Pension Proposal Will Change County Member Contributions

A legislative request offered by the Board of Trustees of the State Retirement and Pension System would alter rates for county governments who are members of the state pension system. The Maryland State Pension Board of Trustees often offers legislative proposals for consideration by the Joint Committee on Pensions prior to the start of the legislative session. This year, […]

The Details on Proposed Pension Rates for County Members of State System

Legislation would mean higher rates over the next few years and help participating governments avoid a large rate increase in 2022. The Executive Director of the State Retirement Agency recently held regional outreach meetings with county and local members of the State Pension System. The purpose of the outreach was to share information about legislation to alter contribution […]

State to Stick With Same Method for Pension Financial Reporting

The State Pension Board decided to maintain the current system of financial reporting after reviewing two alternatives. The options would have led to different reported liabilities for county members. A report released yesterday in open session of the State Pension Board provides a comparison of liability allocations for county and municipal members of the State Pension […]

State Retirement Agency Shares Reasoning on Recent Pension Decision

A letter from the Executive Director of the State Retirement Agency to county elected officials describes the Agency’s reasons for the method of its recent pension liability calculation for local governments. A recent letter from the Executive Director of the State Retirement Agency, Dean Kenderdine, shares the Agency’s basis and manner for a recent pension liability calculation. The […]

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 […]