This morning the Senate Budget and Taxation Pension Subcommittee voted a favorable report on SB 741 State Retirement and Pension System – Board of Trustees.  This bill would add one county representative to the Maryland State Pension System Board of Trustees, the oversight body for the pension system.  This MACo initiative reflects counties’ new financial responsibility for the pension system.

As previously reported, the House crossfile, HB 390, which is identical to this bill, passed out of its committee and then the full House 138-0.   The Senate and House bills were sponsored by the Chairs of the Special Joint Committee on Pensions, Senator Jones-Rodwell of Baltimore City and Delegate Melony Griffith of Prince George’s County.

Update: This afternoon, the Senate Budget & Taxation Committee issued a favorable report on SB741/HB390.  The bill will now proceed to the Senate with Senator Colburn added as a co-sponsor.