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Maryland will likely have to add $189 million to its teacher and employee pension funds by next year. Lawmakers learned this on November 4 as officials with the State Retirement Agency explained results from fiscal 2009.
The $17.5 billion needed to close the gap is in addition to the approximately $28.6 billion that the pension office already has set aside.
This knowledge was announced at a meeting of the General Assembly’s Oversight Committee on Pensions. It will likely have a big effect on the state’s budgeting process next year.
Although Maryland already has a deficit of more than $2 billion, officials will likely need to increase contribution to the pension funds from $1.2 billion to $1.4 billion.
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