Browsing the "Pensions" Category

Rascovar: Hogan’s hypocrisy on pension funding and school aid

May 17th, 2015 | by Barry Rascovar

Gov. Larry Hogan Jr. makes it sound like he's riding to the rescue of Maryland's underfunded pension program that has been continually "raided" by evil Democratic legislators in Annapolis. What a bunch of hogwash. It's pure Hogan hypocrisy. Hogan's stance -- torpedoing a $68 million education appropriation to the state's most populous jurisdictions and shifting some of that money into the state pension fund -- is based on politics, not policy

Rascovar: Pension move betrayed state workers

March 22nd, 2015 | by Barry Rascovar

Once again, the House of Delegate took the easy way out of its budget bind -- and in the process stuck it to future state workers, teachers and taxpayers. The Senate is on a glide path that follows that same flawed approach. Instead of facing up to its fiduciary pension obligations, Annapolis delegates opted to play games, placing at risk the safety of state retirement programs

Major change in pension funding proposed, eliminating extra payments

February 25th, 2015 | by Len Lazarick

The legislature's staff is recommending that lawmakers make another major change in pension funding, eliminating extra payments into Maryland's underfunded pension system and returning to full actuarial funding. The proposal would save $70 million in next year's budget and $2 billion over the next 10 years. But it would ultimately cost taxpayers $2.5 billion more than current plans for pension contributions in the following 13 years

Critics slam pension fund performance, system slams critics

September 25th, 2014 | by Len Lazarick

Persistent critics of the investment performance of Maryland's $45 billion pension fund for state teachers and employees are again slamming the fund for failing to match the performance of other state pension systems, even though its 14.4% return was nearly twice as high as the fund's target

Rascovar column: State pension fund may have turned corner

August 3rd, 2014 | by Barry Rascovar

Good news from the Maryland state retirement agency: investment earnings over the past year ending June 30 rose a strong 14.37 percent. Don't get too excited: The agency is still digging out of a deep financial hole caused by the Great Recession, poor decisions by former governors and legislators and poor advice from the agency's consultant. The retirement fund's health, though, is showing solid improvement

Maryland pension fund earns 14%, now valued at $45 billion

July 28th, 2014 | by Len Lazarick

Maryland's pension system for state employees and teachers had another strong investment performance for the fiscal year which ended June 30 earning 14.37%, bringing the value of the portfolio to $45.4 billion, a gain of more than $5 billion. It was the second year in a row of strong performance due to sharp upturns in stocks, according to Chief Investment Officer Melissa Moye. The fund exceeded its target of 7.7% and its market benchmark of 14.16% -- what its basket of assets would have been expected to earn

Senate rejects GOP cuts to $39 billion budget; Miller gripes about environmental ‘whackos’

March 13th, 2014 | by Len Lazarick

With minimal debate, the Maryland Senate rejected a half dozen Republican attempts to further trim Gov. Martin O'Malley's $39 billion budget Wednesday, and gave preliminary approval to the spending plan that will be sent to the House this week. The Senate Budget and Taxation Committee ultimately cut $492 million from the current budget and O'Malley's proposal for next year, partly to make up for lowered revenue estimates in both years

Treasurer, comptroller urge senators to restore $100M cut in pension funding

February 27th, 2014 | by Len Lazarick

In unusual joint testimony, Maryland State Treasurer Nancy Kopp and Comptroller Peter Franchot, chair and vice-chair of the state pension board, pleaded with Senate budgeters not to permanently cut $100 million in state payments to the retirement system. They said the cut proposed by Gov. Martin O'Malley had high long-term repercussions and undermined the state's credibility with bond rating agencies by reneging on promises made in 2011 pension reforms

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