The Details on Proposed Pension Rates for County Members of State System

Legislation would mean higher rates over the next few years and help participating governments avoid a large rate increase in 2022. The Executive Director of the State Retirement Agency recently held regional outreach meetings with county and local members of the State Pension System. The purpose of the outreach was to share information about legislation to alter contribution … Continue reading The Details on Proposed Pension Rates for County Members of State System

State to Stick With Same Method for Pension Financial Reporting

The State Pension Board decided to maintain the current system of financial reporting after reviewing two alternatives. The options would have led to different reported liabilities for county members. A report released yesterday in open session of the State Pension Board provides a comparison of liability allocations for county and municipal members of the State Pension … Continue reading State to Stick With Same Method for Pension Financial Reporting

State Retirement Agency Shares Reasoning on Recent Pension Decision

A letter from the Executive Director of the State Retirement Agency to county elected officials describes the Agency’s reasons for the method of its recent pension liability calculation for local governments. A recent letter from the Executive Director of the State Retirement Agency, Dean Kenderdine, shares the Agency’s basis and manner for a recent pension liability calculation. The … Continue reading State Retirement Agency Shares Reasoning on Recent Pension Decision

A Plain Language Review of Pension Funding

A broad overview of the elements in pension funding prepares new legislators for making decisions on the State Pension System. Topics that could come before the legislature this session include pension legislation relating to counties. One is shifting the actual normal costs of the teach pension system to school boards, and the other is a change … Continue reading A Plain Language Review of Pension Funding

Eliminate Gray Areas With A County Official’s Guide to Pensions

Best practices in county pension management from Pennsylvania offer all county officials insight into pension funding. The County Commissioners Association of Pennsylvania has recently updated their Guide to Pension Plan Best Practices. As described in the report, While the County Pension Law may be specific about many matters, there are numerous gray areas. This report examines these … Continue reading Eliminate Gray Areas With A County Official’s Guide to Pensions

Pension Board Votes Down Proposal to Lower Assumed Rate of Return

At this week’s meeting of the State Retirement and Pension System Board of Trustees, the trustees voted down a proposal to reduce the assumed rate of return for the Pension System’s investments. Reducing the rate of return would have increased contribution rates, and increased the normal costs of the teacher’s pension system by more than … Continue reading Pension Board Votes Down Proposal to Lower Assumed Rate of Return

Maryland’s Law on Pension Forfeiture Is Limited

During the 2015 legislative session the Pensions Subcommittee of the Senate Budget and Taxation Committee asked the the Department of Legislative Services to conduct a study of when a recipient of a Maryland state pension must forfeit his or her pension. The Department found that Maryland’s forfeiture provisions are limited to state legislators and that there is notable variation … Continue reading Maryland’s Law on Pension Forfeiture Is Limited

Joint Committee on Pensions Reviews 2016 Legislative Proposals

In its most recent meeting, the General Assembly’s Joint Committee on Pensions reviewed legislation proposed by the Board of Trustees of the Maryland State Retirement and Pension System (SRPS). This year the Board is proposing two changes. The first change will adjust the amortization schedule for the current participating governmental unit (PGU) pool to mirror the … Continue reading Joint Committee on Pensions Reviews 2016 Legislative Proposals

School Board Teacher Pension Costs Projected To Increase In FY 2017

At a recent meeting of the State Pension Board of Trustees, the Board heard the results of the June 30, 2015 Actuarial Valuation for fiscal year 2017 from the Board’s actuarial consultant, Gabriel Roeder Smith & Company (GRS). The results include a teacher pension normal cost projection for FY 2017, the first year in which Maryland’s … Continue reading School Board Teacher Pension Costs Projected To Increase In FY 2017

State Pension System Launches County Outreach On Liability Accounting

The State Retirement Agency will be reaching out to all counties that participate in the state retirement and pension system as members of the municipal pool. Eleven counties’ employees are members in the state retirement and pension system. Other counties in Maryland have county-based pension systems. The State Retirement Agency’s Executive Director, R. Dean Kenderdine, … Continue reading State Pension System Launches County Outreach On Liability Accounting