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Friday, February 28, 2014

Treasurer, Comptroller Urge Senators To Restore $100M Cut In Pension Funding

In unusual joint testimony, Maryland State Treasurer Nancy Kopp and Comptroller Peter Franchot, chair and vice-chair of the state pension board, pleaded with Senate budgeters not to permanently cut $100 million in state payments to the retirement system.

They said the cut proposed by Gov. Martin O’Malley had high long-term repercussions and undermined the state’s credibility with bond rating agencies by reneging on promises made in 2011 pension reforms.

Leaders of the Senate Budget and Taxation Committee asked the state two top financial officials where they would make up the $100 million O’Malley has used to balance the budget as the senators search for other potential ways to trim the $39 billion spending plan.

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