Sustainability Commission Meets, One More Meeting To Go

The Public Employees' and Retirees' Benefit Sustainability Commission met yesterday to review the pension and retiree health actions approved during the 2011 General Assembly Session, the Republican Caucus pension reform legislation, and funding policy issues.  An overview of approved pension changes and the Republican Caucus pension legislation can be found on the MACo Blog. With respect to funding policy issues, the Executive Director of the State Retirement Agency Dean Kenderdine and its actuary, Gabriel Roeder…

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New Map Provides County Pension/OPEB Payment Information

As reported by MarylandReporter.com, the Maryland Public Policy Institute released a pension map that details the amount counties and Baltimore City have paid towards pensions and OPEB over the course of the prior fiscal year. The numbers came from each county’s most recent comprehensive annual financial report (CAFR). Each jurisdiction on the map has a dot that ranges from green to red that indicates how much was spent. The size of the dot indicates the…

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Analysts Offer Differing Views on Needed Pension Changes

An article by MarylandReporter.com, discusses the views of some economists and researchers to address the pension shortfalls of many states.   Some are calling for changes in accounting principles used and others are calling for changes in investment strategies. Andrew Biggs, an economist with the American Enterprise Institute for Public Policy Research, said that state pension plans are doing worse than the states will admit. Biggs testified about what he called the flawed way states calculate…

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End of Session Update: State Employee and Teacher Pensions

A previous post provided an overview of the many pieces of legislation introduced during the session dealing with pension reform generally or teacher pensions.  The one bill  missing from this list is HB 1344, the pension reform plan endorsed by the Republican Caucus, which was introduced after this post.  This bill would establish a 401k or a cash balance option for employees. With exception of HB 72, the Governor's Budget Reconciliation Act, these bills were…

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State Budget Decisions Pose Challenges to Prince George’s County FY 12 Schools Budget

The Gazette is reporting that Prince George's County Council Chair Ingrid Turner is requesting additional meetings with General Assembly representatives from the county to discuss county budget shortfalls created as a result of state decisions on pensions and school aid to local governments. The county council learned during a budget briefing Tuesday that Prince George's is expected to get between $6 million and $14 million in additional state aid; the county had sought about $20.9…

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