The 1-2-3 of Strong Pension Plans

A recent article points to the fact that there are examples of well-managed public pension systems – and shares a few of their practices. Bad press has blurred the fact that not all public pension plans are underfunded and overly generous. –Governing Among the qualities of pension plans that are fiscally sound are: They provide moderate benefits … Continue reading The 1-2-3 of Strong Pension Plans

The Facts on Public Pensions

The Center for State and Local Government Excellence offers free webinars and other resources for learning about public pensions management. Whether your County participates in the State of Maryland’s Pension System, or if you have your own local pension system, this information from the Center for State and Local Government Excellence will keep you up-to-date with … Continue reading The Facts on Public Pensions

Arizona’s About-Face on Pensions

A state with acute pension issues has passed pension reform legislation that could set an example for many, including Maryland. According to Governing, bold new legislation enacted in Arizona holds the promise of putting their pension system back on track and serving as a national model for collaborative public-pension reform. The reforms include: Caps on maximum annual salaries … Continue reading Arizona’s About-Face on Pensions

$19 Million for Teacher Pension Increase

The General Assembly has adopted a budget provision that would provide almost $19 million to local school boards towards additional pension costs in 2017. The extra state funding would account for the increase in pension costs due to the adoption of new normal cost rate. The state funding does not account for the amount of the teacher pension … Continue reading $19 Million for Teacher Pension Increase

Consensus Bill Closes Gap in Teacher Pensions

MACo Executive Director Michael Sanderson, testified in support of HB 934, Teachers’ Retirement and Pension System – Employer Contribution for Local Employees, to the House Appropriations Committee on March 1, 2016. This bill provides a method for addressing a shortfall in funding required to meet the portion of Maryland state teacher pension costs that exceed … Continue reading Consensus Bill Closes Gap in Teacher Pensions

Teacher Pensions Could Cost Even More Next Year

A budget analysis by the Maryland Department of Legislative Services reveals a $30 million difference between the actual costs of teacher pensions in FY 2017 and a previous estimate. The local share of teacher pension costs is projected to increase beyond what was envisioned by a 2012 law shifting some of the costs to local governments. The … Continue reading Teacher Pensions Could Cost Even More Next Year

Pension Proposal Will Change County Member Contributions

A legislative request offered by the Board of Trustees of the State Retirement and Pension System would alter rates for county governments who are members of the state pension system. The Maryland State Pension Board of Trustees often offers legislative proposals for consideration by the Joint Committee on Pensions prior to the start of the legislative session. This year, … Continue reading Pension Proposal Will Change County Member Contributions

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