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State Retirement Agency budget funded; analysts flag funded-ratio decline and supplemental-contribution removals
Summary
DLS presented the SRA fiscal 2026 allowance of $64.1 million and noted a decline in the funded ratio to 72.9%; the budget removes two supplemental pension contributions and proposes administrative-fee budgeting changes funded from the pension trust fund.
Jacob Cash, Department of Legislative Services analyst, presented the fiscal 2026 allowance for the State Retirement Agency (SRA), reporting an agency budget of $64,100,000 for FY26, an increase of $4,600,000 from FY25. "SRA at the direction of the board of trustees has primary responsibility over the state's retirement systems. The fiscal 20 26 allowance is $64,100,000 or, an increase of 4,600,000.0 from fiscal 20 25," Cash said.
Why it matters: SRA administers Maryland's defined-benefit pension systems covering state and local employees; funding levels, investment performance and supplemental contributions affect long-term liabilities and employer contribution requirements.
Cash reviewed membership and call-center…
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