10/23/26 Retiree Benefits Trust

The St. Mary’s County Retiree Benefits Trust Committee met on October 23, 2026. Marquette Associates reviewed investment performance and presented three potential future asset-allocation approaches as private real estate and private equity holdings wind down. Committee members favored the more diversified Option C as a direction for staff to develop an updated investment policy statement; no formal vote on that direction was recorded. The committee approved the presentation’s recommendations, including rebalancing approximately $1 million from U.S. equities toward the Loomis core-plus bond fund, with about $500,000 from an equity-fund trim and $500,000 from a partial redemption. The trust held just under $140 million in assets, and private equity was about 11% of the portfolio against a 14% target.

The plan administrator reported a $12,000 capital call, $9,315 in September and October invoices for Boomer Shine, and a fiscal year 2027 budget of $5.5 million for county healthcare-cost reimbursements; the first-quarter reimbursement of nearly $1.3 million was posted in October. The committee approved the administrator’s report and meeting calendar. No contract awards, solicitations, or other procurement activity were identified; the discussion and approved recommendations concerned investment management and trust administration.