The Maryland State Retirement and Pension System says its portfolio returned 6.46% on investments for the last fiscal year.
System officials announced Wednesday that falls short of the system's 7.45% assumed actuarial return rate.
The fund's performance raised the system's assets to $54.2 billion. That's an increase of $2.4 billion over the year before.
Chief Investment Officer Andrew Palmer says the system's returns reflect strong performance of private equity assets and nominally fixed income assets, along with positive but more modest returns in the remainder of the asset classes.