Baltimore County Pension Change Will Cost $15 Million
Expert: "To be in denial, and say you’re ahead of the curve and that you’re in good shape and will stay in good shape is just ignoring reality."
UPDATE (9:10 a.m.)—The board that governs the pension plan for Baltimore County employees is lowering its official expectations on annual investments made by the retirement system. The eight-member board Tuesday unanimously approved a decrease in the assumed annual investment earnings rate by more than six-tenths of a percent to 7.25 percent. The rate is used to determine the county's level of funding for the nearly $2 billion pension system each year. The change means the county will have to come up with an additional $15 million in pension contributions beginning next July 1. The board’s action Tuesday is the first time the rate has been changed since it was set in 1993, according to a report by the Baltimore County Auditor’s office …
Jimmy
8:41 pm on Thursday, July 19, 2012
I'm not sure about this but I don't think the politicians pay into the pension fund, just collect out of it. Not bad for a part time job. Now the fund has the added unfunded liability that O'Mally gave the counties (that Mr K accepted with open arms)with the new teacher's pensions. By the way, the police and firemen pay almost 10% a pay towards their pension. They also didn't have the option to … more ›