FY2021 Adopted Budget

FY2021 Adopted Budget Fund Budgets

Pension Trust

Pension Trust The Frederick County Employees Retirement Plan was established in 1993. All full-time and permanent part-time employees of the county hired on or after July 1, 1993 and current employees who elected transfer into the plan on that date are members of the plan. Uniformed employees are required to contribute 9% of their base pay and non-uniformed employees are required to contribute 6% of their base pay. Presented for informational purposes only and is not adopted by the County Council.

Budget Highlights The following budget adjustments are reflected in FY21:

The Actuarially Determined Contribution (ADC) is fully funded in the FY21 budget. When determining the ADC, there was one assumption change updating the mortality tables and no changes in methodology. Also taken into consideration for the ADC, is the 2 nd year (of three) of the ad hoc cost of living adjustment to retirees who retired before January 1, 2019.

Funded Ratio

FY2018 Actual

FY2019 Actual

FY2020 Projection

FY2021 Projection

Note: The funded ratio is affected by different factors and can fluctuate from one year to the next even with funding ADC at 100% and with no substantive changes to the plan.

Combined Plan

103.3% 104.1% N/A N/A

Uniformed

-

-

97.6% 94.1%

Non Uniformed

-

-

103.1% 99.5%

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