The State of Maryland’s pension system is actuarially unsound to the tune of about $32 billion. When you hear a stat like that, the next natural thing to do is to look at the pension plans in the system. The plan for legislators, for example, is far more generous than most offered in the private sector, especially since it includes a defined benefit. By comparison, fewer than 5% of private sector companies offer defined benefit plans. It is also more generous than the plan we offer other state employees and teachers.
Delegate Bill Frank (R-District 42) has suggested that we move to a defined contribution plan instead. I think he has a great idea for two reasons. First, it could save the state $700,000-$1,000,000 every year. Second, in these tough fiscal times, the State must address looming and growing obligations such as pension funding. A debate on Delegate Frank’s plan will take place on the House floor tomorrow and I will be supporting his plan.
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[...] but employees and unions both need to realize that pensions are financially unsustainable. …Legislative Pensions: Leading by Example Poli-Chic MarylandAs to the other employees and teachers, messing with that defined plan will result in the … Name [...]
There should be NO taxpayer paid retirement for elected officials. There are no retirement plans for part time jobs in the private sector. These positions are public SERVANTS! Not public Elite.
Part time job, full time pay, and a nice free retirement.
Scandalous in this or any economy.
Delegate Haddaway,
Thanks for letting the people of Maryland know what is going on. There is no way that Maryland legislators should continue to receive a more generous pension plan than the teachers and most other state employees in Maryland do. Why do the Dem leaders stifle debate on such issues when they already possess super majorities in the legislature. If they want to defeat the idea on the merits, so be it, just “man up” and have your vote on the merit recorded. Instead they just stuff the vote in Pelosi-like fashion with procedural maneuvers and slickness. Then they effectively tell Marlanders to eat cake if they are hungry for change from monopoly government. Pelosi like for sure.
Cold
Perhaps you should look at the Judges’ Pension Plan. Especially the section about employment with the state after retirement.
As to the other employees and teachers, messing with that defined plan will result in the quality of personnel dropping further than the abysmal level it currently enjoys.
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Seems akin to federal lawmakers pensions (healthcare too). Bet those working in the non-profit sector like your Talbott County Child Advocacy Centor don’t come close, probably no pension benefit at all.
Frnak’s bill has no chance, far too much common sense and logic but go for it……this from a die hard liberal dem.
See you sometime in Annapolis
Rex
Pres.CEO
Hearts & Homes for Youth
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