FY 27 Proposed Operating Budget

SHERIFF'S OFFICE PENSION PLAN FISCAL YEAR 2027

Purpose

Sheriff's Office Pension Plan Statement of Estimated Net Position

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

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 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.

100,560,916

Estimated Revenues:

5,705,583 1,000,000 3,746,417

Investment Income Employee Contributions County Contributions

10,452,000

Total Estimated Revenues

Estimated Expenses:

(4,800,000) (30,000) (274,916)

Pension Payout

Medical & Legal Services Actuarial & Investment Services Total Estimated Expenses

(5,104,916)

Estimated Net Position Held In Trust for Pension Benefits June 30, 2026

105,908,000

Fiscal Year 2027

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

6,900,000 1,100,000 3,916,645

11,916,645

(6,000,000) (30,000) (325,000) (5,561,645)

Legal Services

Actuarial & Investment Services Unfunded Liability Contribution

(11,916,645)

Total Estimated Expenditures

Estimated Net Position Held In Trust for Pension Benefits June 30, 2027

105,908,000

700