Wed March 12, 2014
MD Pension System Could Shore Up State's Money Problems
ANNAPOLIS, Md. (AP) - The Maryland Senate is scheduled to consider proposed changes to the state budget.
Last week, a Senate budget panel decided to address a downward revision in revenues by tapping into money set aside to shore up the state's pension system in a long-term plan. The Senate is expected to consider the changes Wednesday.
Gov. Martin O'Malley's proposed $39 billion budget would use one-third of $300 million that had been planned to be put back into the state pension system above the required annual payment. The governor proposed doing that indefinitely to help tackle a deficit in future years.
But senators on the panel decided to use more pension money in the short term. They plan to return to investing $300 million in the pension system in fiscal year 2019.