Wicomico County Pension Fund Reaches 85% Funded Under County Executive Julie Giordano
Wicomico County, MD - Wicomico County's retirement plan for county employees is in much stronger shape than it was a few years ago. County Executive Julie Giordano announced that the plan reached an 85.07% funded status as of June 30, 2026.
A funded status shows how much money a pension plan has set aside compared to what it owes in future benefits. The higher the number, the better the plan can cover what it has promised to retirees.
When Giordano took office in December 2022, the plan was about 50% funded. That means the funded level has gone up by more than 35 percentage points while she has been in office.
Giordano said building up the county's finances has been one of her goals from her first day on the job.
"From the day I took office, I made it a priority to strengthen Wicomico County's financial position and ensure we were making responsible decisions for the future," said County Executive Giordano. "Moving our pension fund from 50% funded to more than 85% is a significant accomplishment. It reflects a commitment to fiscal responsibility, careful financial management, and protecting the retirement security of the employees who serve our community every day."
The new numbers come from the county's GASB-68 financial report for the measurement period that ended June 30, 2026. GASB-68 is the accounting standard local governments use to report on their pension plans.
The report shows the plan has a fiduciary net position of $132,499,559. In simple terms, that is the money the plan holds to pay benefits. The total pension liability, or what the plan expects to owe, is $155,745,298.
The gap between those two amounts is $23,245,739. This is called the net pension liability, and it is the part of future benefits that is not yet covered.
The county's long-term goal is to keep the plan more than 80% funded. The current level of 85.07% is above that mark.
According to the county, a stronger pension plan lowers long-term financial risk. It also helps the county plan future budgets in a way that is responsible to taxpayers.
Giordano said looking after the county's money means thinking beyond the current year.
"Fiscal responsibility is about more than balancing one year's budget. It means making decisions today that put our county in a stronger position tomorrow," Giordano added. "We will continue working to protect taxpayers, meet our obligations, and ensure Wicomico County remains on a sound financial path."
Giordano said the pension progress is part of her administration's larger focus on showing real results. She said the aim is to deliver improvements that can be measured while planning carefully for the county's future.
