Maryland Republicans Propose Modernizing State Pension Plan

ANNAPOLIS, Md. (AP) — Maryland Republican lawmakers are proposing some options to modernize the state pension system.

Legislation discussed Thursday would give employees the ability to move all retirement benefits to a new job after three years.

Sen. Andrew Serafini, a Washington County Republican, says the proposals are aimed at starting a conversation that Maryland needs to make changes to its pension system. He says the options would help create predictability and stop the state from digging deeper unfunded liabilities.

Republican Gov. Larry Hogan also has proposed a plan to enable the state to begin paying down the unfunded liability. It would create a 401k-style retirement plan.

Maryland last made changes to the state’s pension system in 2011, but advocates for change say more must be done.

 

Copyright 2017 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Comments

One Comment

  1. Nothing would have to be done if O’MALLEY did not purposely underfund the system to begin with. Same thing he did in Baltimore city when he was Mayor from day one. it’s easy to underfund things to show a balanced budget…THEN blame the people in the the pension system for the shortfall.CLASSIC O’MALLEY. Then you get a clown,corrupt, criminal like Blake to cover things up for him. Put on a media blitz without any rebuttal accepted ,televised, radio..no nothing from the members of the pension system. Effin lying criminals…everyone of them. No good politicians. oh yeah, they got theirs and then some. Constant built in automatic raises without public knowledge. All on the backs of the very people that contributed to their pension system. Think this is false? Then why is there a court case coming up this Spring on these very facts!!!!!!

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