With the assistance of investment consultant Segal Rogerscasey, the Maryland Supplemental Retirement Plans Board of Trustees decided to revise the current Spectrum of Investment Options by eliminating one mid-cap growth fund due to fund performance concerns, and adding one new mid- cap growth fund as a replacement offering.
Effective July 16, 2015, the Janus Enterprise Fund – N Shares (Ticker: JDMNX), is added to theMSRP fund lineup.
Also effective July 16, 2015, the Morgan Stanley Institutional MidCap Growth Portfolio (Ticker: MPEGX), is eliminated from the list of funds available for selection in requesting a payroll allocation or an investment exchange.
On August 18, 2015
, the Morgan Stanley Institutional MidCap Growth Portfolio (MPEGX) will be removed from the Plans. On this date, any existing balance in the Morgan Stanley Institutional MidCap Growth Portfolio (MPEGX) will be transferred to the Janus Enterprise Fund (JDMNX). All allocations of payroll contributions to the Morgan Stanley Institutional MidCap Growth Portfolio (MPEGX) will be changed to the Janus Enterprise Fund (JDMNX).
Members may log onto their account at MarylandDC.com
or call 1-800-545-4730
to change their allocated investments at any time.
- Working with its investment advisor, Segal Rogerscasey, the MSRP Board decided to consolidate several index fund options at the September Board meeting. Three index funds on the current investment option list will be closed and other index funds will be offered instead. In the long run, the Board expects that participants will experience less volatility with comparable returns by using the blended portfolios in the "core" index funds. Core index funds provide broad exposure to the market without a greater focus on either growth or value investments.
• On January 16, 2015, the Vanguard Small-Cap Index Fund (VSCIX) will be open to new investments from participants.
• On February 18, 2015, three funds will be closed to contributions and Plan assets and future contributions mapped in all four Plans, as follows.
Both the Vanguard Small-Cap Growth Index Fund (VSGIX) and the Vanguard Small-Cap Value Index Fund (VSIIX) will be closed, with Plan assets in both funds transferred and future contributions redirected to the Vanguard Small-Cap Index Fund (VSCIX).
The Vanguard Value Index Fund (VIVIX) will be closed, with Plan assets transferred and future contributions redirected to the Vanguard Institutional Index Fund (VIIIX).
Participants will immediately benefit from lower expenses in the Vanguard Institutional Index Fund - Institutional Plus shares as compared to the Vanguard Value Index Fund. Also, with the Plan assets of the Vanguard Small-Cap Growth and Vanguard Small-Cap Value Index Funds combined into the Vanguard Small-Cap Index Fund, MSRP investments may sooner achieve the account size required for the Plans to achieve a lower cost share class (Institutional Plus) in the Vanguard Small-Cap Index Fund. (02/2015)
- Effective August 19, 2014, the MSRP Board of Trustees is pleased to announce the addition of the T. Rowe Price 2060 Retirement Date Fund. This fund is designed for those participants with a birthday year of 1993 or later, more information is forthcoming. (08/2014)
- Effective May 1, 2014, the Parnassus Equity Income Fund (Tickers: PRBLX / PRILX) will be renamed the Parnassus Core Equity Fund. The name change reflects the Fund’s consistent focus to principally invest in undervalued equity securities of large-capitalization companies that have good prospects for the future. Apart from the name change, the Fund will not undergo any structural changes. The Fund will retain the same philosophy, process, risk management and ticker symbol. By prospectus, the Fund will continue to invest 75% of its total assets in securities that pay dividends. (04/2014)
- Effective February 1, 2014, Galliard Capital Management of Minneapolis Minnesota will provide Stable Value Fund Investment Management Services to The Maryland Supplemental Retirement Plans. (01/2014)
- MSRP Administrative Fee reduced 25%. Effective January 1, 2013, MSRP administrative fees on participant accounts are reduced from 0.19% to 0.14% of assets on an annual basis. We will continue to charge 50 cents per month on each account over $500. (01/2013)
The Maryland Supplemental Retirement Board of Trustees is glad to announce a new five year contract with Nationwide Retirement Solutions for Plan Administration services. A recent procurement resulted in a new contract with continuity of services, additional retirement planning resources, and reduced fees. (01/2013)
- On August 14, 2012, MSRP began closing accounts with the Neuberger Berman Large Cap Value Fund (NBPIX), formerly called the Neuberger Berman Partners Fund, due to concerns about fund performance, a change in fund manager, and a change in investment objectives. The Board of Trustees has selected a replacement for the MSRP “Large Cap Blend” offering: American Century Equity Growth Fund Institutional Shares (Ticker symbol AMEIX) with a Gross Expense Ratio of 0.49%. Beginning August 14, 2012 MSRP stops new contributions and exchanges into the Neuberger Berman Fund redirecting them to the American Century Equity Growth Fund. On August 16, remaining balances in the Neuberger Berman Fund will be transferred to the American Century Equity Growth Fund. Participants may, as always, give their own directives any time before or after these dates. (08/2012)
- Effective April 17, 2012, the Board of Trustees announced that assets of participants invested in the Vanguard Total Bond Market Index Fund are transferred from Signal shares (Ticker symbol VBTSX) to Institutional Shares (Ticker symbol VBTIX). Participants don't need to do anything. Participants invested in the fund will remain invested in it, but the cost of investing in the fund from that point forward will be reduced by more than a third—from a Gross Expense Ratio of 0.11% down to 0.07%. (08/2012)
- On December 7, 2011, The Certificate of Achievement for Excellence in Financial Reporting has been awarded to Maryland Teachers & State Employees Supplemental Retirement Plans (MSRP), by the Government Finance Officers Association of the United States and Canada (GFOA).
The Board of Trustees and Staff of MSRP are proud of this high honor in financial reporting. We strive to provide the most comprehensive and accurate information, in the spirit of full disclosure, for our participants and other interested parties and fully intend to continue pursuing this prestigious award every year. Click here to view the award.
- Effective April 20, 2011, Vanguard Total Bond Market Index Fund
- Signal Shares (VBTSX) will be available to participants of all
Plans. This fund is an intermediate-term, low-cost (0.12%) bond
index fund that may provide an opportunity to diversify your portfolio.
Passively managed, the Vanguard Total Bond Market Index Fund may
offer an alternative to the actively managed PIMCO fund already
available to MSRP participants.
About Bond Investing-- When you need money, you might apply for
a loan. When companies and governments need money, they often issue
bonds - loans that can be invested in. Bond funds are mutual funds
of bonds, a group of bonds sold as one fund. Bond funds typically
deliver higher returns than CDs, money market funds, and bank accounts,
but may have higher expense ratios than a comparable stock mutual
fund. As with any investment, bond funds are subject to a number
of investment risks including credit risk, interest rate risk, and
prepayment risk. Diversifying - or spreading - your risk across
a broad range of asset classes can help reduce your overall risk
of investment losses. (04/2011)
- On February 16, 2011 the Vanguard Total International Stock Index
Fund was changed from Investor shares to Institutional shares (new
ticker: VTSNX). This reduces investment management expenses to 0.15%(as
published in the fund prospectus). (02/2011)
- MSRP adds Socially Responsible Investment option. At its Aug.
23, 2010 meeting, the MSRP Board of Trustees voted to add the Parnassus
Equity Income Fund (Institutional Shares) to the Plans' Spectrum
of Investment Options, effective Oct. 18, 2010. This is a large
cap core fund committed to investing from an environmental and human
rights perspective. For more information about this fund, see Responsible
Investing from here or from the "Employee Publications" page. Performance
information, fact sheet and access to the fund prospectus can be
found on www.MarylandDC.com. (10/2010)