Maryland Republicans Propose Modernizing State Pension Plan
ANNAPOLIS, Md. (AP) — Maryland Republican lawmakers are proposing some options to modernize the state pension system.
Legislation discussed Thursday would give employees the ability to move all retirement benefits to a new job after three years.
Sen. Andrew Serafini, a Washington County Republican, says the proposals are aimed at starting a conversation that Maryland needs to make changes to its pension system. He says the options would help create predictability and stop the state from digging deeper unfunded liabilities.
Republican Gov. Larry Hogan also has proposed a plan to enable the state to begin paying down the unfunded liability. It would create a 401k-style retirement plan.
Maryland last made changes to the state's pension system in 2011, but advocates for change say more must be done.
Copyright 2017 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.