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Republican lawmakers are pushing a bill to cut the expected rate of return on Maryland $38 billion pension investment portfolio — a move that would effectively add billions of dollars to the state’s pension liabilities. The move to reduce what the GOP considers an unrealistic 7.75% rate to something like the corporate rate several points below that drew strong opposition from the State Retirement Agency at a hearing Tuesday.
Another bill backed by county governments to expand the 14-member Board of Trustees of State Retirement and Pension System by adding a county representative was opposed by the state teachers union at the House Appropriations Committee hearing.
The Truth in Pension Accounting Act
HB387 , the Truth in Pension Accounting Act, seeks to address the 7.25% rate of return the pension system has earned in the last 10 years by lowering the current pension rate of 7.75% to echo the interest rate dictated by the Internal Revenue Code for corporations and private pension plans. Currently, state and local governments get to choose their own rates of return, which average 8%.
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