Harford County, Maryland FY 24 Proposed Operating Budget

SHERIFF'S OFFICE PENSION PLAN FISCAL YEAR 2024

Sheriff's Office Pension Plan Statement of Estimated Net Position

Purpose

Net Position Held In Trust for Pension Benefits June 30, 2022

The Sheriff's Office Pension Trust Fund was established in July 1997 to provide a pension plan for uniformed law enforcement and corrections personnel. This plan provides for a twenty-five (25) year retirement for its members. It is mandatory that all new eligible personnel hired after July 1, 1997 join this pension plan. Effective July 1, 2006, the uniformed law enforcement officers moved to the Maryland State Pension leaving only the correctional officers as members of this plan. An actuarial firm, investment

74,206,782

Estimated Revenues: Employee Contributions County Contributions

849,828

3,007,172 5,900,000

Investment Income

Total Estimated Revenues

9,757,000

Estimated Expenses: Actuarial & Investment Services

(370,000) (30,000) (4,000,000)

Medical & Legal Services

Pension Payout

Total Estimated Expenses

(4,400,000)

Estimated Net Position Held In Trust for Pension Benefits June 30, 2023

79,563,782

Fiscal Year 2023-2024

Estimated Revenues: Investment Income Employee Contributions County Contributions Total Estimated Revenues

5,184,580

850,000

3,215,420

9,250,000

Estimated Expenditures: Actuarial & Investment Services

(370,000) (30,000) (4,100,000) (4,750,000)

Medical & Legal Services

Pension Payout

Unfunded Liability Contribution

Total Estimated Expenditures

(9,250,000)

Estimated Net Position Held In Trust for Pension Benefits June 30, 2024

79,563,782

674