The special state pensions commission wrapped up its work Thursday, recommending more possible changes in public employee retirement benefits. These included shifting half the cost of teacher pensions to local school systems and asking the attorney general to take a hard look at the legality of reducing cost-of-living adjustments for current retirees.
The seven-member Public Employees’ and Retirees’ Benefit Sustainability Commission stepped back from a flat assertion in its draft report that the changes made by the governor and legislature in April “may not have gone far enough.”
Those changes increased contributions from employees to maintain current benefits, and reduced benefits for new employees.
But member George Roche, the former chairman and CEO of the huge T. Rowe Price mutual fund group, asserted that “this commission hasn’t really done anything. …We’ve kicked the can down the road, or kicked it into somebody else’s yard.”
Roche did vote for the final commission report, despite his unhappiness.
7 comments:
Liberals make promises they knew were unsustainable now their chickens have come home to roost.
This will bankrupt the counties. The governor bought votes in years past by taking care of the teachers,and now is forcing the local counties to pay for his political gains. UNBELIEVABLE.
What about the Politians and their appointees pensions and benefits? You never hear about that do you. That % wise cost more. A lot of them have 2 or more Tax Payer funded pensions. How about elimniating tall but 1 effective immediately.
This will bankrupt the counties. The governor has bought votes by giving teachers what they want, and now he wants to throw the cost of his politics on the backs of the local governments. UNREAL. That would hit this county for about 7 million dollars. Hope the BOE can find it.
I pay 7% for state retirement and another 7.65% for social security, but I am fairly confident that I will not draw from either what I put into them. How about I keep my money & they can keep their FORCED retirement?
I don't think that the legislature
would dare enact this. Where in the world would Wicomico come up with another $7 million, when the BOE has already lost that much and is operating "bare bones?"
I don't believe Elected Officials and Politians should get a Pension of any kind. Most of them have other jobs that supply benefits.
Could save some money.
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