A press release from the Office of Governor Martin O’Malley announced a Task Force to Ensure Retirement Security for All Marylanders. As described,

The Task Force will examine how Maryland can improve retirement security for private-sector employees, and it will recommend concrete steps that the State can take to ensure the opportunity for a secure retirement for every private-sector employee in Maryland.

Governor O’Malley describes the motivation for establishing the Task Force,

“I understand that a lot of people across Maryland feel anxious about their retirement, and we are taking action to help,” said Governor Martin O’Malley. “Strengthening and growing the middle class is the central focus of our work, and ensuring the financial security of Maryland workers is a key part of that equation.”

Former Lieutenant Governor Kathleen Kennedy Townsend will chair the Task Force. Ms. Kennedy Townsend is also the managing director at Rock Creek Group, and the founder of the Center for Retirement Initiatives at Georgetown University, as reported by the Governor’s Office.

From Pensions & Investments,

In addition to officials from state agencies and the Legislature, task force members will include representatives from labor unions, the financial services industry and retirees. State Treasurer Nancy Kopp, who is chairwoman of the $43 billion Maryland State Retirement & Pension System, Baltimore, will also serve on the task force. The group will submit a report by Dec. 4 and is scheduled to disband by Feb. 5, 2015, unless further study is needed.

For more information, see the Governor’s blog, the Executive Order establishing the Task Force, and this article from Pensions and Investments.

At the upcoming MACo Summer Conference, we will hold a panel discussion of county and state pension plan security.