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Old May 2nd, 2019, 10:08 AM #1
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Employees of Maryland May Need a Bail Out in the Future

Employees of Maryland May Need a Bail Out in the Future.

Anyone expecting a pension from Maryland should be treating the tax payers very nicely because Maryland has been doing it's thing with the pension numbers. I know I will be thinking about the MSP LD when they come asking for more tax money.

Maryland’s State Pension May Be Only 35 Percent Funded
https://www.mdpolicy.org/policyblog/...percent-funded
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Old May 2nd, 2019, 10:13 AM #2
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Does this surprise anyone? I'm kinda surprised it's that high. Corruption doesn't end with a DA or a mayor. It's a systemic problem and won't go away until the citizens demand a change. Which in my opinion will not happen in my lifetime. Republicans are so rare in the city, most are never seen on the ballot.
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Old May 2nd, 2019, 11:32 AM #3
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Glad my wife opted for the 403b when she started here state job.
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Old May 2nd, 2019, 11:39 AM #4
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Just raise taxes.
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Old May 2nd, 2019, 12:24 PM #5
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This describes every state in union, to at least some extent. Some are far worse than others.
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Old May 2nd, 2019, 12:27 PM #6
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That will be one way to completely finish off the school systems, start telling teachers that their pensions that they largely fund out of their own pockets as a condition of employment aren't going to be there.

Watch a few thousand teachers decide all at once that they simply are done.
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Old May 2nd, 2019, 12:33 PM #7
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Quote:
Originally Posted by Glaron View Post
Just raise taxes.
Oh it's coming sooner or later, especially up my way at the county level.

Besides school problems the public up my way generally has no idea how bad staffing levels are in the all volunteer fire and rescue.The training requirements and hours at the station have pushed a lot of people out.

I suspect in 6-7 years or less Harford will not only have a few more County run Medics but at least 1 full time paid county run fire station.
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Old May 2nd, 2019, 12:57 PM #8
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My dad used to examine pension plans when he worked for the IRS. Most of them are a deck of cards.
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Old May 2nd, 2019, 02:19 PM #9
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I do not understand why anyone thought pension plans would be sustainable. Let alone ones where you can retire under the age of 50 and draw on it for potentially longer than you put into it. And while I get interest gains is something to consider the one plan I'm familiar with the retiree will have every dollar they ever put into the plan back in less than 7 years of retirement.

Even if it could in fact function, which I don't think they can, the Government can't help but to either pull money out for things that aren't pension related or refuse to fund it certain years making for huge gaps. They just can't help themselves.

The other part of the conversation is say the State didn't offer some of these retirement packages. How expensive does the salary need to be to attract folks? For instance many Police Departments can't meet their numbers. If the lure of a good retirement is taken away what would the base salary have to be to get the proper amount of officers? I would think the starting salary would have to be adjusted 20-30k a year. I'm sure the teachers wouldn't be that far off.
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Old May 2nd, 2019, 02:49 PM #10
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Quote:
Originally Posted by Blacksmith101 View Post
Employees of Maryland May Need a Bail Out in the Future.

Anyone expecting a pension from Maryland should be treating the tax payers very nicely because Maryland has been doing it's thing with the pension numbers. I know I will be thinking about the MSP LD when they come asking for more tax money.

Maryland’s State Pension May Be Only 35 Percent Funded
https://www.mdpolicy.org/policyblog/...percent-funded
Quote:
ALEC’s estimates reveal more pessimistic figures because they are calculated using “risk-free” discount rates.
This is an inappropriate assumption (I do this for a living) and the 35% funded number is a worst case scenario. Nobody does this including Moodys, except policy think tanks trying to scare people. The truth is scary enough as it is, no need to damage ones credibility by talking about the world ending.

Quote:
For example, in five out of five fiscal years since 2013, the 10-year average rate of return for the MSRPS has failed to meet the 7.5 percent discount rate. In fact, the MSRPS’s investment portfolio returned just 4.2 percent over the 10 years ending in June 30, 2017—over 3 percent lower than the 7.5 discount rate.



Given this, it is safe to assume that Maryland’s official estimate of approximately 70 percent funded status is inaccurate and that the $20 billion pension liability figure is undervalued.
This part is true however the real underfunding is somewhere between MD's estimate (70%) and ALECs 35% number. Probably 50%-60%.

What really should piss you off is that the pension is underperfoming the market because they are actively managed. Lobbyists just cannot resist the fees generated by active management.

But I am personally not sticking around to get saddled with the taxes. By the time the bill comes due, my tax dollars are outta here.


btw you should be thankful (maybe) for the US. If MD were its own country, we would be printing a shit ton of money for these pensions, and inflation would be 50% like it is in Argentina. And you would not be free to seek asylum in FL or TX.


And before you get all hot and bothered about taxes, so who is signing up to vote to cut teacher pensions? Because thats what we are talking about here: cutting pensions, extending retirement age, etc. For teachers, mostly.
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