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County Would Save Money By Leaving State Retirement System

March 12th, 2012 by WCBC Radio

Finance Director Jason Bennett told the Allegany County Commissioners last week that there are savings to realize by leaving the state retirement system and offering county employees a defined contribution plan instead. In fiscal year 2002, the county sent $575,000 to the state for the retirement plan. For fiscal year 2012, that check cut to the state to cover county employees was $1.6 million.  The target date for having a new plan in place would be July 1 and the savings could come quickly since the county has a significant turnover annually…

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