The segments below provide a brief overview of MACo’s work on pensions and public funds policy in the 2024 General Assembly.
Several of Maryland’s counties participate in the State’s pension system, and the other half support their employees through local pension systems. MACo’s pension advocacy includes defending local authority to define the elements of county-run pension systems and protecting the interests of county governments participating in the State’s pension system.
Maryland’s 446th legislative session convened amidst a substantial concern over the State’s fiscal situation, with weakened revenues and cost increases for many services at every level of government. Despite the budgetary limitations, many policy issues received a full debate, with many resolutions arising from the 90-day annual process. MACo’s legislative committee guided the association’s positions on hundreds of bills, yielding many productive compromises and gains spanning counties’ uniquely broad portfolio.
Follow these links for more coverage on our Conduit Street blog and Legislative Database.
MACo supported HB 846/SB 776- State Investment Portfolio and Local Government Investment Guidelines – Investment Standards with amendments.
This bill modifies the process for amending the State’s guidelines for investing public funds. Since these standards apply to local governments, counties urged amendments to specify that such proposed changes would happen following consultation with affected local governments. This bill passed the 2024 session with MACo’s amendments.
Bill Information | MACo Coverage
MACo supported HB 1313/SB 700- Law Enforcement Officers’ Pension System – Membership – 9-1-1 Specialists. This bill would have enabled local governments participating in the Law Enforcement Officers’ Pension System (LEOPS) to authorize specified 9-1-1 specialists to enroll in the LEOPS program. This bill did not pass in the 2024 session.
Bill Information | MACo Coverage
MACo supported SB 1121—Law Enforcement Officers’ Pension System—Benefits with amendments.
This bill sought to increase the normal service retirement benefit multiplier for members of the Law Enforcement Officers’ Pension System from 2.0% to 2.5% and raise the cap on normal service retirement benefit payments from 65% to 70% of the member’s average final compensation. Because the bill represented a significant unfunded mandate on county governments, MACo sought a “local option amendment” to relieve that mandate and allow each jurisdiction to weigh these costs appropriately. This bill did not pass in the 2024 session.
