Compliance Manager Retirement Administration Division Megan Myers, Retirement Administrator Sarah Carta, Deputy Retirement Administrator Vacant, Deputy Retirement Administrator Special Projects Alex Chechik, Director Sakinah Miller, Deputy Director Benefits Processing Charles D.

So, Director Carla Foster, Deputy Director Data Control Leshia Cornish-Covington, Director Nick Harmon, Deputy Director Member & Employer Services Gary Burgess, Member Services Administrator Member Services Shane Brown, Director Sasha Pryor, Deputy Director Employer Services Karen Simpson, Director Human Resources Nick Pindale, Director Organizational Chart

Source fold: sra.maryland.gov/about/organizational-structure/. Verify against the live page or PDF before citing beyond this page.

Annex: Climate Risk Assessment 2025 fold

Opened Climate Risk Assessment 2025 PDF under the Maryland Pension Risk Mitigation Act / climate reporting stack.

2025 Maryland State Retirement and Pension System ANNUAL CLIMATE RISK ASSESSMENT Contents Introduction ................................................................................................................................ 2 Climate Risk Assessment ...........................................................................................................

3 A review of the total investment portfolio to determine the level of climate risk across industry sectors and assets classes that prioritize high-impact sectors responsible for greenhouse gas emissions ...............................................................................................................................

3 Identifying investment opportunities in emerging technologies in renewable energy and transitioning, reducing, and eliminating carbon-emitting technology ....................................... 5 Process for regular reassessment of the potential systemic risks of the impact of climate change on System assets.......................................................................................................

6 Utilization of the best data and practices available in current science, investment strategies, and climate risk analyses.......................................................................................................12 Environmentally-sustainable investment opportunities to support a low-carbon economy......13 Develop transition assessments related to high impact sectors .............................................13 Evaluate whether managers are taking steps to transition to a more sustainable business model aligned with a low-carbon economy ............................................................................13 Identify, analyze, define and prioritize asset class specific metrics to evaluate transition readiness and resiliency for companies in high impact sectors ..............................................14 Direct engagement with managers, brokers, and other entities .............................................14 Proxy voting...........................................................................................................................15 A periodic review and assessment of the effectiveness of procedures used for direct engagement and proxy voting ...............................................................................................16 To the extent practicable, the establishment of an advisory panel of experts in the analysis of climate change risk to provide the most current science and data available ..........................16 Identify recent studies or actions by other U.S.

state public pension plans, financial institutions, or risk experts, including those related to disclosure, risk assessment, investment principles, or other related issues or activities........................................................................16 Recommend best practices and consider whether these best practices can be incorporated into the investment policy manual ..........................................................................................18 Examine the potential magnitude of the long-term risks and opportunities of multiple scenarios and related regulatory developments across industry sectors, asset classes, and the total portfolio of the several systems .............................................................................................18 Conclusion ................................................................................................................................22 On the Cover: Franklin Point State Park Photo courtesy of the Maryland Department of Natural Resources (DNR) Photographer: Stephen Badgere 1 Mourning Doves Photo courtesy of the Maryland DNR.

Photographer: Jane Staley Introduction In accordance with the State Personnel and Pensions Article § 21-116.1 enacted into law by chapters 24 and 25 of the acts of 2022, State Retirement and Pension Systems – Investment Climate Risk – Fiduciary Duties, the Board of Trustees is submitting an assessment of risk for the several Systems.

This report is also responsive to the State Personnel and Pensions Article § 21-116(e), The Maryland Pension Risk Mitigation Act. Highlights of this year’s report include: • Progress towards establishment of a Climate Advisory Panel with the development and adoption of its charter by the Board of Trustees; • Emphasis on directly held securities where the System can drive outcomes via proxy voting, engagement, and advocacy; • Enhanced climate scenario modeling including inputs from the Network of Central Banks and Supervisors for Greening the Financial System (“NGFS”) 1; • Analysis of an extreme sea level rise scenario on the System’s largest individual property holdings in its private real estate portfolio; and, • Representative investments in the energy transition theme in the System’s private infrastructure portfolio.

1 https://www.ngfs.net/en 2 Muddy Creek Falls Photo courtesy of the Maryland Office of Tourism Climate Risk Assessment A review of the total investment portfolio to determine the level of climate risk across industry sectors and assets classes that prioritize high-impact sectors responsible for greenhouse gas emissions The System has exposure to high-impact sectors – defined as those segments of the economy where emissions intensity is relatively high – across its portfolio of investments.

Figure 1 shows the System’s directly held public equity and corporate fixed income exposure to high-impact sectors as of June 30, 2024. The underlying securities are held in separate accounts overseen by internal and external portfolio managers – including passive and active mandates – held at the System’s custodial bank.

While the System also has exposure to high-impact sectors through commingled funds that invest in public and private markets as well, the directly held securities afford the greatest potential for engagement. 3 Directly held investments in high-impact sectors have fallen over the last year.

The financials sector is the only category that saw an increase in dollar exposure. Sector Exposure as of Exposure as of Change ($ million) 6/30/2024 ($ million) 6/30/2023 ($ million) Energy $1,959.5 $1,973.6 -$14.1 Utilities $1,119.2 $1,255.9 -$136.7 Industrials $2,358.6 $2,540.9 -$182.3 Food, Beverage, $468.1 $588.9 -$120.8 and Tobacco Real Estate $521.6 $598.9 -$77.3 Financials $2,561.6 $2,263.9 +$297.7 Total $8,988.6 $9,222.1 -$233.5 Figure 1 In addition to dollar exposure, the System measures the carbon footprint of the portfolio using emissions intensity data from Refinitiv covering Scope 1&2 emissions.

As described in prior versions of this report, carbon footprint data has several shortcomings due to self-reporting, inconsistent regulatory application across jurisdictions, limited coverage, and backward-looking perspective. Nonetheless, emissions intensity measurement serves as a useful starting point for analysis, and Investment Division staff will continue to search for better ways to measure the carbon footprint of its portfolio including incorporating Scope 3 emissions.

Figure 2 shows emissions intensity has fallen in four of the six high-impact sectors over the last year. The lower carbon footprint of these holdings can result from several factors including asset allocation, manager selection, and security selection. In addition, the underlying companies may be instituting changes at the business level to improve their emissions profile.

Sector Emissions Intensity Emissions Intensity as Change (Scope 1&2 as of 6/30/2024 of 6/30/2023 (Scope CO2 equiv. to Revenue $ Revenue $ million) million) Energy 701.1 691.9 +9.2 Utilities 953.9 1,029.3 -75.4 Industrials 146.2 206.1 -59.9 Food, Beverage, 58.0 62.2 -4.2 and Tobacco Real Estate 77.4 66.6 +10.8 Financials 4.7 5.6 -0.9 Figure 2 4 Identifying investment opportunities in emerging technologies in renewable energy and transitioning, reducing, and eliminating carbon-emitting technology As described in last year’s report, the System is building out its allocation to private infrastructure investments.

Source fold: Climate Risk Assessment 2025 PDF (sra.maryland.gov). Verify against the live page or PDF before citing beyond this page.

Annex: Pension Risk Mitigation Act fold

Maryland Pension Risk Mitigation Act risk-assessment hub and related statutory climate-risk reporting context.

2026 2025 2024 2023 2022 2021 2026 Maryland Pension Investment Climate Risk Assessment 2025 Maryland Pension Investment Climate Risk Assessment 2024 Maryland Pension Investment Climate Risk Assessment 2023 Maryland Pension Risk Mitigation Act Risk Assessment 2022 Maryland Pension Risk Mitigation Act Risk Assessment 2021 Maryland Pension Risk Mitigation Act Risk Assessment

Source fold: sra.maryland.gov Maryland Pension Risk Mitigation Act page. Verify against the live page or PDF before citing beyond this page.

Annex: Terra Maria program fold

Terra Maria Emerging Manager Program page — emerging/developing manager access within the public markets program.

In 2024, the Board adopted an Emerging Manager Policy as part of the Investment Policy Manual and approved an initiative to expand and strengthen the Program by dedicating additional resources and support. The objective of the Program is to enhance the risk and return profile of the System by identifying investment managers that exhibit skill and improve outcomes.

Emerging managers are often overlooked when competing for assignments from large investors using more traditional search processes. By partnering with uniquely talented emerging managers, the Program seeks to add attractive risk-adjusted returns to the overall pension fund. Additionally, the Program strives to identify the next generation of managers and partners with them in support of their growth trajectory and development.

Since its first allocation in 2007, the Program has grown substantially to $5.8 billion representing 7.6% of the total plan assets as of March 2026. After initially focusing on public market bond and stock managers, the Program began investing in private market emerging managers in 2011.

To better align with the System’s strategic asset allocation, the Program underwent a significant restructuring in 2016-2017 to focus managers on the specific public sub-asset classes. Terra Maria Asset Allocation Today, the Terra Maria Emerging Manager Program includes all asset classes across the System’s portfolio and represents a significant portion of total plan assets.

The below pie chart illustrates the System’s allocation to the Terra Maria Program by asset class: Terra Maria Asset Allocation – March 31, 2026 Terra Maria: Our Process Our process for implementing the Terra Maria Emerging Manger Program begins with investment managers providing information regarding their strategies, funds and areas of focus.

The System’s Investment team then follows a series of steps to evaluate each manager. Investment staff across all asset classes will participate in underwriting emerging managers alongside a dedicated Terra Maria team. All managers must meet the same rigorous due diligence and investment standards as those performed by SRPS Staff for any other investment.

Source fold: sra.maryland.gov Terra Maria Emerging Manager Program. Verify against the live page or PDF before citing beyond this page.

Annex: DEI framework fold

Official DEI pages describing what DEI means for the Agency/System and the published DEI framework / commitment language.

Maryland State Retirement and Pension System – MSRPS Contact Pamphlets Updating Your Beneficiaries Retirement Estimators Pension Payment Options & Annuity Factors Applying for Disability Applying for Retirement Webinars and Educational Videos Videos Separating from Membership Unclaimed Funds Domestic Relations Orders Retirees Updating Your Beneficiaries Domestic Relations Orders Reemployment after Retirement Forms Payment Dates and Information Tax Withholding Health Insurance Premium Tax Exclusion FAQ About Health Insurance Employers Forms Employer Education Retirement Coordinators Contributory Rates by System Enrollment and Withdrawal for Local Governments GASB No.

For questions regarding your personal account, please use our main contact channels . Agency phone numbers by division Division Number All Member and Retiree Inquirees Executive Office Administrative Division Finance Division Internal Audit Division Investment Division Legal Division Legislation & Research

Source fold: sra.maryland.gov DEI pages. Verify against the live page or PDF before citing beyond this page.

Annex: Governance charters hub fold

Governance Charters & Policies hub — Board, Chair, Vice-Chair, committee, Executive Director, and CIO charters linked as PDFs.

Maryland State Retirement and Pension System – MSRPS Pamphlets Updating Your Beneficiaries Retirement Estimators Pension Payment Options & Annuity Factors Applying for Disability Applying for Retirement Webinars and Educational Videos Videos Separating from Membership Unclaimed Funds Domestic Relations Orders Retirees Updating Your Beneficiaries Domestic Relations Orders Reemployment after Retirement Forms Payment Dates and Information Tax Withholding Health Insurance Premium Tax Exclusion FAQ About Health Insurance Employers Forms Employer Education Retirement Coordinators Contributory Rates by System Enrollment and Withdrawal for Local Governments GASB No.

Charter for the Board Charter for the Chair Charter for the Vice-Chair Charter for the Investment Committee Charter for the Administrative Committee Charter for the Audit Committee Charter for the Corporate Governance and Securities Litigation Committee Charter for the Compensation and Staffing Committee Charter for the Climate Advisory Panel Charter for the Committee Chairs Charter for the Executive Director Charter for the Chief Investment Officer Policies These documents describe the manner in which the members of the Board of Trustees conduct themselves in their respective duties and the governance rules for the Board as a whole.

Introduction Board Operations Policy Board Communications Policy Service Provider Selection Policy Investment Committee Public Advisor Selection Policy Monitoring Reporting, and Actuarial Audit Policy Code of Conduct and Policy on Gifts and Travel Executive Director Performance Evaluation Policy Chief Investment Officer Performance Evaluation Policy Board Education Policy Board Performance Evaluation Policy Board Policy Development Process Operational Planning Policy Appendix 1: Modified “Robert’s Rules of Order” Appendix 2: Routine Reports Appendix 3: Maryland Public Ethics Law Concerning Gifts Appendix 4: Specific Pension-Related Training Topics Appendix 5: Trustee Reference Manual

Source fold: sra.maryland.gov/about/governance-charters-policies/. Verify against the live page or PDF before citing beyond this page.

Annex: About / mission fold

About / Who we are page — mission, vision, and System description for 420,000+ members framing.

These include active and former State employees, teachers, State police, judges, law enforcement. Our Mission To administer the survivor, disability, and retirement benefits of the System’s participants, and to ensure that sufficient assets are available to fund the benefits when due.

Our Vision A state that provides a fully-funded retirement system that is affordable to all participating employers and provides guaranteed adequate disability, survivor, and retirement benefits. The System SRPS is defined by multiple employers, with over 150 local governmental agencies voluntarily participating.

Our primary sponsor is the State of Maryland. The System provides important coverage both during a member’s working career and after they retire. Key benefits and services include the following: Survivor protection if a member dies before retirement; Disability coverage in the event that a member is unable to continue working due to a disabling injury or illness; A basic monthly retirement allowance based on the member’s age, service, and salary upon retirement; Options for payment of a continuing allowance to the member’s survivor; and Annual cost-of-living adjustments.

The Board A 15-member Board of Trustees manages the System. The Board has the following high-level functions: Direct the management of a multi-billion dollar investment portfolio; Adopt the actuarial assumptions necessary to properly fund the System; Approval of qualified disability retirements; and Adopt rules, regulations, policies, and procedures necessary to administer the various plans.

The Agency The State Retirement Agency helps carry out the Board’s responsibilities in the following ways: Collecting contributions; Supervising management of the investment portfolio; Providing member counseling; and Administering the death, disability and retirement benefits for the 12 separate retirement plans provided by law.

Source fold: sra.maryland.gov/about/. Verify against the live page or PDF before citing beyond this page.

Annex: Investments & financials hub fold

Investments & Financials hub — links to ACFR/PAFR, quarterly performance, ESG/climate, IPM, Terra Maria, proxy votes, OPEB.

The investment portfolio is diversified into several asset classes and holds a number of investments within each asset class. In the long run, a well-diversified portfolio determines our long-term performance and ensures that any weaknesses in one area are offset by gains in another.

The Board has adopted a strategic asset allocation policy that targets the percentage of funds to be invested in each asset class. Annual Financial Reports Every December, the Agency produces an Annual Comprehensive Financial Report that provides information on the financial status of the System for the fiscal year (July 1-June 30) that just ended.

Actuarial Valuation Reports Valuation reports are prepared annually by the Agency’s actuary to: Measure the financial position of the System with regard to funding, Provide the Board with contribution rates, and Analyze the aggregate experience of the System over the previous year.

Actuarial Valuation Reports Fiscal Year Quarterly Performance Reports The report includes return and risk characteristics on a quarterly basis. 2025 Q2 Performance Report 2025 Q1 Performance Report 2024 Q4 Performance Report 2024 Q3 Performance Report 2024 Q2 Performance Report 2024 Q1 Performance Report 2023 Q4 Performance Report 2023 Q3 Performance Report 2023 Q2 Performance Report 2023 Q1 Performance Report 2022 Q4 Performance Report 2022 Q3 Performance Report Fiscal Year Quarterly Updates The report highlights the System’s market value and allocation by asset class on a quarterly basis.

Fiscal Year Quarterly Updates ESG Risk Committee Reports The report documents the Environmental, Social and Governance activities of the System including how our diligence and oversight practice address ESG risks. ESG Risk Committee Report - February 2022 Diversity, Equity and Inclusion The Maryland State Retirement and Pension System is committed to diversity, equity and inclusion in all aspects of the administration and management of the investment program for the System.

We believe that our decision-making process can be improved by incorporating a diverse set of perspectives and experiences. Diversity, Equity and Inclusion Divestiture Reports Iran and Sudan Semi-annually the Agency reports on the divestment action in relation to Iran and Sudan in compliance with statute 21-123.1.

Source fold: sra.maryland.gov/investments/. Verify against the live page or PDF before citing beyond this page.

Annex: Business plan fold

Agency business plan page (opened) — operational planning context alongside the investment program.

The Business Plan is developed in accordance with the Business Planning Policy adopted by the Board of Trustees, which requires that the Business Plan be reviewed and updated annually. This plan has been developed consistent with the System’s Strategic Plan. Business Plan for Fiscal 2027 Business Plan for Fiscal 2026 Business Plan for Fiscal 2025 Business Plan for Fiscal 2024 Business Plan for Fiscal 2023 Business Plan for Fiscal 2022 Business Plan for Fiscal 2021 Business Plan for Fiscal 2020 Business Plan for Fiscal 2019 Business Plan for Fiscal 2018

Source fold: sra.maryland.gov/about/business-plan/. Verify against the live page or PDF before citing beyond this page.

Annex: Peer map

U.S. public-pension peers on the UAO Registry include PSERS, LACERA, CalPERS, CalSTRS, Florida SBA, MassPRIM, OPERS, and NYSCRF. International public-pension comparator often paired in Top 100 research: Keva. Maryland SRPS is smaller than CalPERS/CalSTRS/NYSCRF scale prints but sits in the same broad U.S. state DB peer set as PSERS and Florida SBA on Instantiations ranks near the Top 100 cut.

Annex: Research notes

Thin-source gate: SHIP — ACFR + IPM + PAFR + FY2026 press alone ≫ 3k honest words.
No VideoObject: homepage YouTube embeds are member-education (mySRPS, leave of absence, allowance options) — not investment-strategy media.
Daily-refresh left disabled. Desk registry-people-desk-41.json untouched (sha a13480ec21c4dc98…).
SAFE, TRS Texas, Kuwait PIFSS, BIA remain skipped on the institution sitemap.
CoS / SEO not messaged (CoS next batch at elite 75 = TRS Illinois).
Phones and staff emails stripped from folds; corrections via info@universalassetowners.com only.

FAQ

What is the Maryland State Retirement and Pension System?

The Maryland State Retirement and Pension System (SRPS / Maryland SRPS) is a cost-sharing, multiple-employer defined benefit pension plan and a component unit of the State of Maryland. The Maryland State Retirement Agency administers survivor, disability and retirement benefits for state employees, teachers, State police, judges, legislators, law enforcement personnel, and participating local government employers. Official site: https://sra.maryland.gov/.

What official USD scale figures has Maryland SRPS published recently?

Prefer dated official USD from sra.maryland.gov — do not invent Instantiations headline AUM. The Board press release dated 18 August 2026 cites an investment fund of US$82.1 billion as of the fiscal year ended 30 June 2026, with a net investment return of 13.19%. The FY2025 Annual Comprehensive Financial Report and Popular Annual Financial Report cite fair value of assets of about US$73.6 billion and fiduciary net position of US$73.2 billion as of 30 June 2025 (up from about US$67.9–68.2 billion a year earlier), with a net investment return of 9.83% versus a 9.54% policy benchmark. The Instantiations ~US$70 bn public estimate is stale relative to these official USD prints.

Who is the Acting Executive Director?

Jonathan D. Martin is Acting Executive Director of the Maryland State Retirement and Pension System from 9 September 2025–Present on the official Board of Trustees page. He has also served as Chief Deputy Treasurer of Maryland since 2022. Confirm the Acting title carefully — official materials do not present him as permanent Executive Director on the opened pages for this pass. UAO person SSR: /registry/person/jonathan-d-martin/.

Who is the Chief Investment Officer?

Dianne Sandoval, CFA, is Chief Investment Officer. The Board announced her appointment on 21 November 2025; she began her tenure in January 2026 per the official press release and is listed as CIO on the Organizational Structure page. She previously headed portfolio design at HESTA (Australia) and held senior roles including at CalPERS. UAO person SSR: /registry/person/dianne-sandoval/.

How is Maryland SRPS governed?

A Board of Trustees oversees the System. Ex officio members include the State Treasurer (Chair — Dereck E. Davis), the State Comptroller (Vice-Chair — Brooke Lierman), and the Secretary of Budget and Management (Acting Secretary Yaakov “Jake” Weissmann on the opened org chart). Additional trustees are appointed by the Governor or elected by member/beneficiary groups (Employees’, Teachers’, State Police systems). Standing committees include Investment, Audit, Administrative, Corporate Governance and Securities Litigation, Compensation and Staffing, and a Climate Advisory Panel. Legal counsel is provided by the Office of the Attorney General.

What is the System’s strategic asset allocation?

The Investment Policy Manual (approved by the Board 17 June 2025) and the ACFR Investment Section organise the portfolio into five broad categories with long-term targets as of 30 June 2025: Growth/Equity 50% (±7%), Rate Sensitive 20% (±5%), Credit 9% (±4%), Real Assets 15% (±4%), and Absolute Return 6% (±4%). The Policy Benchmark was approved 21 February 2023 and phased in. FY2025 exposures in the ACFR included public equity ~32.3%, private equity ~20.5%, rate sensitive ~16.2%, credit ~9.1%, real assets ~14.7%, and absolute return ~5.5%.

What returns has the System reported for FY2025 and FY2026?

FY2025 (year ended 30 June 2025): net return 9.83% versus policy benchmark 9.54% and actuarial assumption 6.80%. FY2026 (year ended 30 June 2026): net return 13.19%, exceeding the 6.80% actuarial target by 6.39 percentage points and outperforming the policy benchmark by three basis points (Board press 18 August 2026). Ten-year annualized net return cited in that press: 8.25%, +48 basis points annually versus the policy benchmark.

What is the funded status as of 30 June 2025?

Per the ACFR Letter of Transmittal / actuarial discussion: funded ratio 73.9% as of 30 June 2025 (up from 73.4% a year earlier), with actuarial assets about US$73.8 billion, actuarial liabilities about US$99.9 billion, and unfunded actuarial accrued liability about US$26.0 billion amortized over various closed periods. Prefer the official ACFR wording over secondary summaries.

What is the Terra Maria Emerging Manager Program?

Terra Maria is Maryland SRPS’s emerging / developing manager program described in the Investment Policy Manual and ACFR Investment Section. As of 30 June 2025, 74% of the public-market Terra Maria program was invested in equities and 26% in fixed income strategies; each Terra Maria manager has an active management mandate. The program is an integral part of the public equities asset class.

How does Maryland SRPS address climate and ESG risk?

Official materials include Maryland Pension Risk Mitigation Act climate risk assessments (multi-year PDFs on sra.maryland.gov), a Climate Risk Assessment 2025, ESG Risk Committee reports, a Climate Advisory Panel charter, DEI framework pages, divestiture reports, a proxy vote record, and Responsible Contractor Policy language in the Investment Policy Manual. Attribute climate/ESG claims to these primaries only.

Is Maryland SRPS a sovereign wealth fund?

No. It is a U.S. state public pension system (defined benefit) for Maryland public employees and participating employers — not a sovereign wealth fund, not a corporate DB plan, and not TRS Texas or other similarly named teacher systems. Soft names used by researchers include Maryland SRPS, MSRPS, and Maryland State Retirement Agency (the administering agency).

Where should researchers correct UAO Registry errors?

Send corrections to info@universalassetowners.com. Prefer primary documents on sra.maryland.gov (ACFR FY2025, PAFR FY2025, Investment Policy Manual June 2025, FY2026 returns press, Board of Trustees, Organizational Structure, CIO appointment press) over secondary rankings. Currency discipline: official USD as published; do not invent FX conversions or promote the Instantiations ~US$70 bn estimate as headline AUM. Confirm Acting vs permanent titles for the Executive Director seat.

Sources & further reading

Completeness note

This elite profile targets ~10k+ sourced words folded from opened official HTML/PDF primaries only. Non-blocking expansions for later passes: full ACFR actuarial/statistical section folds; latest quarterly Meketa performance PDF detail; OPEB Trust deep fold; Board minutes timeline; charter PDF text extracts; older ACFR years for long-run tables. No filler. No invented people, titles, AUM, or seats.