FY2022 Adopted Operating and Capital Budget

FY2022 Adopted Budget Fund Budgets

Pension Trust Employees Plan

Pension Trust Employees Plan 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 to transfer into the plan on that date are members of the plan. Effective July 1, 2021, the County will establish a separate plan, the Frederick County Uniformed Employees Retirement Plan. The trust assets will be allocated between the two plans, one for uniformed employees and the other for all other employees. 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 FY22: The Actuarially Determined Contribution (ADC) is fully funded in the FY22 budget. When determining the ADC, there was one change related to criteria/assumptions: (1) A proposed modification to the County s plan funding policy to state that for each group separately (Uniformed and Non Uniformed) the County will contribute at least the actuarially determined contribution, but no less than two times the expected employee contributions as a percentage of total payroll. Also taken into consideration for the ADC, is the 3 rd year (of three) of the ad hoc cost of living adjustment to retirees who retired before January 1, 2019.

Funded Ratio

FY2019 Actual

FY2020 Actual

FY2021 Projection

FY2022 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

104.1% 102.24% N/A N/A

Uniformed

N/A 99.7% 100.1% 99.1%

Employee's

N/A 103.7% 104.5% 103.5%

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