FY2023 Adopted Operating and Capital Budget

FY2023 Adopted Budget Fund Budgets

Pension Trust Uniformed Plan

Pension Trust Uniformed 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 established a separate plan, the Frederick County Uniformed Employees Retirement Plan. The trust assets were allocated between the two plans, one for uniformed employees and the other for all other employees. Uniformed employees are required to contribute 9% 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 FY23: The Actuarially Determined Contribution (ADC) is fully funded in the FY23 budget. When determining the ADC, there was one change related to criteria/assumptions: 1. An ad hoc cost of living adjustment of 2%, in addition to the standard 1% cost of living adjustment for all retirees who have been in pay for at least a year on July 1, 2022.

Funded Ratio

FY2020 Actual

FY2021 Actual

FY2022 Projection

FY2023 Projection

Note: The funded ratio is affected by several 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

102.2% 121.8% N/A N/A

Uniformed

N/A N/A 99.7% 98.1%

Employee's

N/A N/A 103.7% 99.1%

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