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.READ MORE: UMMS Employees Learn To Intervene, Save Lives On National Stop The Bleed Day
The reform is part of a plan to eliminate a $750 million budget shortfall and cut property taxes.READ MORE: Dr. Fauci Urges UMD Baltimore Graduates To 'Live A Life Of Service'
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.MORE NEWS: CIAA Basketball Tournament Drew 36K Fans And Had $19.6M Economic Impact, Officials Say
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