Senate Pension Funding Plan – Long Term Fix, Short Term Cut

As the Senate Budget and Taxation Committee is working through its fiscal package for FY 2014, one area of focus has been state funding of pension contributions. From coverage on, a short term cost-cutting move has arisen from the long term plan to eliminate “corridor funding” and regain a more fully funded status.

From the online coverage:

The Senate Budget and Taxation Committee voted Thursday to cut $100 million in contributions to the State Retirement and Pension System for fiscal 2014. The committee tied the unexpected move to passage of legislation that will eventually ensure the state puts aside enough money for employee and teachers pensions. But the cut also adds a year to achieving long-term funding goals for those pensions.

Read the full coverage online.

Michael Sanderson

Executive Director Maryland Association of Counties