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State Retirement Agency reports improved returns, introduces new chief investment officer
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Summary
DLS reported the State Retirement Agency's fund returned 9.83% in fiscal 2025 and the system's funded ratio rose to about 73.5%; the agency introduced Diane Sandoval as its new chief investment officer and described staffing and structural changes contributing to operational improvements.
Analysts told the subcommittee the Maryland State Retirement Agency's fiscal 2025 performance was strong and leadership changes are underway as the agency presents its fiscal 2027 allowance.
Jacob Cash, the DLS analyst, said the system returned 9.83% in fiscal 2025, ending the year with approximately $73.6 billion in assets and a funded ratio of about 73.5%. Cash attributed downward pressure on contribution rates to growth in active membership relative to retiree counts and noted that the investment division accounts for roughly 42% of the 2027 allowance, driven largely by salaries and newly authorized positions.
John Martin, acting executive director of the State Retirement Agency, introduced Diane Sandoval as the agency's new chief investment officer. Sandoval told the committee she started in the role 16 days earlier and said she intends to bring her public‑investing experience to protect retirement security for teachers, police, firefighters and other public employees.
The DLS analyst reviewed operations improvements, noting call‑center wait times had improved to around 30 seconds after staffing and process changes. Cash recommended concurring with the governor's allowance and answered questions from committee members.
