The money comes from $300 million in added contributions of state employees and teachers passed in 2011. It is being set aside for the possible federal budget cuts from sequestration.
The State Retirement Agency and the Department of Legislative Services were also told to look into the impact of further reducing these payments in the future.
If the legislature continued “tinkering” with the $300 million added contribution, said Brian Murphy of Gabriel Roeder Smith & Co., it would show the absence of “a firm funding policy” and require recalculating the annual contribution. GRS is the system’s actuary.
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5 comments:
here here.... state is a non-profit organization why are they contributing anything to retirement funds..? that's reserved for corporations as part of profit sharing plans...good move ....state employees need to contribute just like everyone else...we taxs payers dont feel most deserve any benefits with the abysmal job your doing
Another rape of Marylanders by O'Malley and his lap dog Norm Conway.
You gotta love it.. the man that the AFSCME green shirts worked so hard to get elected increased their retirement contribution and is now raiding their funds.
Will they EVER awaken to the truth?
"Will they EVER awaken to the truth?"
No. Not only will they never awaken to the truth they will continue to be apologists and make excuses because they are brainwashed and propagandized and have lost all ability to think.
Response to 9:57
I agree and I have previously read on SBYnews many times about the poor condition of the school teachers pension fund. This administration has either completely withheld or under funded it since 2009 - and then when they get their _sss in a sling they shift the entire obligation down to each county. O'Malley should really be recalled or impeached.
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