Bolton Partners, Inc., an actuarial and consulting firm that does work with a number of Maryland jurisdictions, just released a survey of public pension benefits. The survey provides a basic benefit comparison for police officers and for general employees. The police officer comparison examines the Law Enforcement Officers Pension System (LEOPS), the State Police Retirement System, and the plans offered in the following jurisdictions: Anne Arundel County, Baltimore City, Baltimore County, Calvert County, Howard County, Montgomery County, and Prince George’s County. The general employee comparison focuses on retirement plans in the counties mentioned.
The following observation is provided in the introduction of the survey.
If an employer wants to change benefits it needs to consider whether they will be competitive after the change. In a time like now it might not take as much to be competitive but a pension (even a defined contribution pension) is a long-term plan that needs to be competitive over the long-term. The balance between being competitive and prioritizing fiscal needs is one that elected officials must decide.