This week, MACo received a letter from Maryland’s State Treasurer Nancy Kopp sharing that the Maryland State Pension Board of Trustees found no objections to legislation that would provide a voice for county interests in the Board’s deliberations. The legislation, HB390/SB741 would add one member to the Pension Board of Trustees to reflect the new role in fiscal support for the Teachers Retirement and Pension System.
The Pension Board of Trustees considered the legislation as part of their review of all pension-related legislation in the 2013 session. The Treasurer’s letter conveys the Board’s understanding of the reasons behind the bill and did not have any objections. As described by the Treasurer,
As with all proposed legislation concerning the System, the Board gave very careful consideration of the bill, and decided that it set forth a matter of policy that is most appropriately placed before the System’s plan sponsor, the General Assembly. . . Please know that the Board of Trustees understands the basis for HB390/SB741 given the actions taken last year to require Maryland subdivisions to begin paying the normal costs associated with public school teacher pensions.
For more information, see the complete letter from the Treasurer and our previous related posts on the pension board legislation: MACo Urges “Seat At The Table” on Pension Board, MACo Presents Pension Initiative in House