The Frederick Board of County Commissioners received a presentation of the Actuarial Valuation Report as of July 1, 2013, for Fiscal Year 2015 for the Frederick County Employees Retirement Plan.
Board President Blaine Young commented, "We are pleased to hear today’s report on the employees’ retirement plan because this board has been laser focused on the health and long-term sustainability of the employee’s retirement benefit plan. In spite of coming through some of the worst economic years, we continue to improve the funding ratio. When we started in office, the funding ratio was 79 percent. This board, along with our Finance Division and Human Resources Division, committed to the constant review of the pension plan and to make plan changes based on long term sustainability so that we keep a healthy, well-funded ratio.
"Last June when we sat before the bond rating agencies in New York City and presented the changes made to the retirement plan, we emphasized our commitment to reaching the goal of 90 percent funded. They favorably recognized our commitment and making prudent decisions, not putting taxpayers at risk like other jurisdictions. We have been good to our word and met our goal."
The plan changes put into effect on July 1, 2011, and July 1, 2012, along with the uniformed employee contribution increase from eight percent to nine percent and the non-uniformed employee contribution increase from four percent to six percent will result in an increase of the plan’s funding level over the next six years. As of July 1, 2013, the plan is funded at 90 percent (on a market value basis).