Following the public hearings on HB 390 and SB 741, MACo has released a followup letter to the members of the two committees that have heard the proposed bill. The effort to gain county representation on the pension board is among MACo’s legislative initiatives for the 2013 session.
From MACo’s February 26 letter:
An undertone of comments on SB 741 has been that the proposed county government seat would “dilute” current representatives of other stakeholder groups. MACo believes this argument misses the essential function of the current Board. The Board’s essential role is to offer fiduciary and oversight guidance to the system, its procedures, and its investments. The Board is not charged with matters of benefit structures, or other sorts of decisions that might inherently lead toward deep conflict or split voting among the various stakeholders.
The constitution of Maryland’s Board wisely seeks to represent stakeholders, each of whom bring important expertise and perspective to its deliberations. The seat proposed by SB 741 would enhance these assets, by adding an individual with substantial government budget experience.