Tag: Pensions

Comptroller, budget secretary concerned about cuts to pension payments

Comptroller Peter Franchot and Gov. Larry Hogan’s budget secretary are both raising objections to a proposal reducing state pension payments, saving money that may be used to increase education aid and state employee salaries.

“It is a bait and switch on rank-and-file teachers and state employees,” said Franchot, as well as “bait-and-switch” on the state’s rating agencies and taxpayers.

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

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

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.

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

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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Poll finds strong support for minimum wage hike; state employees pensions considered too low

A new poll found strong public support for increasing Maryland’s minimum wage to $10 an hour, a step being pushed for the upcoming General Assembly session.

The poll by Goucher College also found the majority of the Maryland public regards current pensions for retired state employees as too low, and also thinks all Maryland workers, not just those employed by the state or local governments, should have a pension.

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$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.

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