8/28/27 Retiree Benefits Trust

The St. Mary's County Government Retiree Benefits Trust Committee met on August 28, 2026, to review the second quarter performance report of the retiree benefits trust and discuss asset allocation strategies. The committee received a detailed presentation on the trust's investment performance, including strong equity returns and the status of private market investments. A significant focus was on the private credit asset class, with an in-depth review of its characteristics, risks, and benefits as a potential component of the trust's portfolio. The committee discussed rebalancing recommendations involving redemptions and reallocations within US equity funds to generate cash for upcoming reimbursements to the county. Motions to approve the Q2 report and the proposed rebalancing were passed unanimously. Additionally, administrative payments and budget allocations for healthcare reimbursements were reported, including a fiscal year 2027 budget of $5.5 million for healthcare costs. The committee planned to revisit asset allocation options in an upcoming October meeting.