FY 25 Harford County Approved Operating Budget

SHERIFF'S OFFICE PENSION PLAN FISCAL YEAR 2025

Purpose 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 Julu 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 consultant and investment manager have been retained to provide services to the Pension Trust Fund. The Trustees have formalized an investment policy and custody agreement for the investment of the Trust Fund assets. Sheriff's Office Pension Plan Statement of Estimated Net Position

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

81,499,334

Estimated Revenues: Investment Income Employee Contributions County Contributions

5,000,000 720,000 3,215,420

Total Estimated Revenues

8,935,420

Estimated Expenses: Pension Payout Medical & Legal Services

(4,500,000) (30,000) (300,000)

Actuarial & Investment Services Total Estimated Expenses

(4,830,000)

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

85,604,754

Fiscal Year 2025

Estimated Revenues: Investment Income Employee Contributions County Contributions Total Estimated Revenues Estimated Expenditures: Pension Payout

5,674,410 900,000 3,625,590

10,200,000

(4,600,000) (30,000) (260,000) (5,310,000)

Legal Services

Actuarial & Investment Services Unfunded Liability Contribution

Total Estimated Expenditures

(10,200,000)

Estimated Net Position Held In Trust for Pension Benefits June 30, 2025

85,604,754

712