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Pension Funds

Maryland state pension fund to lower rate of return

Maryland State Retirement & Pension System, Baltimore, will reduce its assumed rate of return to 7.45% over the next two fiscal years, following a vote by the board of trustees on Tuesday.

The $49.09 billion pension fund's rate now is 7.55%, which will apply for the fiscal year that started July 1, said Michael Golden, retirement system spokesman. For fiscal year 2019, the rate will be 7.5% and in FY2020, 7.45%.