7/23/26 Sheriff's Office Retirement Planning Board

The St. Mary's County Sheriff's Office Retirement Planning Board met on July 23, 2026, to discuss investment portfolio updates and rebalancing recommendations. Marquette Associates presented detailed analyses of the retirement plan's private market investments and emerging markets equity exposure, highlighting concerns about concentration risks in IT and Asian stocks. The board considered diversifying the emerging markets allocation by shifting $4 million from the Fidelity Emerging Markets Index Fund to the DFA Emerging Markets Core Equity Fund to mitigate risk through a mix of active and passive management. The motion to approve this rebalancing was passed unanimously. Additionally, the plan administrator reported on administrative expenses totaling $1,300 and provided an update on the Deferred Retirement Option Program (DROP), which sunsetted on June 30, 2026, with a forthcoming actuarial review to determine potential reinstatement. The meeting concluded with a motion to enter closed session for legal advice.