Key Takeaways
- • The Maryland State Retirement and Pension System (SRPS) posted a net investment return of 13.19% for the fiscal year ended June 30, 2026, exceeding its 6.80% actuarial target by 6.39 percentage points.
- • The $82.1 billion fund ended the fiscal year with assets of $82.1 billion and serves 431,000 beneficiaries, according to the system's announcement.
- • The system reported a 10-year annualized net return of 8.25%.
- • This is the first full-year result under Chief Investment Officer Dianne Sandoval, who joined SRPS in January 2026 succeeding Andrew Palmer, who retired the previous July.
- • State Treasurer Dereck Davis, chair of the board of trustees, cautioned that the system does not expect to repeat a 13.2% return every year given the transition period.
Summary
The Maryland State Retirement and Pension System announced on Tuesday a net investment return of 13.19% for fiscal 2026, the year ended June 30, 2026. The result exceeded the system's 6.80% actuarial target by 6.39 percentage points. The fund's assets stood at $82.1 billion at fiscal year-end, and the system provides retirement benefits to 431,000 beneficiaries. The system also reported a 10-year annualized net return of 8.25%.
The results are the first reported under Dianne Sandoval, who joined SRPS as Chief Investment Officer in January 2026, succeeding Andrew Palmer, who retired the previous July. Sandoval credited the investment staff for generating value for Maryland's public servants and thanked the board for its partnership, stating that strong investment outcomes reflect both sound governance and disciplined execution.
Dereck Davis, Maryland state treasurer and chair of the board of trustees, framed the result with a note of caution. He said the system does not expect to achieve a 13.2% return every year, particularly during a period of transition such as the one SRPS experienced in fiscal 2026. Davis said the returns demonstrate that the system remains a mindful, fiscally conservative and socially responsible investor.
The fiscal 2026 return compares with a 9.83% investment return for fiscal 2025, according to figures published on the system's website.
The results are the first reported under Dianne Sandoval, who joined SRPS as Chief Investment Officer in January 2026, succeeding Andrew Palmer, who retired the previous July. Sandoval credited the investment staff for generating value for Maryland's public servants and thanked the board for its partnership, stating that strong investment outcomes reflect both sound governance and disciplined execution.
Dereck Davis, Maryland state treasurer and chair of the board of trustees, framed the result with a note of caution. He said the system does not expect to achieve a 13.2% return every year, particularly during a period of transition such as the one SRPS experienced in fiscal 2026. Davis said the returns demonstrate that the system remains a mindful, fiscally conservative and socially responsible investor.
The fiscal 2026 return compares with a 9.83% investment return for fiscal 2025, according to figures published on the system's website.
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