Rawlings-Blake To Introduce Pension Reform Bill

BALTIMORE (AP) — Baltimore city employees will contribute to their pension plans under a reform bill proposed by the mayor.

Mayor Stephanie Rawlings-Blake is proposing that city employees contribute 5 percent of their salaries toward their pension, phasing in the payment over five years. The mayor’s office says salaries will also increase 10 percent over the same period.

The reform is part of a plan to eliminate a $750 million budget shortfall and cut property taxes.

The mayor’s office says the city’s pension system for civilian employees is the only large system in the state that doesn’t require employee contribution. Rawlings-Blake says city pension costs have nearly doubled since 2004 and are projected to grow another 40 percent by 2022. The pension reforms are expected to save $53 million over nine years.

(Copyright 2013 by The Associated Press. All Rights Reserved.)


One Comment

Leave a Reply

Fill in your details below or click an icon to log in:

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

More From CBS Baltimore

Track Weather On The Go With Our App!
Your Podcast Network Play.it

Listen Live