MD Unemployment Rate Drops to 6.9%, Added 24,000 Jobs in August

The United States Department of Labor's Bureau of Labor Statistics (BLS) announced that Maryland added more than 24,000 jobs in the month of August and the unemployment rate dropped to 6.9%. The drop to 6.9% is more than 18% lower than the national unemployment rate and Maryland has now gained 183,200 jobs during the recovery from COVID-19. Hogan stated that Maryland was "able to keep more than 70% of our economy open during the entire…

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Comptroller Franchot Offers Insight, Guidance at MACo Meeting

Comptroller Peter Franchot joined MACo's Legislative Committee meeting on September 16, sharing his perspectives on the health/economic crisis, the state budget picture, and the road ahead for Maryland. Comptroller Franchot virtually visits the MACo Legislative Committee The Comptroller joined MACo's meeting with updates on a variety of topics about the pandemic, the economy and revenues, and county priorities. During the followup questions, he shed additional light on budget issues still pending. Some highlights: Maryland unemployment…

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State Announces $300 Weekly Unemployment Boost, New BEACON Website

The Maryland Department of Labor last week announced that the Lost Wages Assistance (LWA) program -- which offers claimants an additional $300 per week in retroactive federal benefits -- will be launched ahead of schedule. After being initially approved for three weeks of LWA funding, Maryland has now been approved by the Federal Emergency Management Agency (FEMA) for three additional weeks, for a total of six weeks of $300 federal payments. Labor will also launch…

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Tax Strategies for Your Retirement Income

Don’t miss MACo’s Summer Series Solutions Showcase on creating a sustainable retirement income through a better understanding of tax strategies. MACo’s Summer Series includes content directly aimed at solving common governance and administrative challenges. Ensuring employees are prepared for retirement is just one of those administrative challenges. Nationwide Retirement Solutions (NRS), a MACo Platinum Corporate Partner, will host a live session to explain how taxes can impact retirement income, and share strategies for saving. Register…

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Maryland Adds 53,900 Jobs, Unemployment Rate Ticks Down

The U.S. Department of Labor’s Bureau of Labor Statistics (BLS) last week reported that Maryland added 53,900 jobs in July, and the unemployment rate decreased to 7.6 % — more than 25% lower than the national unemployment rate. Unemployment rates in July ticked down in 30 states, ticked up in 9 states, and remained stable in 11 states. The national unemployment rate fell by 0.9 percentage points over the month to 10.2% — but was…

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FEMA Approves Additional $300/Week in Unemployment Benefits for Marylanders

The Federal Emergency Management Administration (FEMA) approved Maryland's application to provide unemployed Marylanders with an additional $300 per week in benefits under the Lost Wages Assistance program. Now that the application has been approved, the Maryland Department of Labor will work with the federal administration to implement the program with the plan to begin distributing the additional benefits by the end of September. From the press release: “We sincerely appreciate FEMA’s quick approval of our…

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State Applies for Additional $300 Per Week in Federal Unemployment Benefits

Governor Hogan announced that Maryland submitted an application to the Federal Emergency Management Administration (FEMA) for the Lost Wages Assistance (LWA) grant. The LWA grant will provide an additional $300 per week to Maryland residents who are unemployed due to the COVID-19 pandemic. Once Maryland's grant application is approved, the Maryland Department of Labor's Division of Unemployment Insurance will coordinate with both the U.S. Department of Labor and FEMA to "program, implement, and distribute" these…

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Maryland’s Pension System Earns 3.6%, Falls Short of Annual Goal
Source: Maryland State Retirement and Pension System
Maryland’s Pension System Earns 3.6%, Falls Short of Annual Goal

Fund grows $563 million to nearly $55 billion, falls short of assumed actuarial rate. The Board of Trustees of the Maryland State Retirement and Pension System (MSRPS) last week announced that its portfolio returned 3.57%, net of fees, on investments for the fiscal year that ended June 30, 2020. The fiscal year returns reflect the ongoing impact of the COVID-19 pandemic on global markets. Although the fiscal year earnings fell short of the System’s 7.40%…

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Queen Anne’s Earns Gold Award for Wellness at Work Program

Queen Anne’s County Government Recognized by Maryland Healthiest Business Collaborative with Gold Award for Wellness at Work Awards Program Queen Anne's County Government received a Gold Award from the Maryland Healthiest Business Wellness at Work Awards Program, which recognizes Maryland employers that show a commitment to improving employee health and well-being and showcases wellness initiatives that result in a planned, organized, and comprehensive set of programs, policies, benefits, and environmental supports designed to meet the health and…

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