Fri March 9, 2012
Compromise On Teacher Pension Shift to Local governments
ANNAPOLIS, Md. (AP) - A Senate panel is phasing in a proposed split of teacher pension costs over four years.
The Senate Budget and Taxation Committee approved the change on Thursday to Gov. Martin O'Malley's budget proposal, which would have split the pension cost in the next fiscal year to save about $239 million.
The committee also has included a wide-range of budget cuts totaling about $262 million to take the place of the teacher pension shift, if it fails to find enough support in the full Senate.
The panel also approved a measure to repeal a 1997 tax cut to make up for revenues in O'Malley's budget plan that ran into opposition. The panel set aside steep cuts that would take the place of the income tax increase, if it isn't approved.