The State Retirement and Pension System’s 14-member board of trustees has voted to keep the assumed rate of return on investments at 7.75 percent.
Stuck on how to raise income taxes, Maryland lawmakers on Thursday began wrestling with how they will split the cost of teacher pensions with local governments.
Senate President Thomas V. Mike Miller is warning lawmakers this will be one of the most contentious sessions ever in terms of dealing with the budget.
Montgomery County school officials say they would have to cut 600 teachers and increase class sizes if lawmakers in Annapolis approve Gov. Martin O’Malley’s proposal to shift teacher pension costs to the counties.
Local Maryland officials and state residents on Wednesday expressed strong disapproval with provisions of a difficult budget-balancing measure, which includes a controversial shift of teacher pension costs to counties as well as increases in taxes and fees.
Baltimore Mayor Stephanie Rawlings-Blake says her administration’s overhaul of the fire and police pension plan in 2010 was done for the good of the city.
Gov. Martin O’Malley has decided to shift some teacher pension costs to Maryland counties, the president of the Maryland Senate said Tuesday, describing it as coupling the state’s second-highest-single-year funding level in school construction with a long-debated change in how the state pays teacher pension costs.
Three Maryland men have been indicted in an alleged conspiracy to steal nearly $10 million from a Vienna-based company’s employee pension plan through a series of bad mortgage loans.
A state commission voted Thursday to seek an attorney general’s opinion on whether Maryland law would allow the state to reduce cost-of-living adjustments for retirees.
Major changes will be coming to 350,000 state workers and retirees. The state doesn’t have enough money to pay what it promised to its retirees.
Maryland lawmakers agreed Monday to state pension and retiree health benefit reforms needed to start addressing huge unfunded liabilities that would pose future financial problems if left unaddressed.
A panel of Maryland lawmakers has settled pension and prescription drug differences between the House of Delegates and Senate.