The General Assembly’s Joint Pensions Committee unanimously recommended Wednesday abandoning a pension funding method that has allowed the state to pay hundreds of millions less each year into the state retirement system than actuaries said was needed.
Read MoreMaryland is in the same pension pickle as three-fifths of the other states, with its management of its long-term retirement obligations causing “serious concern” to the authors of a new study by the Pew Center on the States. Like 43 states facing similar problems, Maryland made substantial changes in its pension system last year. But the Pew Center report says additional reform will be needed, especially since Maryland and other states continue to short-change the recommended annual contributions to the pension system.
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