Maryland pension system spent $229M on fees; policy groups seek change

Maryland’s pension system spent $229 million on investment fees for Wall Street money managers, fees a pair of Maryland policy groups said would have been saved had it invested exclusively in index funds.

The Maryland Public Policy Institute and the Maryland Tax Foundation have said before that Maryland’s $37 billion pension system should switch to passively managed index funds. Index funds mirror a particular stock index, such as the Standard & Poor’s 500 Index. They generally charge lower…