Tag: Pensions

Maryland pension fund misses investment target again, earning just over 1%

For the second year in a row, Maryland’s pension fund missed its target for return on its investment portfolio by a wide mark, earning just 1.16% for the fiscal year that ended June 30 compared to its annual goal of 7.55%. Last year, the fund made 2.68%.
Because of the lagging returns the $45.5 billion fund is apparently worth $300 million less than it was worth June 30 last year, and long-term liabilities are over $20 billion.

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

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.

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Rascovar: Pension move betrayed state workers

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.

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Major change in pension funding proposed, eliminating extra payments

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.

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Rascovar column: State pension fund may have turned corner

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.

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

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.

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

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.

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