BALTIMORE (AP) — Maryland’s public pension system missed its annual target for returns by more than 6 percentage points in the past fiscal year.
Citing a news release from the State Retirement and Pension System, The Washington Post (http://wapo.st/2blgqlF ) 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.
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15 comments:
"1.16 percent after FEES", well at least the bookies I mean brokers made money. A monkey throwing darts at the NY Times stock page could have made better investment choices. Remember the stock market has had record growth this year.
The only one making money is the management company with their fees. How much was paid in fees? Seems to have been omitted from the article.
DemocRATs are managing it and driving it into bankruptcy. They steal the money and still stealing it yearly. What do you expect from a spend spend spend Democratic government which uses a Liberal mindset. They don't worry about conservative management of the Retirement system. All they care about is spend the money until it is gone. All Politians should be denied all benefits / retirements past present and future since they contribute very little to nothing for their State retirement. The State worker is mandated to contribute a % of each pay.
Hogan needs to repay the Retirement Fund before he gives any money to rebuild Baltimore for these thugs criminal activity. Another Strike against Hogan the Repubulican chameleon DemocRAT.
As a state employee, I find this disturbing. The take over 100 dollars per pay period out of my check for the pension, so its like working for less than 8 hours per hour even though I make 13 per hour. There will be a lot of angry workers and retirees! At least I have my 401K from my previous job when I got laid off in 2009. I'm sure that will be taken as well!
Need to look into how many millions of dollars Owemalley stole from the system when he was governor. The state should have to refund all that was taken prior to funding other projects.
Democrats robbing Democrats, cant argue with that.
Pensions systems and insurance industry simply don't work financially in a "zirp" or low interest rate environment.
these states / corps need to place more money into these funds.
The fees were, get this $334 million dollars paid to the brokerage firms. And yes, Owemalley redirected over $1 Billion from the State Employees Fund to the general fund.
This really needs to be investigated; the books and the firm should be thoroughly looked into by someone from Govenor's office...not just routine auditors. The stock market has been going steadly up over the last two years. This would not be the first time shady dealings have taken place when the fund, and very little action taken against the thieves. Hogan should address this immediately.
O'Malley's choices have had poor results and are probably still at the helm. Don't know if Gov. Hogan has had an opportunity to switch the firm handling the money.
Could have put the cash in passbook savings and done as well.
time to start cutting promised benefits!
be on food stamps like the rest of society in a few years!
To 2:28 Employees contribute. Amount was increased a lot under O'Malley. It's not a free ride.
State employees pay 7% of their biweekly salary to the pension system, plus social security.. The state doesn't match 401k contributions. This year retirees got a .119% (not a typo - less than 1%) cost of living raise while employees got 2%.
Hahaha! !! But the Democrats you idiots keep voting for are MOST CERTAINLY GETTING THEIRS! !!
Well if you move to Delaware when you begin collecting your pension, your do not pay State income tax like in Maryland!
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