Maryland’s public pension system pays more than $320 million in fees each year to professional fund managers who tout their ability to beat the market with smart investments.

But some financial experts question whether those fees really pay off for the more than 382,000 active and former state employees who participate in theretirementplan, including teachers, state police and judges.

The state’s pension portfolio is on track to fall below the program’s modest goal of a 0.51 percent return on investments for fiscal 2016, which ends June 30. As of April 30, the plan had earned a mere 0.12 percent.

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