Hiring Wall Street companies or consultants for public pension plans hasn't done much for outcomes, according to the Maryland Policy Report, a study by the Maryland Public Policy Institute and Maryland Tax Education Foundation.
In attempting to figure out how much money Maryland's pension system had spent on Wall Street fees and how that compared to public pension systems in all 50 states, the two organizations sifted through every available annual report. It compared the ratio of state pension system Wall Street fees to their net assets and compared those ratios to Maryland and other states.
What it found is that Maryland's Wall Street fee ratio was .693 compared to the U.S. average of .409 and the U.S. median of .359.
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