Eliminate Gray Areas With A County Official’s Guide to Pensions

Best practices in county pension management from Pennsylvania offer all county officials insight into pension funding. The County Commissioners Association of Pennsylvania has recently updated their Guide to Pension Plan Best Practices. As described in the report, While the County Pension Law may be specific about many matters, there are numerous gray areas. This report examines these […]

Maryland’s Law on Pension Forfeiture Is Limited

During the 2015 legislative session the Pensions Subcommittee of the Senate Budget and Taxation Committee asked the the Department of Legislative Services to conduct a study of when a recipient of a Maryland state pension must forfeit his or her pension. The Department found that Maryland’s forfeiture provisions are limited to state legislators and that there is notable variation […]

Joint Committee on Pensions Reviews 2016 Legislative Proposals

In its most recent meeting, the General Assembly’s Joint Committee on Pensions reviewed legislation proposed by the Board of Trustees of the Maryland State Retirement and Pension System (SRPS). This year the Board is proposing two changes. The first change will adjust the amortization schedule for the current participating governmental unit (PGU) pool to mirror the […]

School Board Teacher Pension Costs Projected To Increase In FY 2017

At a recent meeting of the State Pension Board of Trustees, the Board heard the results of the June 30, 2015 Actuarial Valuation for fiscal year 2017 from the Board’s actuarial consultant, Gabriel Roeder Smith & Company (GRS). The results include a teacher pension normal cost projection for FY 2017, the first year in which Maryland’s […]

State Pension System Launches County Outreach On Liability Accounting

The State Retirement Agency will be reaching out to all counties that participate in the state retirement and pension system as members of the municipal pool. Eleven counties’ employees are members in the state retirement and pension system. Other counties in Maryland have county-based pension systems. The State Retirement Agency’s Executive Director, R. Dean Kenderdine, […]

State Guidance: Locals Must Report Share of State Unfunded Pension Liability

A widely anticipated letter from the Maryland State Retirement and Pension Systems spelled out procedures for reporting unfunded liabilities among the local governments who participate in the state pension system — and requires them to report a share of the whole state system’s unfunded liability, not just that of the local participants. The administrative decision […]

Editorial Critiques State Pension Funding Flip

An editorial in the Washington Post critiques the Maryland Legislature’s new approach to funding the state pension system, which has a larger than $17 billion unfunded liability. The Editorial states, FOUR YEARS ago, lawmakers in Annapolis struck a deal to undergird Maryland’s perilously indebted pension fund. The deal rested on a pair of sacrifices: State employees would contribute 7 […]

State Pension Board Adopts New Actuarial Assumptions, Could Lower Teacher Pension Normal Costs

At the meeting of the State Pension Board yesterday, the Board adopted new actuarial assumptions that could lower the normal costs of the teacher pension plan and considered a new method of funding the administrative costs of the system. Gabriel, Roeder Smith & Company, the State’s actuary, presented the results of the Maryland State Retirement […]