10/23/26 Length of Service Award

The St. Mary’s County Length of Service Award (LOSAP) Committee meeting was held October 23, 2026. Marquette Associates reviewed the portfolio and recommended that, when the previously approved four-percentage-point shift from REITs to U.S. equities is implemented, three percentage points be invested in a low-cost Fidelity mid-cap index fund to reduce exposure to concentrated mega-cap stocks. The committee discussed waiting for a potentially more favorable market opportunity; no allocation change was made at this meeting. The advisor also reported that the previously approved 5% private-credit allocation had been documented with TPG, with a potential capital call around the second quarter of 2027.

The committee approved Marquette Associates’ presentation and recommendations, including raising funds for the first-quarter FY2027 county reimbursement: $456,006.05 in pension payments, with $400,000 recommended from the Fidelity Total Market Index Fund and the remainder from the Allspring money-market fund. The plan’s FY2027 reimbursement budget is $1,890,000, and total plan assets were reported at slightly more than $25 million. The committee also approved the administrator’s report and 2027 meeting schedule. No procurement contract awards or vendor selections were identified.