Maryland State Treasurer's Office

The Maryland State Treasurer, currently Dereck E. Davis, oversees all investment decisions for the Surplus Fund and related state accounts. Davis was elected by the Maryland General Assembly in 2021 and re-elected in 2023. He chairs the Board of Trustees of the Maryland State Retirement and Pension System and sits on the Board of Public Works, giving him influence over both investment strategy and state contracting (public record).

The Surplus Fund is a cash management vehicle designed to preserve capital and meet the state's short-term liquidity needs. It invests primarily in fixed-income securities, money market instruments, and short-term Treasuries. The fund's priority is safety and liquidity over yield, reflecting its role in funding Maryland's operational obligations (per the Maryland State Treasurer's Office).

The treasurer chairs the Board of Trustees of the Maryland State Retirement and Pension System (MSRPS), which manages approximately $65 billion in pension assets. While the Surplus Fund is managed directly by the treasurer's office, MSRPS has its own investment staff and board. The treasurer's role is governance oversight, not day-to-day portfolio management of the pension fund (public record).

The office manages a portfolio of state-owned real estate, including the Louis L. Goldstein Treasury Building in Annapolis. It also holds the Maryland State Art Collection, state-owned vehicles, Maryland State Police Aviation Command helicopters, and aircraft used by the University of Maryland Eastern Shore flight school. These assets are held for operational use rather than investment return (public record).

The Surplus Fund's public disclosure is limited, but its core holdings are in fixed income and cash equivalents. The office oversees the State Insurance Trust Fund, which self-insures state risks and may hold reserves in similar low-risk instruments. Alternative investments, if any, are not publicly documented for the Surplus Fund itself, as distinct from the pension system (public record).

The Maryland State Treasurer is elected by a joint vote of the Maryland General Assembly, not by popular election. The treasurer serves alongside the governor and comptroller on the Board of Public Works, which approves major state contracts, capital projects, and land acquisitions. This gives the treasurer direct influence over state spending and infrastructure investments (per the Maryland Constitution).

The office administers the Maryland 529 college savings plans, including the Maryland Prepaid College Trust and the Maryland College Investment Plan. It also manages the Unclaimed Property program, which returns abandoned assets to residents. Treasurer Davis has prioritized improving the unclaimed property return rate, a form of public service distinct from philanthropic foundations (per the Maryland State Treasurer's Office, 2025).