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Maryland pension shortfall sparks call for reform plan
Maryland legislators debate a growing pension deficit that could strain the general fund. Sen James Clark Jr cites a 52.7 percent rise in unfunded liabilities from the 1980 to 1981 period, blaming compounded cost of living increases and local payroll variations. Clark proposes shutting the old system, escrowing funds, and moving all to the newer, more manageable plan to avert bankruptcy risks.
MENTIONED IN THIS ARTICLE
Annapolis
James Clark Jr
Howard County
Maryland General Assembly
Senate Finance Committee
Senate
Baltimore City
Melvin Steinberg
Clark
General Fund
Maryland
Benjamin Cardin
CB. Buck Co
Raymond E. Beck
R-Carroll
Department of Fiscal Services
House
Robert Neall
Anne Arundel
General Assembly