Maryland is in the same pension pickle as three-fifths of the other
states, with its management of its long-term retirement obligations
causing “serious concern” to the authors of a new study by the Pew
Center on the States.
“States continue to lose ground,” said David Draine, one of the
authors of “The Widening Gap,” which showed states had a $1.38 trillion
gap between assets and pension obligations, up from $1 trillion, which
the first Pew report found two years ago. In that time, Maryland’s
unfunded pension liabilities have risen to $19 billion from $11 billion,
and now its assets would pay only 65 percent of its promises to retired
state employees, down from 78 percent in 2008.
Like 43 states facing similar problems, Maryland made substantial
changes in its pension system last year, increasing contributions from
employees, reducing cost-of-living increases and tightening benefits.
These changes are supposed to bring the retirement system up to 80
percent funding in nine years.
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4 comments:
The state has bad people and uneducated playing with the stock markets. Its time for the politicans put their heads back on their shoulders and correct this.
Not all state retirement systems are loosing. The Maryland State Police retirement system is well funded and earning well above normal. Ours does So good and is so well funded that the gov routinely borrows from it. Camden yards was built with our money. Thank you Shaffer. All current Troopers could retire now and draw in it for 75 years a d it would still be a billion dollar account. You get what you pay for though. We pay nearly $500.00 a month each into it and only get 62% after 25 years. You have teachers retiring at nearly 100% and put nothing in.
3:29
you have absolutely no idea what you're talking about. As a teacher I contribute 2% of my salary and when I retire I'll be lucky to see 45%. Who gets a %100 retirement?
Actually, teachers in Maryland contribute 7% of their salary for their pensions. Maryland judges and state legislatures get 100%. Not teachers. Its time to leave teachers alone.
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