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Friday, January 17, 2014

Unions, Pension Board Unhappy O’Malley Cut $100M In Promised Payment To Retirement Fund

The Board of Trustees of the State Retirement and Pension System, headed by State Treasurer Nancy Kopp, is also opposed to reducing the promised $300 million payment down to $200 million. This delays the goal of funding of the state pensions system at 80% by a full year, from 2024 to 2025. The pension system was 100% funded 12 years ago, but 80% is the accepted standard for public systems.

MarylandReporter.com raised the issue at the governor’s news conference on his proposed budget Wednesday. O’Malley had not mentioned cutting the pension payment in his presentation, even though it is listed as the largest spending reduction he is proposing to balance next year’s budget.

After his explanation of the change, O’Malley was specifically asked if the public employee unions had signed off on the reduction. The video of the Jan. 15 news conference shows O’Malley turning to Chief of Staff John Griffin and Budget Secretary Eloise Foster, and both nod their heads indicating the unions had agreed. (The video is in the video library under Jan. 15, 2014 and the exchange takes place around minute 41.)
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9 comments:

  1. AnonymousJanuary 17, 2014 at 12:49 PM

    HAHA!
    Anybody remember all the green-shirted union lapdogs out there campaigning for O'Mick?
    He's sticking it to you now-- just like old Hope-n-Change has.
    They don't care about you. They are out to build an empire, and they'll walk right over you to do it.

    ReplyDelete
  2. AnonymousJanuary 17, 2014 at 12:53 PM

    According to union workers they make more than anyone else. Why don't they put some of that money away for when they retire. Why do they expect the taxpayers to do it for them. Remember we are the ones that make very little.

    ReplyDelete
  3. AnonymousJanuary 17, 2014 at 12:53 PM

    I wonder what his buddy Jimbeau Liarton is going to do about it. He used to take off work and join the other union idiots to protest in Annapolis for better pay.

    ReplyDelete
  4. AnonymousJanuary 17, 2014 at 1:34 PM

    The unions' chickens have come home to roost.

    ReplyDelete
  5. AnonymousJanuary 17, 2014 at 1:40 PM

    12:49 couldn't have been said any clearer even the dumbass dumbocrats should understand HA HA

    ReplyDelete
  6. AnonymousJanuary 17, 2014 at 4:03 PM

    Love it omallys shafting em on his way out the door...should have done it his first term..then they would have seen him for what he is ..a communist.no omally for president

    ReplyDelete
  7. AnonymousJanuary 17, 2014 at 5:45 PM

    Betcha he didn't cut a nickel from his own pay & pension.

    ReplyDelete
  8. AnonymousJanuary 18, 2014 at 6:23 AM

    I have been calling for a full transaction audit of the fund every since St Martin gave the administrator of the fund a $300K bonus..
    Maryland's investment performance has become very secretive under O'Malley --unlike it was in the past

    Several Progressive State's funds got hit badly in the Facebook IPO.
    I think there was way more going on. It was HIGHLY SUSPECT the way the IPO went off.

    ReplyDelete
  9. AnonymousJanuary 18, 2014 at 4:35 PM

    Maryland is following the lead of Detroit and Chicago, so you know what's next..

    ReplyDelete

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