DFX Intelligence

Allocator Intelligence

Maryland Teachers' Retirement and Pension Systems

State retirement systemteachersPart of a larger system· Maryland

State retirement system, based in Maryland, reporting $44B in assets, for 223,785 participants.

Composed from this allocator's classification, location and filed figures.

Assets
$44B
Contact decision makersView relationships
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Ask DFX about this allocatorInvestment staff
Open searchesAllocation policyConsultants
As of · the latest dated event for this allocator; each figure carries its own filing or report date

Nothing material in the last 90 days. Last change: 30 Jun 2024, Maryland Teachers' Retirement and Pension Systems fiduciary net position $39.4B -> $41.1B (+4.3%, 2023-06-30 to 2024-06-30).

4 more advisers

Every figure, date and source on this page is shown. The names behind them, and every related record, open with the complete profile.

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People to know

View all people
  • Robert M. Burd
    Acting Chief Investment Officer
    Why: Chief investment officer: owns the allocation decision
    No route on file yet

Capital path

who backs this record, through what, into what; each name opens its own path
Who decides
Maryland Teachers' Retirement and Pension Systems

Relationship network

10 connected entities

From board minutes, annual reports, Form 5500 filings and public records of commitments, consultants and staff in the allocator graph. Commitment amounts are those the allocator disclosed; many are not printed, and none is estimated.

Some relationships on this record are counted rather than named here. They open with the full profile.

Click any name or line for the commitments and sources behind it. Line weight is commitments together; dashed lines are inferred.

Reading the network
  • Service provider
  • Organization
  • Person
›How strength and recency are read

Managers, funds and consultants are read from the commitments: three or more is a strong observed relationship, two a repeat counterparty. No consultant link is marked current on the source, so none is labelled current or former here. Related plans, people and plan service providers are ordered by what the filing shows.

Darker lines were active in the last 24 months or are current; lighter lines are older or undated.

Size, funding, policy and commitments, with their basesState retirement systemShow
State retirement system
Assets
$44B
Total assets, Jun 30, 2024 derived
Funded
not on record
not filed
Private markets target
no policy read
policy Jun 30, 2025
Commitments
0
none on the tape
Invested by: Maryland State Retirement and Pension System

Allocation policy

ACFR, as of Jun 30, 2025
Actual allocation lines without a target (as filed)
  • Cash/Cash Equivalents 1.3%
  • Rate Sensitive 16.2%
  • Absolute Return 5.5%
  • Multi Assets 0.4%
  • Credit/Debt Related Strategies 9.1%
  • Private Equity 20.5%
  • Public Equity 32.3%
  • Real Assets 14.7%

Consultants and advisers

7 firms

+4 more consultants and advisers advise this allocator

Every name, record and relationship behind this count, with the source on each.

Includes 3 days of DFX Intelligence. Then $199/month unless canceled.

Decision makers

who to call first about an allocation, and why; then everyone else by function
  • Robert M. Burd · Acting Chief Investment Officer
    Why this person: Chief investment officer: owns the allocation decision; Named with investment responsibility

Ranked by the role the firm or its filing states, a route on file and deals led. Every reason is read from the record, never inferred. Routes are published by the person or the firm (their bio, the team page or a filing) and are revealed on a plan; data bought from a provider is never shown, and a route printed at a firm the person has since left is held back.

People

2 roles
Chief investment officer
Robert M. Burd
Acting Chief Investment Officer (Dec 31, 2025) source on record
p.25: imply much greater gains to the System. In calendar year 2024, Robert M. Burd, CFA, CAIA / Acting Chief Investment Officer

Manager roster

No manager relationship is on the tape for this allocator.

What changed

3 events
  • Jun 30, 2024Assets changed
    Maryland Teachers' Retirement and Pension Systems fiduciary net position $39.4B -> $41.1B (+4.3%, 2023-06-30 to 2024-06-30)
    www2.census.gov
  • Jun 30, 2024Assets changed
    Maryland Teachers' Retirement and Pension Systems total assets $43.1B -> $44.1B (+2.5%, 2023-06-30 to 2024-06-30)
    www2.census.gov
  • Jun 30, 2023Assets changed
    Maryland Teachers' Retirement and Pension Systems total assets $41.4B -> $43.1B (+3.9%, 2022-06-30 to 2023-06-30)
    www2.census.gov
Board record: approvals, recommendations, searches, terminations and re-up prospects for this system.

Commitments

No fund commitments are on the tape for this allocator. The tape holds the plans that publish their own private-markets reports; a plan that publishes one and is not here is a gap we can close.

Size and funding

57 readings
Total assets
$44B Jun 30, 2024 derived Census ASPP
$43B (2023-06) · $41B (2022-06)
Fiduciary net position
$41B Jun 30, 2024 reported Census ASPP
$39B (2023-06) · $39B (2022-06)
Long-term investments
$43B Jun 30, 2024 reported Census ASPP
$42B (2023-06) · $40B (2022-06)
Total pension liability
$14B Jun 30, 2024 reported Census ASPP
$12B (2023-06) · $10B (2022-06)
Discount rate
6.80% Jun 30, 2024 reported Census ASPP
6.80% (2023-06) · 6.80% (2022-06)
Participants
223,785 Jun 30, 2024 derived Census ASPP
220,652 (2023-06) · 217,326 (2022-06)
Active members
115,316 Jun 30, 2024 derived Census ASPP
112,773 (2023-06) · 110,830 (2022-06)
Beneficiaries
84,975 Jun 30, 2024 reported Census ASPP
84,177 (2023-06) · 82,884 (2022-06)
Benefits paid
$2.8B Jun 30, 2024 reported Census ASPP
$2.7B (2023-06) · $2.5B (2022-06)
Investment expense
$263M Jun 30, 2024 reported Census ASPP
$261M (2023-06) · $343M (2022-06)

Provenance

Identifiers: Census PID6 227140
Cross-graph: no entry on another DFX graph
First observed Sep 15, 2026, last observed Sep 23, 2026. Classification confirmed. Every row above carries its source; a reported figure is the subject’s own, a derived one is arithmetic on reported figures, an estimated one is a model or a survey imputation and is never summed into a headline.

Not yet on record: funded ratio, private markets allocation target, fund commitments.

Record history

3 dated events on the change ledger, latest event first
  • Total assets changed
    2024-06-30source on record
  • Total assets changed
    2024-06-30source on record
  • Total assets changed
    2023-06-30source on record

The ledger records every merge, rename and reclassification this record went through and the dated filings observed on it, so the identity on this page can be traced to the records it was built from. The ledger's own sentences name other records, so they show with the names.

›Connections

every published relationship on the graph

+8 connections on the graph

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