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The Pension Plan returned 13.6% in 2025, below its 14.7% Policy Index benchmark, while the Retiree Benefit Trust returned 10.7% versus 14.1%. The Board approved continued monitoring of underperforming investments and confirmed that the JP Morgan SMID Cap Equity fund will be mapped to the Vanguard Mid Cap Equity Index in March.
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City of Rockville retirement funds remained within their investment policy ranges, but several portfolios and funds lagged their benchmarks in 2025. The combined Thrift and 457 Plans held $122.2 million at the end of the quarter, while the Retiree Benefit Trust held about $10.9 million. No fund replacement was approved for the Harding Loevner investment; the Board will review its performance and possible next steps at a future meeting.
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