Add Maryland and Massachusetts to the list of states posting double-digit growth in pension funds for fiscal 2013.

The Maryland state employees' pension system – which provides benefits for 132,000 retired state employees, teachers and law enforcement officers – reported annual gains of $40 billion for the fiscal year ended June 30. That's a gain of about 10.6 percent vs. expectations of a 7.75 percent increase.

The Maryland Public Policy Institute recently targeted pension fund officials for paying excessive fees to money managers and for taking too risky an approach to investments. The institute compared investments to more passive index funds such as the Standard & Poor's 500. Often these passive funds offer lower fees than funds with active management.

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