New ideas to better the Old Line State
Pair of think tanks issue warning on pensions
Originally published in the Baltimore Sun
By Gadi Dechter, Sun Staff Writer
Published on Friday, October 31, 2008
MPPI IN THE NEWS
Maryland's public pension and retirement systems are underfunded for the long term, and tough economic times will tempt governments to fund them even less responsibly, warned two state think tanks yesterday. "The way Maryland's elected state and local officials deal with these issues is a sure litmus test of their political morality as individuals," wrote George Liebmann, executive director of the Calvert Institute for Public Policy, which produced the study with the libertarian-oriented Maryland Public Policy Institute. The authors contend that Republican and Democratic administrations have increased promises of retirement benefits to workers without making the necessary investments in the pension funds. The report recommends that lawmakers consider reducing some post-employment promises to public employees and adhere to strict funding formulas for pension programs.
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