Governor also names former Lieutenant Governor Kathleen Kennedy Townsend as Chair
ANNAPOLIS, MD -- Because of the critical role retirement security plays in building a strong middle class, Governor O’Malley established the Governor’s Task Force to Ensure Retirement Security for All Marylanders. The Task Force will examine how Maryland can improve retirement security for private-sector employees, and it will recommend concrete steps that the State can take to ensure the opportunity for a secure retirement for every private-sector employee in Maryland.
“I understand that a lot of people across Maryland feel anxious about their retirement, and we are taking action to help,” said Governor Martin O’Malley. “Strengthening and growing the middle class is the central focus of our work, and ensuring the financial security of Maryland workers is a key part of that equation.”
The current shortfall in retirement savings for American households is $6.6 trillion and over one-half of all Americans are at risk of outliving their retirement savings. Only 49 percent of private-sector workers participate in a retirement plan, and only 16 percent participate in a defined benefit plan. In addition, 36 percent of private-sector workers do not have access to any employer-sponsored retirement plan, leaving them without a critical source of retirement income. These shortfalls in retirement savings pose a significant threat to Maryland’s fiscal stability and economic growth, as individuals with stable and secure retirements are less dependent on government assistance and money to flow into the State’s economy.
“Helping Marylanders retire and remain in Maryland is an important part of building a stronger future for our state,” said Lt. Governor Anthony Brown. “Through this effort, we’re going to ensure financial security for more members of our Middle Class.”
Governor O’Malley also announced that former Lieutenant Governor Kathleen Kennedy Townsend will chair the Task Force. In addition to being the former Lieutenant Governor of Maryland, Ms. Kennedy Townsend is also the managing director at Rock Creek Group, and the founder of the Center for Retirement Initiatives at Georgetown University.
“Governor O’Malley asked me to head up a diverse group of business, labor, retiree, and other stakeholders so that we can safeguard Marylanders’ economic security by finding innovative solutions to help Marylanders prepare for a secure retirement,” said Kathleen Kennedy Townsend. “I look forward to working with the Task Force and helping address this issue which is extremely important for Maryland families.”
The Task Force will meet this year to conduct a comprehensive examination of ideas that the State could implement through legislation, regulation, or other methods to ensure that private-sector employees in Maryland have the opportunity to enjoy a secure retirement. It will also review the approaches of other states and countries that offer state-sponsored retirement savings plans for private-sector employees and review desirable plan design features. Following the review, the Task Force will develop and issue recommendations, including specific steps addressing how such policies would be implemented.
The Task Force consists of members from the House of Delegates, Senate, Governor’s Cabinet, the State Treasurer, labor unions, the financial service industry, the small business community, and the retiree community. The Task Force will issue a report by December 4, 2014, and will terminate on February 15, 2015, unless the Governor declares an extension.
EO 01.01.2014.07.pdf
DelMarVa's Premier Source for News, Opinion, Analysis, and Human Interest Contact Publisher Joe Albero at alberobutzo@wmconnect.com or 410-430-5349
Like a state job, that pays substandard and then forces you to take 7% off the top and put it in retirement.
ReplyDeleteThen they will contribute 10%, but you are not vested in it for 10 years, which means...., in most cases,.... you will get nothing from the state.
So their idea of retirement is to forced you to live near poverty for your tenure there and then give you nothing when you leave.
That is how the state pension/retirement plan works.
That is their idea of looking out for your future.
So a $30,000 is really only a $28,000 and you see no return on your investment for 10 years, if you are lucky..... That's the Owemally way.
Just more BS for a new way to scam money from the masses.
ReplyDeleteShare your wealth.. And look at the brain power he has put on the task force... There is no help for this state.
ReplyDeleteIt's not private sector once the government gets involved.
ReplyDeleteI smell a rat. This man is only interested in his political career, he could give a #@$% about the rest of us. And why cant the Kennedys who have more money than God just go away. I am certain Kathleen is not concerned about retirement.
ReplyDeleteIs this Appoint a Task Force Month?
ReplyDeleteI heard Jim Ireton just appointed one with his favorite council girl running for county office, plus a crony of his. I think it had something to do with negotiating something with the county, but I can't recall what it was. Seeing as Mitchell is filling Bubba Comegys' shoes, is some kind of miraculous rescue in the works?
uh huh. A "Task Force". ANOTHER Task Force. GOD could be on that task force and even He would have a hard time figuring out how to make 30 billion dollars appear out of thin air. And 6 trillion is a VERY low estimate of how much money is PROMISED, but won't be there for "we, the people".
ReplyDeleteI'll bet a paychck that the people on that "task force" have bribed him or done political favors and now they get a cushy $120,000 a year do nothing government job. Heres a FREE idea --- stop spending every dime we have for the next 5 generations.
Here's another free idea --- start embarrassing all these rich billionaires who have cancelled the 401(k) programs/contributions, eliminated profit sharing, and essentially told their workers to eat cake and live on $8 an hour (because they are "barely making it"), while they buy land, houses, and new cars.
But its not just billionaires. It's all the rage among business owners across the nation. Part time workers. No benefits. Low wages. No pension plans. No retirement funds.
This is the future (and present, unfortunately) for the average American worker.
Keep cheering, you dummies.