💰 Maryland Paid $834 Million to Not Let Courtney Finklea Green Run Its Pension Fund

By Barry O'Connell

Maryland State Treasurer Dereck E. Davis and Deputy Treasurer Courtney Finklea Green

Fourteen months ago, the Maryland General Assembly handed oversight of the state’s troubled $9 billion college savings program to Treasurer Dereck Davis, tasking him with restoring performance and public trust. He made a bold move: he empowered Courtney Finklea Green, a rising star within his office, to take the lead.

That trust paid off in a big way.

Under Courtney’s guidance, the Maryland 529 College Investment Plan surged to the top of national rankings. Meanwhile, the far larger Maryland State Retirement and Pension System (MSRPS) lost $834 million in a single quarter—posting negative returns while managing nearly $70 billion in assets.

The contrast couldn’t be starker. And the cost couldn’t be higher.

📉 The Price of Underperformance

In Q4 2024, MSRPS reported:

• - A –1.2% net investment return

• - A loss of $834 million in market value

• - $38 million in net cash outflows due to retiree benefits

In real terms, that’s:

• - $2,085 lost per retiree (assuming 400,000 beneficiaries)

• - Equal to full-year tuition for 83,000 Maryland community college students

• - Or one expensive way of saying, “No thanks, Courtney—we’ll pass”

📈 The Courtney–Davis Partnership

What makes this story more striking is that Maryland already had the answer.

Treasurer Dereck Davis didn’t micromanage—he trusted. In Courtney Finklea Green, he saw a leader who could right the ship. And she did:

| Metric | Maryland 529 Plan |

• | 5-Year Avg Return | 12.48% |

• | 1-Year Portfolio Returns | 7.3%–9.3% |

• | Assets (May 2025) | $10.7 billion |

• | National Rank | #1 (Direct-Sold Plans) |

Her turnaround wasn’t a fluke. It was methodical, metrics-driven, and people-centered—benefiting Maryland families, future students, and the integrity of public investment.

🧮 What If She Ran the Pension System?

Let’s imagine a world where MSRPS matched Maryland 529’s performance—say 8.3%, instead of –1.2%. Here’s how that plays out:

• - $5.77 billion in gains instead of losses

• - Fully funded cost-of-living adjustments for retirees

• - A closed structural deficit in the state’s FY2026 budget

Instead, Maryland delivered a negative return and paid millions in management fees, even as 20% of assets shifted to in-house control. The pension system outperformed its benchmark—but still went backward.

🧠 Leadership That Works

Courtney didn’t just fix a broken fund. She set a new standard. And she did so within a framework of leadership that deserves its own recognition.

Davis’s trust and stewardship laid the foundation for reform. He turned to talent, not tenure. And Courtney delivered on that trust—quietly but decisively.

That partnership shows what modern public finance can be: smart, transparent, and focused on people.

🗳️ Maryland Can—and Should—Do Better

Maryland didn’t just lose money. It lost momentum.

It had a proven leader in Courtney Finklea Green, and a Treasurer who knew how to spot and support real talent. Together, they built something exceptional—while the pension system drifted.

It’s time to ask why. It’s time to imagine what could happen if success wasn’t siloed, and smart stewardship didn’t stop at one fund.

After all, we already paid $834 million to learn what doesn’t work.

📚 Footnotes

1. Maryland State Retirement and Pension System Q4 2024 Report, Maryland Comptroller’s Office

2. Maryland 529 Portfolio Performance, Maryland529.com

3. Enrollment-Based Portfolio Returns, Maryland College Investment Plan

4. Maryland 529 Rankings, CollegeSavings.org

5. Maryland 529 Transfer Legislation, Maryland General Assembly, 2024 Regular Session