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Thursday, April 09, 2015

Governor Hogan Addresses Underfunded Pension Liability To Ensure Fiscal Responsibility

ANNAPOLIS, MD – Governor Larry Hogan has today introduced a third supplemental budget for FY2016 that fully restores $75 million for the Maryland State Retirement and Pension System following actions by the General Assembly.

The foundation of the budget introduced by the Hogan administration in January was structural balance and fiscal responsibility, without the burden of increased taxes or growth in state debt. In the absence of a responsible, long-term approach to the state’s pension obligations, it is the duty of the Hogan administration to deliver this necessary funding.

“Raiding the pension fund represents the kind of short-term thinking that has put Maryland in the precarious financial position we faced in January, and I simply cannot allow these actions to continue. Protecting the integrity of our pension system is a common-sense measure that allows the state to keep its promises,” said Governor Hogan. “Progress is being made toward a bipartisan compromise. We aren’t going to get everything we wanted, the legislature isn’t going to get everything it wanted, but the taxpayers will get the most fiscally responsible budget in a decade and record funding in K-12 education.”

Since 2011, the General Assembly has consistently cut funding for the state pension system, including a proposed 50 percent cut in the current legislative session. The governor’s budget would provide supplemental funding to the state pension at a level of $150 million, reflecting the administration’s budget as originally proposed.


Good job... said...


Anonymous said...

Does it include ..NO forced union participation and employees contributing to their retirement funding like the rest of us?.

mack said...

Make the WHOLE State and Federal employees be like the rest of us and have 401 K's

Anonymous said...

Sorry to dsappoint you Mack but State employees are paying 7% of their salaries to the pension fund and do have available 401K plans to supplement their pensions. Most non-management/supervisory state employees are required to either join the union or pay a service fee of $15 to $20 per pay period. They went 6 years without a pay raise while pension deductions were increased and health benefit costs went up. `
Be glad we don't elect presidents the way the unions got in - they sent out mailings and if you didn't respond it was counted as a vote for unions. Union dues & fees have gone up every year since - that's why they can afford to support the Democrats in every election. Fees went up the day after Mr. Hogan was elected.

Anonymous said...

11:47 - looks like we need a law here like the one in Wisconsin!