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O’Malley’s Proposal Coming Under Heavy Scrutiny

March 10th, 2014 by WCBC Radio

Maryland Governor Martin O'Malley's proposal to use some money intended to shore up pension liabilities to fill a budget hole continues to come under scrutiny. Last week Comptroller Peter Franchot and Treasurer Nancy Kopp testified against the proposal before a Senate committee. Kopp, who also chairs the state's pension board, said the move threatens the stability of the state's pension fund. O'Malley is proposing to cap money used for future pension liabilities at $200 million a year, instead of $300 million. Eloise Foster, O'Malley's budget secretary, says the change will only postpone getting the state to 80 percent of pension funding from 2024 to 2025.


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