Hiring Wall Street companies or consultants for public pension plans hasn't done much for outcomes, according to the Maryland Policy Report, a study by the Maryland Public Policy Institute and Maryland Tax Education Foundation.

In attempting to figure out how much money Maryland's pension system had spent on Wall Street fees and how that compared to public pension systems in all 50 states, the two organizations sifted through every available annual report. It compared the ratio of state pension system Wall Street fees to their net assets and compared those ratios to Maryland and other states.

What it found is that Maryland's Wall Street fee ratio was .693 compared to the U.S. average of .409 and the U.S. median of .359.

Complete your profile to continue reading and get FREE access to BenefitsPRO, part of your ALM digital membership.

  • Critical BenefitsPRO information including cutting edge post-reform success strategies, access to educational webcasts and videos, resources from industry leaders, and informative Newsletters.
  • Exclusive discounts on ALM, BenefitsPRO magazine and BenefitsPRO.com events
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.