$50 billion in unfunded state and local retirement benefits, study says
The money Maryland’s state and local governments have failed to set aside to fulfill pension promises made to teachers and employees has ballooned to more than $22.5 billion over the past five years, a new report has found.
But the counties that run their own pension systems are in much better shape than the state of Maryland, with the exception of Prince George’s County.
The most under-funded retirement benefits continue to be health insurance for these retirees, which amount to $28 billion for state and local governments. Only a handful of county governments have tried to sock money away.Read More