At its July 16 meeting the Montgomery County Retirement Board heard that the fund’s market value rebounded to about $801 million and the funded ratio rose to 80.2%, improving the county’s position for a possible cost‑of‑living increase. Actuaries said a 5% COLA would add roughly $20 million to liabilities; no COLA decision was made.

A consultant told the Montgomery County Retirement Board the fund earned 16.45% in 2025 and rose to about $752 million, but the board remains below the actuarial threshold needed to grant a cost-of-living increase because 2022 losses remain in the five-year averaging window.