Maryland’s pension funds receive more than half of the state’s total pension benefits, a new study finds.
The study by a Maryland public policy group and an education policy group found that the pension funds that are the largest recipients of state pension money received a total of $4.3 billion from the state between 2007 and 2019.
The largest pension fund in the state, the Prince George’s County pension fund, received $3.4 billion.
The next largest pension funds received $1.7 billion.
Another $1 billion went to the state government and $700 million went to two retirement plans, the state Education Fund and the Maryland Retirement System.
The funds are divided among about 1,000 employees of the Maryland Department of Health and Human Services, the Maryland State Employees Retirement System, the Baltimore City Retirement System and the state Department of the Treasury.
Maryland also pays its employees more than $2 billion annually, according to the report.
The average annual cost of pensions in Maryland is $9,400.