Maryland Teachers Basics

  • Established 1927
  • Currently open to new hires
  • Plan covers teachers
  • Plan members covered by Social Security
  • Multiple employer, cost sharing plan

Assets, Participants, and Benefits

Assets at Year-End, Maryland Teachers, 2001-2023

Fiscal Year Net Assets (billions)
2001 17.76
2002 16.05
2003 16.11
2004 18.19
2005 19.36
2006 20.74
2007 23.78
2008 22.06
2009 17.17
2010 19.26
2011 22.76
2012 22.50
2013 24.47
2014 27.49
2015 27.76
2016 27.54
2017 29.73
2018 31.48
2019 32.80
2020 33.22
2021 41.12
2022 39.13
2023 39.42

Source: Public Plans Database

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Number of Actives per Annuitant, 2001-2023

Fiscal Year Maryland Teachers US State and Local Pensions
2001 2.3 2.4
2002 2.3 2.3
2003 2.2 2.2
2004 2.1 2.1
2005 2.0 2.1
2006 2.0 2.0
2007 2.0 2.0
2008 2.0 1.9
2009 1.9 1.9
2010 1.8 1.8
2011 1.7 1.7
2012 1.6 1.6
2013 1.6 1.5
2014 1.5 1.4
2015 1.5 1.4
2016 1.4 1.4
2017 1.4 1.4
2018 1.4 1.3
2019 1.4 1.3
2020 1.4 1.3
2021 1.3 1.2
2022 1.3 1.2
2023 1.3 1.2

Source: Public Plans Database

National data averages are weighted by plan size.

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Costs

Employer's Annual Required Contribution as a Percentage of Payroll and Portion Paid for Maryland Teachers, 2001-2023

Fiscal Year Portion of Employer ARC paid Portion of Employer ARC left unpaid US Avg Employer ARC ARC as a Percent of Payroll
2001 10.3 0.0 5.9 10.3
2002 8.9 0.0 5.6 8.9
2003 9.7 0.0 6.3 9.7
2004 9.4 0.5 7.8 9.9
2005 9.0 0.4 9.5 9.4
2006 8.4 0.8 10.5 9.2
2007 8.5 1.5 11.4 10.0
2008 10.2 0.7 11.9 10.9
2009 10.9 1.3 12.1 12.2
2010 13.1 1.1 14.7 14.2
2011 14.8 4.9 16.7 19.8
2012 15.1 6.1 17.7 21.2
2013 15.9 4.6 19.0 20.5
2014 15.9 5.7 19.8 21.5
2015 16.4 1.9 20.3 18.4
2016 16.4 0.4 20.4 16.8
2017 16.8 0.0 20.5 16.8
2018 16.2 0.0 20.9 16.2
2019 16.0 0.0 21.3 16.0
2020 15.6 0.0 20.5 15.6
2021 15.0 0.0 21.5 15.0
2022 15.1 0.0 21.6 15.1
2023 14.5 0.0 23.0 14.5

Source: Public Plans Database

National data averages are weighted by plan size.

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Actuarial Funding

Actuarial Funded Ratio for Maryland Teachers, 2001-2023

Fiscal Year Maryland Teachers National Data
2001 95.3 101.7
2002 92.0 94.6
2003 92.8 88.8
2004 92.8 87.0
2005 89.3 85.4
2006 84.2 85.2
2007 81.1 86.3
2008 79.6 84.4
2009 66.1 78.4
2010 65.4 75.7
2011 66.3 74.3
2012 65.8 72.3
2013 67.1 71.8
2014 70.7 73.2
2015 71.9 73.2
2016 72.7 71.6
2017 74.0 72.0
2018 74.7 72.4
2019 76.2 72.5
2020 77.0 72.6
2021 80.2 75.8
2022 80.6 76.2
2023 78.8 74.2

Source: Public Plans Database

National data averages are weighted by plan size.

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Investments

Asset Allocation for Maryland Teachers, 2023

Category Percent
Equities 29.4
Fixed Income 17.2
Private Equity 21.9
Real Estate 10.5
Cash 1.4
Other 0.0
Commodities 4.7
Hedge Fund 14.9
Misc. Alternatives 0.0

Source: Public Plans Database

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Asset Allocation for State and Local Pensions, 2023

Category Percent
Equities 42.2
Fixed Income 20.5
Private Equity 14.0
Real Estate 10.5
Cash 1.8
Other 0.1
Commodities 2.7
Hedge Fund 6.6
Misc. Alternatives 1.8

Source: Public Plans Database

National data averages are weighted by plan size.

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Asset allocation for Maryland Teachers, 2001-2023

Fiscal Year Equities Fixed Income Private Equity Real Estate Cash Other Commodities Hedge Fund Misc. Alternatives
2001 65.8 27.7 0.0 5.0 1.5 0.0 0.0 0.0 0.0
2002 62.6 30.1 0.0 6.1 1.2 0.0 0.0 0.0 0.0
2003 57.3 31.4 0.0 6.4 4.9 0.0 0.0 0.0 0.0
2004 63.7 29.0 0.0 6.8 0.5 0.0 0.0 0.0 0.0
2005 64.2 29.8 0.0 5.1 0.8 0.0 0.0 0.0 0.0
2006 63.5 30.2 0.6 5.3 0.4 0.0 0.0 0.0 0.0
2007 64.0 29.4 1.0 4.9 0.7 0.0 0.0 0.0 0.0
2008 61.0 24.4 1.7 6.5 0.0 0.0 4.2 2.2 0.0
2009 55.9 18.3 3.4 5.9 6.4 0.0 5.0 5.1 0.0
2010 50.3 18.5 3.2 6.3 3.6 0.0 10.2 7.9 0.0
2011 46.7 21.5 4.3 5.7 1.4 0.0 10.2 10.2 0.0
2012 41.4 19.2 5.7 6.4 3.5 0.0 9.2 14.6 0.0
2013 41.6 16.0 6.2 5.7 4.3 0.0 11.3 14.9 0.0
2014 38.4 14.7 7.0 6.8 3.0 0.0 11.2 18.9 0.0
2015 36.8 13.5 8.0 7.4 1.4 0.0 13.0 19.9 0.0
2016 36.9 22.7 9.2 12.7 0.6 0.0 0.0 17.9 0.0
2017 36.7 21.3 9.9 11.5 0.6 0.0 3.8 16.1 0.0
2018 37.1 21.7 12.5 8.9 0.5 0.0 2.9 16.4 0.0
2019 35.8 18.6 14.0 9.3 0.8 0.0 3.9 17.6 0.0
2020 35.2 19.3 14.2 8.4 1.0 0.0 4.7 17.2 0.0
2021 34.4 16.4 17.1 7.4 2.2 0.0 4.7 17.8 0.0
2022 27.5 17.4 21.5 11.1 3.0 0.0 4.5 15.0 0.0
2023 29.4 17.2 21.9 10.5 1.4 0.0 4.7 14.9 0.0

Source: Public Plans Database

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Annual Return as of June 30 for Maryland Teachers, 2001-2023

Fiscal Year Maryland Teachers Assumed return
2001 -9.40 8.00
2002 -7.60 8.00
2003 3.20 8.00
2004 16.20 7.75
2005 9.50 7.75
2006 10.40 7.75
2007 17.60 7.75
2008 -5.40 7.75
2009 -20.00 7.75
2010 14.03 7.75
2011 20.00 7.75
2012 0.36 7.75
2013 10.57 7.70
2014 14.37 7.65
2015 2.70 7.55
2016 1.20 7.55
2017 10.00 7.50
2018 8.06 7.45
2019 6.46 7.40
2020 3.57 7.40
2021 26.69 6.80
2022 -2.97 6.80
2023 3.14 6.80

Source: Public Plans Database

National data averages are weighted by plan size.

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Cash Flows

Cash Flow vs. Total Assets (Millions)
Maryland Teachers
2001-2023

Fiscal Year Cash Flow Assets
2001 -307.0 17,757.4
2002 -408.8 16,052.1
2003 -428.6 16,108.4
2004 -450.8 18,187.3
2005 -500.5 19,357.9
2006 -567.0 20,741.5
2007 -544.6 23,778.0
2008 -434.0 22,059.0
2009 -464.8 17,171.3
2010 -347.8 19,256.5
2011 -322.5 22,764.9
2012 -318.1 22,501.5
2013 -362.8 24,469.6
2014 -437.1 27,491.1
2015 -455.3 27,763.9
2016 -523.5 27,542.2
2017 -521.6 29,731.2
2018 -615.3 31,480.5
2019 -676.8 32,802.9
2020 -721.6 33,215.0
2021 -793.9 41,120.8
2022 -815.0 39,126.2
2023 -909.6 39,421.2

Source: Public Plans Database

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Note: The PPD average is for plans with a similar fiscal year end (FYE) date to the plan presented on this page.


Cash Flow as a Percentage of Assets
Maryland Teachers
2001-2023

Fiscal Year Maryland Teachers National Average
2001 -1.7 -2.0
2002 -2.5 -2.4
2003 -2.7 -2.5
2004 -2.5 -1.8
2005 -2.6 -2.2
2006 -2.7 -2.2
2007 -2.3 -2.0
2008 -2.0 -2.1
2009 -2.7 -3.1
2010 -1.8 -3.2
2011 -1.4 -3.0
2012 -1.4 -3.2
2013 -1.5 -3.1
2014 -1.6 -2.9
2015 -1.6 -2.7
2016 -1.9 -2.9
2017 -1.8 -2.8
2018 -2.0 -2.4
2019 -2.1 -2.4
2020 -2.2 -2.3
2021 -1.9 -2.0
2022 -2.1 -1.9
2023 -2.3 -1.9

Source: Public Plans Database

National data averages are weighted by plan size.

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2022 Financial Reports

Benefits

Website for Maryland Teachers benefit descriptions.