Teacher Pensions Continue To Pressure State, School Budgets

According to a budget analysis prepared by the Department of Legislative Services, the normal costs of the Maryland Teachers’ Pension System next year will be higher than initially forecast when cost-sharing was enacted by the legislature three years ago.  The cost level next year is especially relevant to local governments because in fiscal 2017, the full normal […]

New Governor Faces Underfunded State Pension System

As reported in the Baltimore Sun, Maryland’s state employee pension system is adding to budget pressures that the new Governor, Larry Hogan, will confront in his first year in office.  As described, The $45.4 billion system, which provides monthly benefits to about 143,000 retired teachers, state police, judges and other former employees, is expected to gobble up […]

Joint Committee on Pensions Reviews 2015 Legislative Proposals

In its most recent meeting, Maryland’s Joint Committee on Pensions reviewed legislation proposed by the Board of Trustees of the Maryland State Retirement and Pension System. Under current law, members of the State Retirement and Pension System may receive additional creditable service for unused sick leave at the time of their retirement. One of the Board’s proposals […]

Report Recommends Making State Pension Membership Optional for Elected and Appointed Officials

Some county governments participate in the State of Maryland’s Employees’ Pension System.  A new report from the State Retirement Agency studies the issue of optional membership for elected and appointed official in the Employees’ Pension System.  With some exceptions, membership in the System is mandatory for elected and appointed officials who were elected or appointed […]

Maryland’s Governor-elect Hogan Will Not Continue Private Pensions Task Force

The incoming governor said he will not extend the life of a task force created to recommend whether to set up a pension system for private-sector employees, according to a report by the Daily Record. Governor O’Malley created the Task Force to Ensure Retirement Security for All Marylanders in an Executive Order this past spring. The […]

FY 2015 Report of Maryland County Employee Salaries, Health Benefits & Pensions Released

The Report of Maryland County Employee Salaries, Health Benefits & Pensions for Fiscal Year 2015 is now available on MACo’s website. Complete Report of County Employee Salaries, Health Benefits & Pension for Fiscal Year 2015 – This link contains the Report’s introduction and table of contents, a list of County Human Resources contacts, and county employee salaries, health benefits, […]

Foreign Comparison Exposes the Risks Involved in US Pension Management

According to a recent article in the New York Times, a foreign comparison brings to light the risk involved in US pension management. Dutch pension plans are well-funded by comparison to US pension plans, and they are required to report their liabilities using a method from the financial-services industry, according to the Times. Notably, the Dutch central […]

Largest US Public Pensions Now Face $2T Hole

As reported by Bloomberg News, the 25 largest U.S. public pensions face about $2 trillion in unfunded liabilities, according to Moody’s Investors Service.  As described, “Despite the robust investment returns since 2004, annual growth in unfunded pension liabilities has outstripped these returns,” Moody’s said. “This growth is due to inadequate pension contributions, stemming from a […]

Anne Arundel Board of Education Adopts New Suspensions Policy

As reported by The Capital Gazette, the Anne Arundel County Board of Education on Wednesday approved a new policy for student suspensions and expulsions that focuses on rewarding positive behavior instead of punishing negative behavior.  The Gazette describes, The policy is designed to keep kids in the classroom, and focuses on fostering, teaching and acknowledging favorable behavior, […]

Conference Session: Maryland’s Progress Towards Pension Security

Senator Edward Kasemeyer, Chair of the Senate Budget & Taxation Committee led a discussion of public pension plan liabilities and the ways that the State and local governments are working to reduce liabilities. During the session, In the Wake of Detroit: Public Pension Liabilities, Elizabeth K. Kellar, President/CEO, Center for State and Local Government Excellence gave national perspective on unfunded […]