Exhibit 6 - June 30, 2025 GASB Statement No. 68 – Employer Level Reporting.pdf

Maryland State Retirement and Pension System GASB Statement No. 68 – Employer Level Reporting June 30, 2025

January 6, 2026

Board of Trustees Maryland State Retirement and Pension System 120 East Baltimore Street, 16th Floor Baltimore, Maryland 21202

Dear Members of the Board:

This report provides information required by the Maryland State Retirement and Pension System (“MSRPS”) at the employer level in connection with the Governmental Accounting Standards Board (GASB) Statement No. 68 “Accounting and Financial Reporting for Pensions.” This report is intended to complement the GASB Statement Nos. 67 and 68 report dated October 17, 2025.

Our actuarial calculations for this report were prepared for the purpose of complying with the requirements of GASB Statement No. 68. In accordance with the auditor’s request, these calculations are made for all members of MSRPS as if MSRPS is one cost-sharing plan. We have performed calculations at both the Plan and employer level; however, there may be additional required calculations at the employer level that are beyond the scope of this report.

Our calculation of the liability associated with the benefits described in this report was performed for the purpose of satisfying the requirements of GASB Statement No. 68. The calculation of the plan’s liability for this report may not be applicable for the purpose of funding the plan. A calculation of the plan’s liability for purposes other than satisfying the requirements of GASB Statement No. 68 may produce significantly different results. This report may be provided to parties other than the System only in its entirety and only with the permission of the Board of Trustees. GRS is not responsible for unauthorized use of this report.

This report is based upon information, furnished to us by the Retirement System staff, concerning retirement and ancillary benefits, active members, deferred vested members, retirees and beneficiaries, and financial data. If your understanding of this information is different, please let us know. In particular, for GASB Statement No. 68 purposes, MSRPS provided the individual employer required and actual employer contribution amounts for the fiscal year ended June 30, 2025. We reviewed this information for internal consistency but did not audit it.

This information is presented in draft form for review by the plan’s auditor. Please let us know if there are any items that the auditor changes so that we may maintain consistency with the plan’s financial statements.

Board of Trustees

January 6, 2026

This report was prepared using our proprietary valuation model and related software which, in our professional judgment, has the capability to provide results that are consistent with the purposes of the valuation and has no material limitations or known weaknesses. We performed tests to ensure that the model reasonably represents that which is intended to be modeled.

Please see the funding actuarial valuation reports as of June 30, 2024 and 2025 for additional discussions of the nature of actuarial calculations and more information related to participant data, economic and demographic assumptions, and benefit provisions.

To the best of our knowledge, this report is complete, accurate, and in accordance with generally recognized actuarial methods. The actuarial assumptions used for this report produce results which, individually and in the aggregate, are reasonable. Brad L. Armstrong and Jeffrey T. Tebeau are Members of the American Academy of Actuaries (MAAA) and meet the Qualification Standards of the American Academy of Actuaries to render the actuarial opinions contained herein. The signing actuaries are independent of the plan sponsor.

Respectfully submitted, Gabriel, Roeder, Smith & Company

Brad L. Armstrong, ASA, EA, FCA, MAAA

Jeffrey T. Tebeau, FSA, EA, FCA, MAAA

BLA/JTT:ah

Table of Contents

Page Section A System Wide Results

Executive Summary ............................................................................................................. A-1 Statement of Pension Expense Under GASB Statement No. 68 ......................................... A-2 Statement of Outflows and Inflows Arising from Current Reporting Period ..................... A-3 Statement of Outflows and Inflows Arising from Current and Prior Reporting Periods .............................................................................................................................. A-4 Schedule of Changes in Net Pension Liability and Related Ratios Current Period ............................................................................................................................... A-5

Section B Schedule of Employer Allocations

Employer Allocations as of June 30, 2025 and 2024 .......................................................... B-1

Section C Employer Level Schedules of Pension Amounts

Schedule of Employer Allocation of Net Pension Liability (Including Sensitivity Analysis) ......................................................................................... C-1 Schedule of Pension Amounts by Employer ....................................................................... C-5 Schedule of Deferred Resources by Employer by Year ....................................................... C-8

Section D Notes to the Schedules of Employer Allocations and Pension Amounts by Employer ..................................................................................................................... D-1

SECTION A

SYSTEM WIDE RESULTS

Maryland State Retirement and Pension System A-1

Executive Summary as of June 30, 2025

($ in Thousands)

Actuarial Valuation Date June 30, 2024

Measurement Date of the Net Pension Liability June 30, 2025

Plan's Fiscal Year Ending Date June 30, 2025

Employer's Fiscal Year Ending Date (Reporting Date) for GASB 68 June 30, 2026

Membership Total MSRPS

Number of

- Retirees and Beneficiaries 176,171

- Inactive, Nonretired Members 46,099

- Active Members 205,044

- Total 427,314

Covered Payroll 1 16,660,704$

Net Pension Liability

Total Pension Liability 98,946,595$

Plan Fiduciary Net Position 73,240,774

Net Pension Liability 25,705,821$

Plan Fiduciary Net Position as a Percentage of Total Pension Liability 74.02%

Net Pension Liability as a Percentage of Covered Payroll 154.29%

Development of the Single Discount Rate

Single Discount Rate 6.80%

Long-Term Expected Rate of Investment Return 6.80%

Long-Term Municipal Bond Rate2 5.20%

Last year ending June 30 in the 2025 to 2124 projection period for which projected benefit payments are fully funded 2124

Total Pension Expense 3,440,246$

Deferred Outflows and Deferred Inflows of Resources by Source to be Recognized in Future Pension Expenses

Deferred Outflows of Resources

Deferred Inflows of Resources

Difference between expected and actual experience 3,429,112$ 324,284$

Changes in assumptions 961,947 -

Net difference between projected and actual earnings on pension plan investments 2,237,254 1,640,537

Total 6,628,313$ 1,964,821$

1 Payroll from the June 30, 2025 valuation.

2 Source: "20-Bond GO Index" is the Bond Buyer Index, general obligation, 20 years to maturity, mixed quality. In describing this index, the Bond Buyer notes that the bonds' average credit quality is roughly equivalent to Moody's Investors Service's Aa2 rating and Standard & Poor's Corp.'s AA. The rate shown is as of June 26, 2025, the most recent rate available on or before the measurement date.

Totals may not add due to rounding.

Maryland State Retirement and Pension System A-2

Statement of Pension Expense Under GASB Statement No. 68 Fiscal Year Ended June 30, 2025

($ in Thousands)

Total MSRPS

A. Expense

1. Service Cost 2,043,497$

2. Interest on the Total Pension Liability 6,298,451

3. Current-Period Benefit Changes 0

4. Employee Contributions

(made negative for addition here) (1,130,018)

5. Projected Earnings on Plan Investments

(made negative for addition here) (4,575,816)

6. Pension Plan Administrative Expense 58,338

7. Other Changes in Plan Fiduciary

Net Position 0

8. Recognition of Outflow (Inflow) of

Resources due to Liabilities 1,455,146

9. Recognition of Outflow (Inflow) of

Resources due to Assets (709,352)

10. Total Pension Expense 3,440,246$

Maryland State Retirement and Pension System A-3

Statement of Outflows and Inflows Arising from Current Reporting Period

Fiscal Year Ended June 30, 2025

A. Outflows (Inflows) of Resources due to Liabilities

1. Difference between expected and actual experience of the Total Pension Liability (gains) or losses 1,666,904$

2. Assumption Changes (gains) or losses -$

3. Recognition period for Liabilities: Average of the expected remaining service lives of all employees {in years} 5.4996

4. Outflow (Inflow) of Resources to be recognized in the current pension expense for the

Difference between expected and actual experience of the Total Pension Liability 303,095$

5. Outflow (Inflow) of Resources to be recognized in the current pension expense for

Assumption Changes -$

6. Outflow (Inflow) of Resources to be recognized in the current pension expense due to Liabilities 303,095$

7. Deferred Outflow (Inflow) of Resources to be recognized in future pension expenses for the difference between expected and actual experience of the Total

Pension Liability 1,363,809$

8. Deferred Outflow (Inflow) of Resources to be recognized in future pension expenses for Assumption Changes -$

9. Deferred Outflow (Inflow) of Resources to be recognized in future pension expenses due to Liabilities 1,363,809$

B. Outflows (Inflows) of Resources due to Assets

1. Net difference between projected and actual earnings on pension plan investments (gains) or losses (2,012,517)$

2. Recognition period for Assets {in years} 5.0000

3. Outflow (Inflow) of Resources to be recognized in the current pension expense due to Assets (402,503)$

4. Deferred Outflow (Inflow) of Resources to be recognized in future pension expenses due to Assets (1,610,014)$

Maryland State Retirement and Pension System A-4

Statement of Outflows and Inflows Arising from Current and Prior Reporting Periods

Fiscal Year Ended June 30, 2025

Outflows Inflows Net Outflows of Resources of Resources of Resources

1. Due to Liabilities 1,767,473$ 312,327$ 1,455,146$

2. Due to Assets 1,768,032 2,477,384 (709,352)

3. Total 3,535,505$ 2,789,711$ 745,794$

Outflows Inflows Net Outflows of Resources of Resources of Resources

1. Differences between expected and actual experience 954,676$ 312,327$ 642,349$

2. Assumption Changes 812,797 - 812,797

3. Net Difference between projected and actual earnings on pension plan investments 1,768,032 2,477,384 (709,352)

4. Total 3,535,505$ 2,789,711$ 745,794$

Deferred Outflows Deferred Inflows Net Deferred Outflows of Resources of Resources of Resources

1. Differences between expected and actual experience 3,429,112$ 324,284$ 3,104,828$

2. Assumption Changes 961,947 - 961,947

3. Net Difference between projected and actual earnings on pension plan investments 2,237,254 1,640,537 596,717

4. Total 6,628,313$ 1,964,821$ 4,663,492$

Year Ending Net Deferred Outflows

June 30 of Resources

2026 2,578,997$

2027 1,112,292

2028 624,554

2029 196,220

2030 151,429

Thereafter -

Total 4,663,492$

A. Outflows and Inflows of Resources due to Liabilities and Assets to be Recognized in Current Pension Expense

B. Outflows and Inflows of Resources by Source to be Recognized in Current Pension Expense

C. Deferred Outflows and Deferred Inflows of Resources by Source to be Recognized in Future Pension Expenses

D. Deferred Outflows and Deferred Inflows of Resources by Year to be Recognized in Future Pension Expenses

Maryland State Retirement and Pension System A-5

Schedules of Required Supplementary Information Schedule of Changes in Net Pension Liability and Related Ratios

Current Period Fiscal Year Ended June 30, 2025

Fiscal year ending June 30, 2025

Total Pension Liability

Service Cost 2,043,497$

Interest on the Total Pension Liability 6,298,451

Benefit Changes -

1,666,904

Assumption Changes -

Benefit Payments (5,160,041)

Refunds (116,360)

Net Change in Total Pension Liability 4,732,451

Total Pension Liability - Beginning 94,214,144

Total Pension Liability - Ending (a) 98,946,595$

Plan Fiduciary Net Position

Employer Contributions 2,947,454$

Employee Contributions 1,130,018

Pension Plan Net Investment Income 6,588,333

Benefit Payments (5,160,041)

Refunds (116,360)

Pension Plan Administrative Expense (58,338)

Net Transfers/Rounding Adjustments -

Net Change in Plan Fiduciary Net Position 5,331,066

Plan Fiduciary Net Position - Beginning 67,909,708

Plan Fiduciary Net Position - Ending (b) 73,240,774$

Net Pension Liability - Ending (a) - (b) 25,705,821$

Plan Fiduciary Net Position as a Percentage of Total Pension Liability 74.02 %

Covered Payroll 16,660,704$

Net Pension Liability as a Percentage of Covered Payroll 154.29 %

Difference between Expected and Actual Experience

SECTION B

SCHEDULE OF EMPLOYER ALLOCATIONS

Maryland State Retirement and Pension System B-1

Schedule of Employer Allocations as of June 30, 2025 and 2024

Ent it y C ont r ibut ions

% o f To t al

C ont r ibut ions C ont r ibut ions

% o f To t al

C ont r ibut ions

State of M aryland 2,722,731,347$ 92.3757115% 2,426,517,421$ 92.6747267%

Allegany County Board of Elect ions Supervisors 49,417 0.0016766% 66,333 0.0025334%

Allegany County College of M aryland 121,284 0.0041149% 106,385 0.0040631%

Allegany County Commission 2,683,684 0.0910509% 2,325,228 0.0888062%

Allegany County Commission (Sherif fs) (LEOPS) 721,308 0.0244722% 616,656 0.0235516%

Allegany County Library - 0.0000000% - 0.0000000%

Allegany County Off icials 43,168 0.0014646% 40,291 0.0015388%

Allegany County Public Schools 997,616 0.0338467% 905,618 0.0345878%

Allegany County Transit Authority 125,170 0.0042467% 108,169 0.0041312%

WM HPA (Allegany County Gov't) - 0.0000000% - 0.0000000%

Allegany, Housing Authority of 25,241 0.0008564% 27,609 0.0010545%

Annapolis, City of 2,951,565 0.1001395% 2,703,809 0.1032652%

Anne Arundel County Community College 681,386 0.0231178% 575,576 0.0219827%

Anne Arundel County Economic Opp. Com. 36,664 0.0012439% 39,422 0.0015056%

Anne Arundel County Commission - 0.0000000% - 0.0000000%

Anne Arundel County M aster Judges 85,535 0.0029020% 74,181 0.0028332%

Anne Arundel County Off icials 28,648 0.0009720% 28,103 0.0010733%

Anne Arundel County Public Schools 13,874,673 0.4707342% 11,536,072 0.4405913%

Balt imore City Sherif fs Department - ref :HB 101 904,655 0.0306928% 683,337 0.0260983%

Balt imore City Sherif fs Department - ref :HB 101 (LEOPS) 3,252,718 0.1103569% 3,017,245 0.1152361%

Balt imore County M aster Judges - 0.0000000% - 0.0000000%

Balt imore County Off icials 66,541 0.0022576% 65,274 0.0024930%

Balt imore M etropolitan Council 13,619 0.0004621% 12,505 0.0004776%

Berlin, Town of 418,049 0.0141834% 429,467 0.0164024%

Berlin, Town of (LEOPS) 268,434 0.0091073% - 0.0000000%

Berwyn Heights, Town of 171,735 0.0058266% 131,306 0.0050149%

Bethesda Fire Department - 0.0000000% - 0.0000000%

Bladensburg, Town of 485,156 0.0164602% 425,141 0.0162372%

Bowie, City of (LEOPS) 2,029,920 0.0688703% 1,898,443 0.0725062%

Brentwood, Town of 87,082 0.0029545% 106,549 0.0040694%

Brunswick, Town of 531,093 0.0180187% 458,362 0.0175060%

Calvert County Public Schools 2,391,168 0.0811266% 2,085,736 0.0796594%

Cambridge, City of 482,432 0.0163678% 405,587 0.0154904%

Cambridge, City of (LEOPS) 814,266 0.0276261% 795,147 0.0303686%

Caroline County Off icials 33,200 0.0011264% 30,772 0.0011753%

Caroline County Public Schools 958,828 0.0325307% 904,080 0.0345290%

Caroline County Roads Board - 0.0000000% - 0.0000000%

Caroline County Sherif f Deput ies (LEOPS) 1,123,017 0.0381013% 991,567 0.0378704%

Carroll County Off icials 6,785 0.0002302% 6,656 0.0002542%

Carroll County Library 141,759 0.0048095% 134,122 0.0051224%

Carroll County Public Schools 2,814,812 0.0954998% 2,405,128 0.0918578%

Carroll Soil Conservat ion District 44,592 0.0015129% 37,559 0.0014345%

Catoct in & Frederick Soil Conser. Dist . 47,386 0.0016077% 40,255 0.0015374%

Cecil County Commission 3,288,227 0.1115616% 2,814,464 0.1074914%

Cecil County Library 100,499 0.0034097% 93,679 0.0035778%

Cecil County Off icials 37,106 0.0012589% 34,392 0.0013135%

Cecil County Public Schools 1,687,141 0.0572406% 1,500,581 0.0573109%

Centreville, Town of 113,630 0.0038552% 92,293 0.0035249%

Centreville Police Department 302,415 0.0102602% 233,862 0.0089318%

Chesapeake Bay Commission 26,152 0.0008873% 24,114 0.0009210%

Chestertown, Town of 179,499 0.0060900% 167,028 0.0063792%

Chestertown, Town of (LEOPS) 125,014 0.0042414% 104,583 0.0039943%

Cheverly, Town of 194,306 0.0065923% 160,616 0.0061343%

Cheverly, Town of (LEOPS) 262,982 0.0089223% 236,531 0.0090337%

Chevy Chase Fire Department - 0.0000000% - 0.0000000%

College of Southern M aryland 344,503 0.0116882% 290,631 0.0110999%

College Park, City of 730,745 0.0247924% 619,804 0.0236718%

Crisf ield, City of 119,469 0.0040533% 117,516 0.0044882%

Crisf ield, City of (LEOPS) 194,569 0.0066013% - 0.0000000%

Crisf ield, Housing Authority of 33,374 0.0011323% 21,953 0.0008384%

Cumberland Police Department, City of (LEOPS) 1,099,270 0.0372956% 1,109,818 0.0423867%

Cumberland, City of 1,731,813 0.0587562% 1,630,760 0.0622828%

Denton, Town of 203,735 0.0069122% 138,835 0.0053025%

Denton Police Department, Town of (LEOPS) 293,235 0.0099488% 288,604 0.0110225%

District Heights, City of 292,529 0.0099248% 205,716 0.0078568%

Dorchester County Commission 1,365,250 0.0463196% 1,168,343 0.0446219%

Dorchester County Commission (LEOPS) 906,056 0.0307403% 786,722 0.0300469%

Dorchester County Off icials 57,333 0.0019452% 17,755 0.0006781%

Dorchester County Public Schools 709,777 0.0240810% 614,713 0.0234774%

Dorchester County Roads Board 135,956 0.0046127% 134,693 0.0051443%

2 0 2 5 A mount s 2 0 2 4 A mount s

Maryland State Retirement and Pension System B-2

Ent it y C ont r ibut ions

% o f To t al

C ont r ibut ions C ont r ibut ions

% o f To t al

C ont r ibut ions

Dorchester County Sanitary Commission 11,286$ 0.0003829% 16,674$ 0.0006368%

Eastern Shore Regional Library 14,874 0.0005046% 13,397 0.0005117%

Edmonston, Town of 49,299 0.0016726% 43,784 0.0016722%

Elkton, Town of 11,452 0.0003885% 10,163 0.0003882%

Emmitsburg, Town of 124,979 0.0042402% 103,474 0.0039519%

Federalsburg, Town of 139,253 0.0047245% 145,353 0.0055514%

WM HPA (Frederick County Gov't) - 0.0000000% - 0.0000000%

Frederick County Public Schools 7,719,422 0.2619014% 6,728,676 0.2569849%

Frostburg, City of 214,404 0.0072742% 235,986 0.0090129%

Frostburg, City of (LEOPS) 168,692 0.0057233% - 0.0000000%

Fruit land, City of 207,084 0.0070259% 164,971 0.0063007%

Fruit land, City of (LEOPS) 295,760 0.0100344% 251,809 0.0096172%

Garrett County Commission - 0.0000000% - 0.0000000%

Garrett County Community Act ion Comm. 792,636 0.0268922% 611,482 0.0233540%

Garrett County Off icials 1,616 0.0000548% 1,585 0.0000605%

Garrett County Public Schools 472,299 0.0160240% 422,450 0.0161344%

Garrett County Roads Board 14,317 0.0004857% 12,027 0.0004593%

WM HPA (Garrett County Gov't) - 0.0000000% - 0.0000000%

Greenbelt , City of 1,317,364 0.0446950% 1,112,993 0.0425080%

Greenbelt , City of (LEOPS) 1,338,196 0.0454018% 1,508,424 0.0576105%

Greensboro, Town of 70,365 0.0023873% 74,853 0.0028588%

Hagerstown Community College 329,327 0.0111733% 329,703 0.0125922%

Hagerstown, City of 2,750,250 0.0933094% 2,447,323 0.0934694%

Hampstead, Town of (LEOPS) 169,449 0.0057490% 193,125 0.0073759%

Harford County Board of Educat ion 4,749,747 0.1611475% 4,236,444 0.1618003%

Harford County Community College 222,002 0.0075320% 180,944 0.0069107%

Harford County Government 11,037,241 0.3744670% 9,717,307 0.3711281%

Harford County Government (LEOPS) 11,966,977 0.4060107% 10,174,768 0.3885997%

Harford County Library 274,307 0.0093066% 269,852 0.0103063%

Harford County Liquor Board 29,831 0.0010121% 22,297 0.0008516%

Howard Community College 394,973 0.0134005% 363,494 0.0138827%

Howard County Com. Act ion Committee 953,603 0.0323535% 832,388 0.0317910%

Howard County Off icials 74,749 0.0025361% 68,445 0.0026141%

Howard County Public Schools 8,703,281 0.2952813% 7,545,695 0.2881888%

Hurlock, Town of 77,478 0.0026286% 82,862 0.0031647%

Hurlock, Town of (LEOPS) 179,532 0.0060911% 166,137 0.0063452%

Hyattsville, City of 955,725 0.0324254% 834,815 0.0318837%

Hyattsville, City of (LEOPS) 1,174,707 0.0398550% 1,211,271 0.0462614%

Kent County Commissioners 1,193,698 0.0404993% 1,045,104 0.0399151%

Kent County Commissioners (LEOPS) 699,357 0.0237275% 631,484 0.0241179%

Kent County Commissioners (LEOPS) 297,410 0.0100904% 271,410 0.0103658%

Kent County Public Schools 223,705 0.0075898% 213,089 0.0081384%

Kent Soil and Water Conservat ion District 17,707 0.0006008% 15,783 0.0006028%

Landover Hills, Town of 78,972 0.0026793% 85,392 0.0032613%

La Plata, Town of 726,619 0.0246524% 616,066 0.0235291%

Lexington M arket Authority - 0.0000000% - 0.0000000%

M anchester, Town of 116,579 0.0039552% 93,114 0.0035562%

M anchester, Town of (LEOPS) 97,767 0.0033170% 71,669 0.0027372%

M aryland Environmental Service 219,413 0.0074442% 210,757 0.0080493%

M D Nat. Cap. Park & Plan Com. - 0.0000000% - 0.0000000%

M D Health & Higher Edu. Facilit ies Auth. 106,295 0.0036063% 94,698 0.0036167%

M iddleton, Burgess and Commissioners 158,040 0.0053619% 138,400 0.0052859%

M ontgomery County Gov't . (Supplemental Bill) 515,828 0.0175008% 631,328 0.0241120%

M ontgomery College 2,056,175 0.0697611% 1,868,472 0.0713616%

M ontgomery County Board of Educat ion - 0.0000000% - 0.0000000%

M ontgomery County Government - 0.0000000% - 0.0000000%

M ontgomery County Public Library - 0.0000000% - 0.0000000%

M orningside, Town of 43,472 0.0014749% 42,892 0.0016381%

M ount Airy, Town of 212,175 0.0071986% 195,074 0.0074503%

M ount Airy, Town of (LEOPS) 174,997 0.0059372% 119,797 0.0045754%

M ount Rainier, City of 321,389 0.0109040% 320,475 0.0122397%

New Carrollton, City of 627,105 0.0212762% 402,620 0.0153771%

North Beach, Town of 70,307 0.0023853% 60,800 0.0023221%

Northeast M aryland Waste Disposal Auth. 157,119 0.0053307% 123,089 0.0047011%

Oakland, Town of 118,035 0.0040046% 108,309 0.0041366%

Oxford, Town of 122,457 0.0041547% 95,317 0.0036404%

Pocomoke, City of 346,659 0.0117613% 228,110 0.0087121%

Pocomoke, City of (LEOPS) 310,348 0.0105294% 188,027 0.0071812%

Preston, Town of 23,056 0.0007822% 19,256 0.0007354%

Prince George's County Community College 433,412 0.0147046% 432,373 0.0165134%

Maryland State Retirement and Pension System B-3

Ent it y C ont r ibut ions

% o f To t al

C ont r ibut ions C ont r ibut ions

% o f To t al

C ont r ibut ions

Prince George's County Government 25,452,923$ 0.8635563% 19,911,973$ 0.7604877%

Prince George's County M emorial Library 594,437 0.0201678% 492,956 0.0188272%

Prince George's County Public Schools 30,573,417 1.0372823% 26,242,750 1.0022758%

Prince George's County Board of Elect ions Supervisors - 0.0000000% - 0.0000000%

Prince George's County Crossing Guards 190,067 0.0064485% 89,229 0.0034079%

Prince George's County Off icials 98,956 0.0033573% 98,560 0.0037643%

Princess Anne, Town of 62,788 0.0021302% 60,849 0.0023240%

Princess Anne, Town of (LEOPS) 256,070 0.0086878% 214,388 0.0081880%

Queen Anne's County Commission 3,439,242 0.1166852% 2,915,117 0.1113356%

Queen Anne's County Public Schools 946,986 0.0321290% 851,068 0.0325044%

Queen Anne's County 49,182 0.0016686% 46,133 0.0017619%

Queen Anne's County Commissioners (LEOPS) 3,595,738 0.1219947% 2,483,252 0.0948416%

Queen Anne's County Commissioners (CORS) 663,886 0.0225241% 466,926 0.0178331%

Queenstown, Town of 27,883 0.0009460% 21,402 0.0008174%

Ridgely, Town of 65,727 0.0022300% 70,818 0.0027047%

Rock Hall, Town of 48,919 0.0016597% 46,435 0.0017735%

Salisbury, City of 1,583,240 0.0537155% 1,401,319 0.0535198%

Salisbury's Police Off icers & Fire Dept., City of (LEOPS) 4,455,495 0.1511642% 3,758,558 0.1435487%

Shore Up! 992,965 0.0336889% 854,207 0.0326243%

Snow Hill, Town of 83,610 0.0028367% 115,160 0.0043983%

Snow Hill, Town of (LEOPS) 53,862 0.0018274% - 0.0000000%

Somerset County Commission 1,185,241 0.0402124% 987,582 0.0377182%

Somerset County Commission (LEOPS) 502,041 0.0170330% 371,148 0.0141751%

Somerset County Economic Development Commission 18,347 0.0006225% 16,279 0.0006217%

Somerset County Public Schools 622,653 0.0211251% 538,843 0.0205797%

Somerset County Sanitary District 191,279 0.0064896% 158,246 0.0060438%

Southern M D Tri-County Commun. Act ion 266,808 0.0090522% 304,848 0.0116429%

St. M ary's County M etropolitan Commission 841,095 0.0285363% 778,190 0.0297210%

St. M ary's County Board of Educat ion 2,480,233 0.0841483% 2,029,510 0.0775120%

St. M ary's County Government 5,070,745 0.1720382% 4,458,013 0.1702626%

St. M ary's County Off icials - 0.0000000% - 0.0000000%

St. M ary's County, Housing Authority of 124,884 0.0042370% 111,995 0.0042774%

St. M ary's Nursing Home - 0.0000000% - 0.0000000%

St. M ichael's, Commissioners of 75,306 0.0025550% 69,986 0.0026729%

St. M ichael's, Commissioners of (LEOPS) 170,767 0.0057937% 174,677 0.0066714%

Sykesville, Town of 74,338 0.0025221% 61,267 0.0023399%

Sykesville, Town of (LEOPS) 141,148 0.0047888% 112,836 0.0043095%

Takoma Park, City of 1,111,394 0.0377069% 912,980 0.0348690%

Talbot County Council 1,760,161 0.0597180% 1,437,001 0.0548826%

Talbot County Sherif fs 1,771,466 0.0601016% 1,404,474 0.0536404%

Talbot County Off icials 31,247 0.0010601% 28,962 0.0011061%

Talbot County Public Schools 702,415 0.0238312% 657,459 0.0251100%

Taneytown, City of 157,347 0.0053384% 131,472 0.0050213%

Taneytown, City of (LEOPS) 226,551 0.0076863% 162,104 0.0061911%

Thurmont, Town of 271,000 0.0091944% 300,084 0.0114610%

Thurmont, Town of (LEOPS) 244,636 0.0082999% - 0.0000000%

Tri-County Council for Lower Eastern Shore 455,887 0.0154671% 449,412 0.0171642%

Tri-County Council for Western M aryland 64,519 0.0021890% 51,840 0.0019799%

University of M D (M ontebello Employees) - 0.0000000% - 0.0000000%

University of M D M edical System - 0.0000000% - 0.0000000%

University Park, Town of 184,656 0.0062649% 163,111 0.0062296%

Upper M arlboro, Town of 45,539 0.0015450% 81,058 0.0030958%

Walkersville, Town of 119,229 0.0040452% 105,780 0.0040400%

Washington County Board of Educat ion 3,229,369 0.1095647% 2,796,482 0.1068046%

Washington County Commission - 0.0000000% - 0.0000000%

Washington County Library 29,051 0.0009856% 26,841 0.0010251%

Washington County License Commission - 0.0000000% - 0.0000000%

Washington County Roads Board - 0.0000000% - 0.0000000%

Washington County Sanitary District - 0.0000000% - 0.0000000%

WM HPA (Washington County Gov't) - 0.0000000% - 0.0000000%

Washington, Board of License Comm. 13,257 0.0004498% 7,927 0.0003028%

Westminster, City of 828,552 0.0281108% 742,622 0.0283626%

Westminster, City of (LEOPS) 1,283,436 0.0435439% 963,617 0.0368029%

Wicomico County Dept. of Rec. & Park - 0.0000000% - 0.0000000%

Wicomico County Roads Board - 0.0000000% - 0.0000000%

Worcester County (LEOPS) 1,994,313 0.0676622% 1,675,679 0.0639983%

Worcester County Board of Educat ion 798,304 0.0270845% 727,006 0.0277662%

Worcester County (Detent ion Off icers) 872,373 0.0295975% 687,431 0.0262547%

Worcester County Board of Elect ions Supervisors 2,197 0.0000745% 3,170 0.0001211%

Worcester County Commission 2,824,897 0.0958419% 2,538,114 0.0969369%

Worcester County Liquor Control Board - 0.0000000% - 0.0000000%

Worcester County Off icials 5,191 0.0001761% 5,092 0.0001945%

Wor-Wic Community College 173,346 0.0058812% 141,010 0.0053855%

Totals 2,947,453,722$ 100.0000000% 2,618,316,241$ 100.0000000%

SECTION C

EMPLOYER LEVEL SCHEDULES OF PENSION AMOUNTS

Maryland State Retirement and Pension System C-1

Schedule of Employer Allocation of Net Pension Liability as of June 30, 2025 with Comparative Net Pension Liability (Including Sensitivity Analysis)

Ent it y 2 0 2 5 N PL 2 0 2 4 N PL C hange in N PL

1% D ecrease in

D iscount R at e: 5.8 0 %

1% Increase in

D iscount R at e: 7.8 0 %

State of M aryland 23,745,935,047$ 24,377,564,181$ (631,629,134)$ 35,305,881,468$ 14,110,661,517$

Allegany County Board of Elect ions Supervisors 430,984 666,404 (235,421) 640,794 256,106

Allegany County College of M aryland 1,057,762 1,068,779 (11,017) 1,572,700 628,559

Allegany County Commission 23,405,389 23,359,978 45,411 34,799,551 13,908,297

Allegany County Commission (Sherif fs) (LEOPS) 6,290,791 6,195,122 95,668 9,353,260 3,738,207

Allegany County Library - - - - -

Allegany County Off icials 376,484 404,773 (28,289) 559,763 223,720

Allegany County Public Schools 8,700,574 9,098,127 (397,553) 12,936,169 5,170,184

Allegany County Transit Authority 1,091,653 1,086,702 4,952 1,623,090 648,698

WM HPA (Allegany County Gov't) - - - - -

Allegany, Housing Authority of 220,136 277,367 (57,231) 327,302 130,812

Annapolis, City of 25,741,677 27,163,324 (1,421,647) 38,273,186 15,296,601

Anne Arundel County Community College 5,942,616 5,782,422 160,194 8,835,588 3,531,310

Anne Arundel County Economic Opp. Com. 319,760 396,042 (76,282) 475,425 190,013

Anne Arundel County Commission - - - - -

Anne Arundel County M aster Judges 745,982 745,250 732 1,109,139 443,288

Anne Arundel County Off icials 249,850 282,329 (32,479) 371,481 148,469

Anne Arundel County Public Schools 121,006,093 115,895,046 5,111,048 179,914,027 71,906,035

Balt imore City Sherif fs Department - ref :HB 101 7,889,827 6,865,016 1,024,811 11,730,736 4,688,410

Balt imore City Sherif fs Department - ref :HB 101 (LEOPS) 28,368,142 30,312,201 (1,944,059) 42,178,262 16,857,338

Balt imore County M aster Judges - - - - -

Balt imore County Off icials 580,328 655,763 (75,434) 862,843 344,851

Balt imore M etropolitan Council 118,776 125,630 (6,854) 176,599 70,581

Berlin, Town of 3,645,958 4,314,557 (668,599) 5,420,876 2,166,555

Berlin, Town of (LEOPS) 2,341,111 - 2,341,111 3,480,806 1,391,170

Berwyn Heights, Town of 1,497,764 1,319,145 178,619 2,226,902 890,023

Bethesda Fire Department - - - - -

Bladensburg, Town of 4,231,223 4,271,099 (39,876) 6,291,058 2,514,340

Bowie, City of (LEOPS) 17,703,674 19,072,357 (1,368,683) 26,322,140 10,520,140

Brentwood, Town of 759,474 1,070,423 (310,949) 1,129,199 451,306

Brunswick, Town of 4,631,856 4,604,853 27,003 6,886,727 2,752,410

Calvert County Public Schools 20,854,250 20,953,963 (99,713) 31,006,472 12,392,322

Cambridge, City of 4,207,466 4,074,656 132,810 6,255,735 2,500,223

Cambridge, City of (LEOPS) 7,101,511 7,988,299 (886,788) 10,558,654 4,219,965

Caroline County Off icials 289,549 309,148 (19,598) 430,507 172,060

Caroline County Public Schools 8,362,289 9,082,672 (720,382) 12,433,202 4,969,164

Caroline County Roads Board - - - - -

Caroline County Sherif f Deput ies (LEOPS) 9,794,242 9,961,596 (167,355) 14,562,254 5,820,079

Carroll County Off icials 59,174 66,870 (7,695) 87,982 35,164

Carroll County Library 1,236,332 1,347,431 (111,099) 1,838,201 734,672

Carroll County Public Schools 24,549,004 24,162,678 386,327 36,499,899 14,587,873

Carroll Soil Conservat ion District 388,903 377,332 11,572 578,228 231,100

Catoct in & Frederick Soil Conser. Dist . 413,271 404,416 8,854 614,458 245,580

Cecil County Commission 28,677,829 28,275,002 402,827 42,638,710 17,041,365

Cecil County Library 876,489 941,130 (64,641) 1,303,179 520,840

Cecil County Off icials 323,615 345,518 (21,903) 481,157 192,303

Cecil County Public Schools 14,714,173 15,075,312 (361,139) 21,877,296 8,743,674

Centreville, Town of 991,009 927,201 63,808 1,473,450 588,892

Centreville Police Department 2,637,472 2,349,451 288,020 3,921,440 1,567,278

Chesapeake Bay Commission 228,081 242,257 (14,176) 339,115 135,534

Chestertown, Town of 1,565,476 1,678,020 (112,544) 2,327,578 930,261

Chestertown, Town of (LEOPS) 1,090,293 1,050,677 39,615 1,621,067 647,890

Cheverly, Town of 1,694,614 1,613,596 81,018 2,519,582 1,006,998

Cheverly, Town of (LEOPS) 2,293,562 2,376,264 (82,702) 3,410,109 1,362,914

Chevy Chase Fire Department - - - - -

College of Southern M aryland 3,004,537 2,919,768 84,768 4,467,199 1,785,400

College Park, City of 6,373,094 6,226,746 146,349 9,475,631 3,787,114

Crisf ield, City of 1,041,933 1,180,607 (138,675) 1,549,164 619,153

Crisf ield, City of (LEOPS) 1,696,907 - 1,696,907 2,522,992 1,008,361

Crisf ield, Housing Authority of 291,067 220,545 70,522 432,763 172,962

A s o f June 3 0 , N et Pension Liab il it y as o f June 3 0 , 2 0 2 5

Maryland State Retirement and Pension System C-2

Ent it y 2 0 2 5 N PL 2 0 2 4 N PL C hange in N PL

1% D ecrease in

D iscount R at e: 5.8 0 %

1% Increase in

D iscount R at e: 7.8 0 %

Cumberland Police Department, City of (LEOPS) 9,587,135$ 11,149,580$ (1,562,445)$ 14,254,325$ 5,697,010$

Cumberland, City of 15,103,774 16,383,133 (1,279,359) 22,456,562 8,975,188

Denton, Town of 1,776,847 1,394,780 382,067 2,641,849 1,055,865

Denton Police Department, Town of (LEOPS) 2,557,410 2,899,405 (341,995) 3,802,402 1,519,702

District Heights, City of 2,551,252 2,066,686 484,567 3,793,248 1,516,043

Dorchester County Commission 11,906,844 11,737,542 169,302 17,703,309 7,075,461

Dorchester County Commission (LEOPS) 7,902,045 7,903,658 (1,612) 11,748,903 4,695,671

Dorchester County Off icials 500,022 178,371 321,651 743,442 297,131

Dorchester County Public Schools 6,190,225 6,175,598 14,627 9,203,737 3,678,447

Dorchester County Roads Board 1,185,722 1,353,172 (167,450) 1,762,953 704,597

Dorchester County Sanitary Commission 98,429 167,508 (69,079) 146,346 58,490

Eastern Shore Regional Library 129,722 134,593 (4,871) 192,872 77,085

Edmonston, Town of 429,955 439,868 (9,914) 639,264 255,494

Elkton, Town of 99,877 102,104 (2,227) 148,499 59,350

Emmitsburg, Town of 1,089,988 1,039,530 50,457 1,620,613 647,709

Federalsburg, Town of 1,214,476 1,460,261 (245,785) 1,805,705 721,684

WM HPA (Frederick County Gov't) - - - - -

Frederick County Public Schools 67,323,900 67,598,416 (274,516) 100,098,380 40,006,206

Frostburg, City of 1,869,896 2,370,786 (500,890) 2,780,194 1,111,157

Frostburg, City of (LEOPS) 1,471,225 - 1,471,225 2,187,443 874,253

Fruit land, City of 1,806,055 1,657,354 148,701 2,685,275 1,073,221

Fruit land, City of (LEOPS) 2,579,431 2,529,752 49,679 3,835,144 1,532,788

Garrett County Commission - - - - -

Garrett County Community Act ion Comm. 6,912,868 6,143,142 769,726 10,278,176 4,107,867

Garrett County Off icials 14,094 15,921 (1,827) 20,955 8,375

Garrett County Public Schools 4,119,092 4,244,069 (124,976) 6,124,340 2,447,708

Garrett County Roads Board 124,864 120,829 4,035 185,650 74,198

WM HPA (Garrett County Gov't) - - - - -

Greenbelt , City of 11,489,213 11,181,481 307,732 17,082,367 6,827,290

Greenbelt , City of (LEOPS) 11,670,896 15,154,105 (3,483,208) 17,352,498 6,935,253

Greensboro, Town of 613,679 751,999 (138,320) 912,429 364,669

Hagerstown Community College 2,872,181 3,312,302 (440,121) 4,270,410 1,706,750

Hagerstown, City of 23,985,935 24,586,588 (600,653) 35,662,718 14,253,278

Hampstead, Town of (LEOPS) 1,477,827 1,940,198 (462,371) 2,197,259 878,176

Harford County Board of Educat ion 41,424,279 42,560,665 (1,136,385) 61,590,360 24,615,749

Harford County Community College 1,936,161 1,817,817 118,343 2,878,718 1,150,534

Harford County Government 96,259,812 97,623,149 (1,363,336) 143,120,812 57,200,932

Harford County Government (LEOPS) 104,368,380 102,218,947 2,149,432 155,176,776 62,019,326

Harford County Library 2,392,332 2,711,023 (318,691) 3,556,961 1,421,607

Harford County Liquor Board 260,167 224,001 36,167 386,821 154,600

Howard Community College 3,444,704 3,651,779 (207,075) 5,121,647 2,046,963

Howard County Com. Act ion Committee 8,316,720 8,362,433 (45,713) 12,365,449 4,942,085

Howard County Off icials 651,913 687,617 (35,704) 969,276 387,390

Howard County Public Schools 75,904,494 75,806,450 98,044 112,856,161 45,105,094

Hurlock, Town of 675,714 832,459 (156,745) 1,004,664 401,533

Hurlock, Town of (LEOPS) 1,565,764 1,669,062 (103,298) 2,328,006 930,432

Hyattsville, City of 8,335,227 8,386,819 (51,592) 12,392,965 4,953,082

Hyattsville, City of (LEOPS) 10,245,049 12,168,810 (1,923,761) 15,232,522 6,087,965

Kent County Commissioners 10,410,676 10,499,444 (88,767) 15,478,780 6,186,386

Kent County Commissioners (LEOPS) 6,099,348 6,344,088 (244,740) 9,068,620 3,624,445

Kent County Commissioners (LEOPS) 2,593,821 2,726,670 (132,848) 3,856,540 1,541,339

Kent County Public Schools 1,951,013 2,140,761 (189,748) 2,900,801 1,159,360

Kent Soil and Water Conservat ion District 154,429 158,562 (4,132) 229,608 91,767

Landover Hills, Town of 688,744 857,878 (169,135) 1,024,036 409,275

La Plata, Town of 6,337,110 6,189,191 147,919 9,422,128 3,765,731

Lexington M arket Authority - - - - -

M anchester, Town of 1,016,728 935,448 81,280 1,511,689 604,175

M anchester, Town of (LEOPS) 852,662 720,010 132,652 1,267,753 506,681

M aryland Environmental Service 1,913,581 2,117,336 (203,755) 2,845,146 1,137,116

M D Nat. Cap. Park & Plan Com. - - - - -

Maryland State Retirement and Pension System C-3

Ent it y 2 0 2 5 N PL 2 0 2 4 N PL C hange in N PL

1% D ecrease in

D iscount R at e: 5.8 0 %

1% Increase in

D iscount R at e: 7.8 0 %

M D Health & Higher Edu. Facilit ies Auth. 927,038$ 951,365$ (24,328)$ 1,378,336$ 550,878$

M iddleton, Burgess and Commissioners 1,378,325 1,390,415 (12,090) 2,049,318 819,048

M ontgomery County Gov't . (Supplemental Bill) 4,498,724 6,342,521 (1,843,797) 6,688,784 2,673,299

M ontgomery College 17,932,654 18,771,267 (838,613) 26,662,590 10,656,207

M ontgomery County Board of Educat ion - - - - -

M ontgomery County Government - - - - -

M ontgomery County Public Library - - - - -

M orningside, Town of 379,135 430,903 (51,768) 563,705 225,295

M ount Airy, Town of 1,850,456 1,959,772 (109,317) 2,751,291 1,099,605

M ount Airy, Town of (LEOPS) 1,526,213 1,203,521 322,692 2,269,201 906,929

M ount Rainier, City of 2,802,951 3,219,590 (416,639) 4,167,478 1,665,611

New Carrollton, City of 5,469,212 4,044,853 1,424,359 8,131,722 3,249,996

North Beach, Town of 613,173 610,819 2,354 911,677 364,369

Northeast M aryland Waste Disposal Auth. 1,370,292 1,236,587 133,705 2,037,375 814,275

Oakland, Town of 1,029,426 1,088,102 (58,675) 1,530,570 611,721

Oxford, Town of 1,067,992 957,587 110,405 1,587,910 634,638

Pocomoke, City of 3,023,340 2,291,662 731,678 4,495,156 1,796,574

Pocomoke, City of (LEOPS) 2,706,658 1,888,980 817,678 4,024,308 1,608,391

Preston, Town of 201,080 193,455 7,625 298,969 119,489

Prince George's County Community College 3,779,944 4,343,754 (563,809) 5,620,089 2,246,175

Prince George's County Government 221,984,243 200,041,998 21,942,245 330,050,147 131,910,767

Prince George's County M emorial Library 5,184,302 4,952,396 231,906 7,708,114 3,080,693

Prince George's County Public Schools 266,641,942 263,642,994 2,998,948 396,448,015 158,447,927

Prince George's County Board of Elect ions Supervisors - - - - -

Prince George's County Crossing Guards 1,657,644 896,422 761,222 2,464,614 985,030

Prince George's County Off icials 863,031 990,169 (127,138) 1,283,171 512,843

Princess Anne, Town of 547,597 611,313 (63,715) 814,177 325,401

Princess Anne, Town of (LEOPS) 2,233,280 2,153,805 79,475 3,320,481 1,327,093

Queen Anne's County Commission 29,994,886 29,286,195 708,691 44,596,934 17,824,006

Queen Anne's County Public Schools 8,259,011 8,550,100 (291,089) 12,279,645 4,907,792

Queen Anne's County 428,934 463,470 (34,536) 637,747 254,888

Queen Anne's County Commissioners (LEOPS) 31,359,745 24,947,542 6,412,203 46,626,231 18,635,053

Queen Anne's County Commissioners (CORS) 5,789,992 4,690,884 1,099,109 8,608,664 3,440,615

Queenstown, Town of 243,178 215,015 28,163 361,561 144,505

Ridgely, Town of 573,229 711,464 (138,235) 852,287 340,633

Rock Hall, Town of 426,640 466,497 (39,857) 634,337 253,525

Salisbury, City of 13,808,015 14,078,094 (270,080) 20,530,003 8,205,203

Salisbury's Police Off icers & Fire Dept., City of (LEOPS) 38,858,000 37,759,670 1,098,330 57,774,770 23,090,777

Shore Up! 8,660,011 8,581,630 78,381 12,875,859 5,146,080

Snow Hill, Town of 729,193 1,156,938 (427,745) 1,084,178 433,312

Snow Hill, Town of (LEOPS) 469,750 - 469,750 698,433 279,142

Somerset County Commission 10,336,920 9,921,559 415,361 15,369,118 6,142,558

Somerset County Commission (LEOPS) 4,378,483 3,728,669 649,814 6,510,007 2,601,847

Somerset County Economic Development Commission 160,011 163,541 (3,530) 237,907 95,084

Somerset County Public Schools 5,430,384 5,413,386 16,998 8,073,993 3,226,923

Somerset County Sanitary District 1,668,214 1,589,793 78,421 2,480,331 991,311

Southern M D Tri-County Commun. Act ion 2,326,930 3,062,601 (735,671) 3,459,721 1,382,743

St. M ary's County M etropolitan Commission 7,335,497 7,817,942 (482,445) 10,906,548 4,359,008

St. M ary's County Board of Educat ion 21,631,018 20,389,100 1,241,919 32,161,385 12,853,904

St. M ary's County Government 44,223,820 44,786,609 (562,789) 65,752,768 26,279,334

St. M ary's County Off icials - - - - -

St. M ary's County, Housing Authority of 1,089,159 1,125,139 (35,980) 1,619,381 647,216

St. M ary's Nursing Home - - - - -

St. M ichael's, Commissioners of 656,771 703,098 (46,327) 976,499 390,276

St. M ichael's, Commissioners of (LEOPS) 1,489,321 1,754,866 (265,544) 2,214,350 885,007

Sykesville, Town of 648,329 615,506 32,822 963,947 385,260

Sykesville, Town of (LEOPS) 1,231,003 1,133,586 97,418 1,830,278 731,505

Takoma Park, City of 9,692,873 9,172,091 520,782 14,411,537 5,759,843

Talbot County Council 15,351,007 14,436,565 914,442 22,824,153 9,122,103

Talbot County Sherif fs 15,449,602 14,109,794 1,339,808 22,970,745 9,180,692

Maryland State Retirement and Pension System C-4

Ent it y 2 0 2 5 N PL 2 0 2 4 N PL C hange in N PL

1% D ecrease in

D iscount R at e: 5.8 0 %

1% Increase in

D iscount R at e: 7.8 0 %

Talbot County Off icials 272,517$ 290,962$ (18,445)$ 405,182$ 161,939$

Talbot County Public Schools 6,126,018 6,605,041 (479,023) 9,108,273 3,640,293

Taneytown, City of 1,372,281 1,320,813 51,468 2,040,331 815,457

Taneytown, City of (LEOPS) 1,975,834 1,628,543 347,291 2,937,705 1,174,109

Thurmont, Town of 2,363,490 3,014,742 (651,252) 3,514,079 1,404,468

Thurmont, Town of (LEOPS) 2,133,560 - 2,133,560 3,172,215 1,267,836

Tri-County Council for Lower Eastern Shore 3,975,957 4,514,937 (538,980) 5,911,524 2,362,652

Tri-County Council for Western M aryland 562,694 520,798 41,896 836,623 334,372

University of M D (M ontebello Employees) - - - - -

University of M D M edical System - - - - -

University Park, Town of 1,610,452 1,638,660 (28,208) 2,394,450 956,987

Upper M arlboro, Town of 397,162 814,337 (417,174) 590,508 236,008

Walkersville, Town of 1,039,840 1,062,704 (22,864) 1,546,052 617,909

Washington County Board of Education 28,164,507 28,094,349 70,159 41,875,494 16,736,331

Washington County Commission - - - - -

Washington County Library 253,364 269,657 (16,293) 376,707 150,558

Washington County License Commission - - - - -

Washington County Roads Board - - - - -

Washington County Sanitary District - - - - -

WM HPA (Washington County Gov't) - - - - -

Washington, Board of License Comm. 115,619 79,639 35,980 171,905 68,705

Westminster, City of 7,226,105 7,460,614 (234,509) 10,743,902 4,294,003

Westminster, City of (LEOPS) 11,193,314 9,680,807 1,512,507 16,642,420 6,651,457

Wicomico County Dept. of Rec. & Park - - - - -

Wicomico County Roads Board - - - - -

Worcester County (LEOPS) 17,393,132 16,834,400 558,733 25,860,421 10,335,605

Worcester County Board of Education 6,962,301 7,303,730 (341,429) 10,351,674 4,137,242

Worcester County (Detent ion Off icers) 7,608,284 6,906,149 702,135 11,312,132 4,521,107

Worcester County Board of Elect ions Supervisors 19,161 31,842 (12,681) 28,489 11,386

Worcester County Commission 24,636,959 25,498,700 (861,741) 36,630,672 14,640,139

Worcester County Liquor Control Board - - - - -

Worcester County Off icials 45,273 51,159 (5,887) 67,312 26,903

Wor-Wic Community College 1,511,814 1,416,630 95,184 2,247,792 898,372

25,705,821,000$ 26,304,436,000$ (598,615,000)$ 38,219,875,000$ 15,275,294,000$

Maryland State Retirement and Pension System C-5

Schedule of Pension Amounts by Employer as of June 30, 2025

Ent it y

D if f erences

B et ween

Expect ed and

A ct ual

Experience

N et D if f erence

B et ween

Pro ject ed and

A ct ual

Invest ment

Earnings on

Pension Plan

Invest ment s

C hanges o f

A ssumpt ions

C hanges in

Proport ion and

D if f erences

B et ween

Employer

C ont r ibut ions and Share o f

C ont r ibut ions

Tot al D ef erred

Out f lows o f

R esources

D if f erences

B et ween

Expect ed and

A ct ual

Experience

N et D if f erence

B et ween

Pro ject ed and

A ct ual

Invest ment

Earnings on

Pension Plan

Invest ment s

C hanges o f

A ssumpt ions

C hanges in

Proport ion and

D if f erences

B et ween

Employer

C ont r ibut ions and Share o f

C ont r ibut ions

Tot al D ef erred

Inf lows o f

R esources

Proport ionat e

Share o f Plan

Pension Expense

N et

A mort izat ion o f

D ef erred

A mount s f rom

C hanges in

Proport ion and

D if f erences

B et ween

Employer

C ont r ibut ions and

Proport ionat e

Share o f

C ont r ibut ions

Tot al Employer

Pension Expense

State of M aryland 3,167,666,608$ 2,066,679,301$ 888,605,386$ 18,572,066$ 6,141,523,361$ 299,559,652$ 1,515,457,726$ -$ 120,975,520$ 1,935,992,899$ 3,177,951,720$ (36,308,318)$ 3,141,643,402$

Allegany County Board of Elect ions Supervisors 57,492 37,510 16,128 105,077 216,207 5,437 27,505 - 146,232 179,175 57,679 1,989 59,669

Allegany County College of M aryland 141,104 92,060 39,583 42,598 315,345 13,344 67,506 - 28,174 109,024 141,562 12,225 153,787

Allegany County Commission 3,122,238 2,037,041 875,862 1,818,812 7,853,953 295,264 1,493,724 - - 1,788,988 3,132,376 833,275 3,965,651

Allegany County Commission (Sherif fs) (LEOPS) 839,181 547,506 235,410 735,355 2,357,452 79,360 401,476 - 1,539 482,375 841,905 318,996 1,160,901

Allegany County Library - - - 372 372 - - - 13,317 13,317 - (4,858) (4,858)

Allegany County Off icials 50,222 32,767 14,089 2,262 99,340 4,749 24,027 - 55,609 84,385 50,385 (12,275) 38,110

Allegany County Public Schools 1,160,641 757,237 325,587 498,892 2,742,357 109,759 555,268 -