As previously reported on the MACo blog, the Public Employees’ and Retirees’ Benefit Sustainability Commission met on December 13, 2010 to vote on numerous proposals to address the unfunded liabilities associated with the State’s pension and health benefit systems. MarylandReporter.com provides a summary of the recommendations.
A commission on state retirement benefits voted Monday to recommend cutting the state costs of health insurance 10% by hiking premiums and reducing coverage for state employees and retirees, and shifting half the costs of teacher pensions to local school boards over the next three to five years.
The commission also proposed increasing the age and length of service to qualify for a state pension and other changes that would reduce the future payouts to retirees.
The health and pension moves could save the state a total of $400 million if fully implemented, but representatives of state workers, teachers and school boards immediately slammed the action by the Public Employees’ and Retirees’ Benefit Sustainability Commission.
Additional coverage can be found at the links below.