Browsing the "Pensions" Category

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


Barry Rascovar: O’Malley’s latest pension grab

February 9th, 2014 | by Len Lazarick

It takes quite a bit for the quiet, diplomatic State Treasurer, Nancy Kopp, to criticize her fellow Democrat, Gov. Martin O'Malley. But she gently laid it on the line in opposing O'Malley's $100 million budget cut for state pension contributions. "It's a question of trust," Kopp said


State treasurer Kopp opposes O’Malley’s $100M cut in Md. pension contribution

February 2nd, 2014 | by Len Lazarick

State Treasurer Nancy Kopp told lawmakers Thursday that she opposed Gov. Martin O'Malley's proposed $100 million cut in the pension contribution, and said it would undermine trust by the state's bond rating agencies. "I think this is a very difficult thing to defend with the rating agencies," Kopp told the House Appropriations Subcommittee on Public Safety and Administration


Analyst dissects tactics O’Malley used to balance Md. budget, including pension cut

January 20th, 2014 | by Len Lazarick

Picking apart Gov. Martin O'Malley's proposed fiscal 2015 budget, the legislature's chief fiscal analyst told lawmakers Monday that the administration relied on "familiar budget balancing strategies" to make the numbers work. They included a small than average surplus, shifting special funds, replacing cash with bonds, tapping reserves and cutting pension payments


Unions, pension board unhappy O’Malley cut $100M in promised payment to retirement fund

January 17th, 2014 | by Len Lazarick

The largest unions representing state workers and public school teachers are upset at Gov. Martin O'Malley's decision to permanently cut $100 million from extra payments into the state pension system. The money came from additional employee salary deductions required by a 2011 pension reform, and was intended to help cure underfunding in the pension system



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