Maryland’s public pension system missed its annual target for returns by more than six percentage points in the past fiscal year.
Citing a news release from the State Retirement and Pension System, The Washington Post reports that the $45.5 billion investment portfolio earned 1.16 percent after fees for the fiscal year that ended June 30. That return is well below the fund’s annual objective of 7.55 percent.
It is the second consecutive year that the actively managed retirement program fell short of its goal. It grew 2.68 percent during the 2015 fiscal year.
Maryland Treasurer Nancy K. Kopp called the results “very disappointing” but said she is confident in the state’s long-term existing strategy.
Kopp has ordered an internal review of the program based on the low returns.