ANNAPOLIS, Md. (AP) — A state commission voted Thursday to seek an attorney general's opinion on whether Maryland law would allow the state to reduce cost-of-living adjustments for retirees.
The Public Employees' and Retirees' Benefit Sustainability Commission, which has been studying ways to address unfunded pension and benefit liabilities, made the recommendation in its final report to Gov. Martin O'Malley and the Maryland General Assembly. Casper Taylor, the commission chairman, said the panel is trying to be as comprehensive as possible in its recommendations.
"We don't want to mislead the public into believing that the future is safer and more secure than it really is, and therefore this issue of the COLA is an issue that must be faced up to, and I would suggest, I think we all would suggest, the sooner the better," Taylor said.
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