The newly appointed commission to review the long-term sustainability of the state pension system will hold its first meeting sometime in the next few weeks. But union officials are already warning of dire consequences should the commission recommend cuts.
Maryland currently has about $32 billion combined in several pension funds. That’s less than two thirds of the money needed to pay promised retirement benefits. There are $18 billion in unfunded liabilities. There is another $15 billion in unfunded promises for retiree health benefits, and the state has been putting away no money recently to pay for them.
“What is the reasonable level of unfunding? That is the important question,” said commission chairman Casper Taylor, Jr., a lobbyist who was speaker of the House of Delegates for nine years. “I am not at all sure that our dilemma is currently as bad as some people think it is.”
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1 comment:
They cut the working persons expressed retirement contract at hiring and they better cut their own retirement 2x more than they cut the blue collar employees. The employee has had to work 30 yrs for theirs. The Politian works atthe most 4 months of the year. The rest of their time is occupied doing nothing. Well maybe they take up 25% of that time working partime claiming to be doing Legislative work. They should be made to be in session year round to earn any benefit. The onlytime you hear from them is when they want your vote.
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