Tag: State Retirement and Pension System

Pension system advisor ‘very disappointed’ in legislative cut in contribution

The outside advisor for the Maryland pension system told its Board of Trustees Tuesday that he was “very disappointed” that the legislature reduced the state’s payment into the retirement fund by $100 million in budget action this month. The money comes from $300 million in added contributions of state employees and teachers passed in 2011. It is being set aside for the possible federal budget cuts from sequestration.

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State pension gap grows to $17.5 billion

Maryland will likely have to increase payments to its teacher and employee pension funds by $189 million next year, lawmakers learned Tuesday as officials with the State Retirement Agency broke down its results from fiscal 2009.

Pension officials said the state’s pension funds have promised to pay out $17.5 billion more than Maryland has put aside. The State Retirement and Pension System of has about $28.6 billion.

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