Maryland State Retirement and Pension System

Name

Maryland State Retirement and Pension System

Legal name

Maryland State Retirement and Pension System

Website

https://sra.maryland.gov

Company type

Private

Founded year

1982

Operating status

Operating

Headcount range

101–250 employees

Ownership category

akta.pro rank

Product category

Public Pension Administration

NAICS

Pension Funds (525110), Pharmacy Benefit Management and Other Third Party Administration of Insurance and Pension Funds (524292)

SIC

Hospital & Medical Service Plans (6324)

akta.pro industry

PRIMARYFSAAAGAA

Corporate & Public Pension Funds (DB/DC Sponsors)

Financial & Insurance/Asset & Wealth Management/Asset Management — Institutional (Pensions, Endowments, Sovereign)

SECONDARYFSAAAGAK

Taft-Hartley / Labor Union & Public Sector Retirement Systems

Financial & Insurance/Asset & Wealth Management/Asset Management — Institutional (Pensions, Endowments, Sovereign)

SECONDARYBPAIAKAA

Pensions & Retirement Benefits Administration

Business & Public Services/Public Sector & Government Administration/Social Security, Benefits & Welfare Administration

Keywords

• Public pension administration
• Defined benefit plans
• Pension fund management
• Retirement benefit services
• Government retirement system

Headquarters

HQ city

Baltimore

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2C

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure, Others

Revenue model

1. Employee Contributions: Active members make regular contributions to the pension system through payroll deductions based on their salary and system of enrollment.
2. Employer Contributions: Participating employers (state agencies, boards of education, community colleges, libraries, and municipal governments) make contributions to fund the pension system.
3. Investment Returns: The $73.6 billion portfolio generates returns through diversified investments across public equity, fixed income, private equity, real assets, and absolute return strategies.

Distribution channels2 records

Marketing channels7 records

Core offering

The Maryland State Retirement and Pension System (MSRPS) is a state-administered public pension system that provides retirement, disability, and survivor benefits to current and former Maryland state employees, teachers, state police, law enforcement officers, correctional officers, judges, and employees of participating municipal governments. The system administers multiple defined benefit pension plans (Employees', Teachers', State Police, Law Enforcement Officers', Correctional Officers', Judges', and Legislative) funded through employee contributions, employer contributions, and investment returns on a portfolio of approximately $73.5 billion in assets. MSRPS also offers a defined contribution Optional Retirement Program through approved vendors and provides member self-service through the mySRPS online portal and the Employer Portal for payroll reporting and enrollment.

Product overview

The Maryland State Retirement and Pension System (MSRPS) is a defined benefit pension plan administered by the State Retirement Agency that provides retirement, disability, and survivor benefits. The system offers multiple pension systems including the Employees' Pension System, Teachers' Pension System, State Police Retirement System, Law Enforcement Officers' Pension System, Correctional Officers' Retirement System, Judges' Retirement System, and Legislative Pension Plan. Member-facing digital services include the mySRPS secure online portal for account management, the Employer Portal for payroll reporting and member enrollment, the Optional Retirement Program as a defined contribution alternative, and the Terra Maria Emerging Manager Program for investment management. Benefits are delivered through annual cost-of-living adjustments and various allowance options.

Differentiator

Problem solved

Functional benefit

Brands

• Terra Maria Emerging Manager Program: An emerging manager program supporting underrepresented investment managers across all asset classes, including public equity, fixed income, private equity, private credit, real estate, and infrastructure.

Products and services

• mySRPS Member Portal Secure online member portal allowing active and retired Maryland public employees to estimate retirement benefits, update beneficiaries, view tax documents, manage direct deposit and tax withholding, and access retirement account information.
• Employer Portal Secure online application for participating state agencies, boards of education, community colleges, libraries, and municipal governments to manage portal users, enroll members, report payroll information, make contributions, send secure messages, and upload documents.
• Defined Benefit Pension Plans Multiple statutory defined benefit pension systems (Employees', Teachers', State Police, Law Enforcement Officers', Correctional Officers', Judges', and Legislative Pension Plan) providing lifetime monthly retirement allowances, survivor benefits, and disability coverage for eligible Maryland public servants.
• Optional Retirement Program (ORP) A defined contribution plan available to eligible faculty and administrators of Maryland public institutions of higher education and community colleges, administered through approved vendors Fidelity Investments and TIAA-CREF.
• Terra Maria Emerging Manager Program Emerging manager program supporting underrepresented investment managers across all asset classes including Public Equity (34%), Fixed Income (32%), Private Equity (13%), Absolute Return (9%), Private Credit (8%), Infrastructure (2%), and Real Estate (2%), supporting managers with AUM below specified thresholds.
• Deferred Retirement Option Program (DROP) Program that allows eligible personnel to continue employment while having their retirement benefits calculated and credited to a DROP account, providing continued service with benefit accrual.

Quantifiable outcome

• 9.83% net investment return for FY 2025, exceeding policy benchmark by 29 basis points
• +3 more outcomes

Named customers7 records

Segments7 records

Ideal customer profiles5 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Nine partnerships are on record, tiered minor.

• Attucks Capital ManagementminorGTM or Marketing PartnerProgram partner for Terra Maria Emerging Manager Program in Public Fixed Income asset class, assisting with manager identification and support.
• United Negro College FundminorGTM or Marketing PartnerPartnership established in 2022 to source interns through UNCF's Lighted Pathways internship program, expanding internship opportunities to Maryland.
• Stocks in the FutureminorGTM or Marketing PartnerFinancial literacy education partnership begun in 2023, with Investment Division delivering educational programs to Baltimore middle school students.
• Institutional Limited Partners Association (ILPA)minorOthersMember with participation in ILPA Diversity and Inclusion Advisory Council and signatory to Diversity in Action framework (2022).
• Private Equity Women Investor Network (PEWIN)minorOthersActive membership supporting women leadership in private equity investments.
• AIF Women's Leadership Steering CommitteeminorOthersMembership in steering committee supporting women's leadership initiatives in alternatives industry.
• Sponsors for Educational Opportunity (SEO) Alternative InvestmentsminorOthersParticipation in SEO Limited Partner Advisory Council for alternative investments.
• Fidelity InvestmentsminorChannel Partner/ Reseller/ DistributorApproved vendor for Optional Retirement Program (ORP) effective January 1, 2008, offering defined contribution products to eligible faculty and administrators of Maryland public institutions of higher education.
• TIAA-CREFminorChannel Partner/ Reseller/ DistributorApproved vendor for Optional Retirement Program (ORP) effective January 1, 2008, offering defined contribution products to eligible faculty and administrators of Maryland public institutions of higher education.

Scale indicators14 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Texas Teachers Retirement System (TRS): Texas TRS is the largest U.S. public pension dedicated to educators and shares the same core mission, DB structure, and contribution-funded investment model as MSRPS's teacher plan. Both funds invest in public and private markets and pay lifetime retirement benefits.
• CalSTRS (California State Teachers' Retirement System): CalSTRS is a state-level defined benefit pension system covering teachers and public education personnel, structurally analogous to MSRPS's Teachers' Retirement and Pension System. Both pool contributions, invest across public and private markets, and pay lifetime retirement, disability, and survivor benefits to large educator populations.
• CalPERS (California Public Employees' Retirement System): CalPERS is the largest U.S. public pension fund and directly comparable to MSRPS as a state-level defined benefit plan administering retirement benefits for public employees with an internally managed investment operation, broad employer base, and statutory authority. The new MSRPS CIO, Dianne Sandoval, was previously at CalPERS.
• New York State Common Retirement Fund: Administered by the New York State Comptroller, this is one of the largest U.S. public pension funds and a close structural parallel to MSRPS, providing defined benefit pensions to state and local government employees with a pooled, professionally invested portfolio.
• North Carolina Retirement Systems (NCRS): NCRS administers defined benefit pensions for North Carolina state and local government employees, including teachers and law enforcement, with a comparably sized institutional investment portfolio. The structure, statutory authority, and member categories overlap closely with MSRPS.
• Pennsylvania Public School Employees' Retirement System (PSERS): PSERS is a state-level defined benefit pension system for Pennsylvania public school employees, directly comparable to MSRPS's Teachers' Pension System. Both serve large educator populations with pooled contributions and a diversified institutional investment portfolio.
• Florida State Board of Administration (SBA): Florida SBA manages defined benefit retirement assets for Florida public employees and is structurally similar to MSRPS, including pooled investment management, employer contributions, and benefit administration through a state-level retirement system.
• Ohio Public Employees Retirement System (OPERS): OPERS administers DB pensions and other retirement benefits for Ohio public employees across state and local government units, mirroring MSRPS's structure of multiple participating employer pools and statutory-defined benefit coverage for government workers.
• Washington State Investment Board (WSIB): WSIB invests the assets of Washington state pension and other trust funds. Like MSRPS, it is a state-level institutional investor managing tens of billions across public and private markets on behalf of defined benefit pension plan participants.

Broad incumbents

• State Street Global Advisors: State Street Global Advisors is a major institutional asset manager serving U.S. public pension funds. It is comparable to MSRPS only as a broad incumbent institutional investor managing pooled retirement assets, not as a direct competitor on pension administration.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/sra_md
• YouTubeyoutube.com/channel/UC7gAR9Yv-6xYEF81d84biBA
• Facebookfacebook.com/MSRPS

Revenue estimate

Valuation estimate

Number of profiles

Profiles10 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Maryland State Retirement and Pension System