ANNAPOLIS, Md. (AP) — Maryland lawmakers agreed Monday to state pension and retiree health benefit reforms needed to start addressing huge unfunded liabilities that would pose future financial problems if left unaddressed.
A panel of House and Senate lawmakers compromised on a plan that aims to increase Maryland's funding of its pension system from 64 percent to 80 percent by 2023, while softening the burden on retired state employees on a fixed income.
"That was our primary focus," said House Speaker Michael Busch, D-Anne Arundel, referring to easing some changes for retirees that had been considered initially. "I think all in all, it was a very, very good compromise."
Complete your profile to continue reading and get FREE access to BenefitsPRO, part of your ALM digital membership.
Your access to unlimited BenefitsPRO content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Critical BenefitsPRO information including cutting edge post-reform success strategies, access to educational webcasts and videos, resources from industry leaders, and informative Newsletters.
- Exclusive discounts on ALM, BenefitsPRO magazine and BenefitsPRO.com events
- Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com
Already have an account? Sign In
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
