Md. House Committee Holds Hearing On Pensions

ANNAPOLIS, Md. (AP) — A proposal to increase Maryland state employees’ pension contribution rate from 5 percent to 7 percent is getting a hearing before a House of Delegates committee.

The House Appropriations Committee will discuss the proposal on Tuesday.

Gov. Martin O’Malley is proposing changes to address $19 billion in unfunded pension liabilities.

With increased contributions from employees and the state, O’Malley has said Maryland’s funding of the system would rise from 64 percent to 80 percent by 2023. Experts in the field say healthy pension systems are at least 80 percent funded.

The proposal also includes tighter eligibility criteria, with vesting beginning at 10 years instead of 5 years.

(Copyright 2011 by The Associated Press. All Rights Reserved.)

Comments

One Comment

  1. bernard F Mc Kernan says:

    It’s time like everyone else that government pensions & health care need to be shared. The free ride days are over.Don’t like it? let them go in the private sector & pay half or all for their benefits. My 401-k is empty, I pay over $200 per month & I’m on medicare for my supplemental health & no dental. People have been sucking on the government tit for too long & it’s unsustainable.

    1. Sherry says:

      What free ride? I’m a retired state worker, 30 years. No 401-K, I pay over $200 for my health insurance, have no dental and only make 1/3 of what my salary was. Is that a free ride?

    2. stfu says:

      sounds like you’re angry mr. private sector..

      sounds like communism to me that you’re preaching.. if one suffers, we all should suffer, right? are u a commy, Kernan?

  2. Debbie says:

    Bet the MD House won’t be looking at their cushy bebefits.

  3. derrickman says:

    Let them take less, let them contribute a portion of their pay or let them walk like the rest of the private sector has to do. F…….K them.

  4. Shirley JOnes says:

    Comments are obviously made by uneducated individuals. Many of the state workers are paid salaries much lower than the private sector and their only benefit was the thought of a pension. If they take the pension away then they need to increase their salaries in order to be competitive with the private sector. Otherwise, the government agencies may have to settle for hiring some of the individuals on this site.

    1. IslandQueen25 says:

      I worked a state compensation department and I was always shocked at how much more compensation certain types of workers were paid than those in the private sector working the same job title and description. I agree, the free ride is over and everyone has to make sacrifices. My friends in the private sector were simply laid off when the economy experienced a downturn and pensions weren’t well funded. At least the state and city workers still kept their jobs–so don’t be greedy. Do what you have to do or find a job in the private sector. There are many people just waiting to take a job– maybe your job!

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