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Ch. 433 2006 LAWS OF MARYLAND
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(8) ONE MEMBER OF THE PUBLIC, APPOINTED BY THE GOVERNOR, WITH
EXPERTISE IN EITHER FUNDING RETIREE HEALTH BENEFITS OR INVESTING
PENSION FUND ASSETS.
(8) THREE MEMBERS OF THE PUBLIC WITH EXPERTISE IN EITHER
FUNDING RETIREE HEALTH BENEFITS. THE ECONOMICS OF AFFORDABLE RETIREE
HEALTH CARE PROGRAMS. OR INVESTING PENSION FUND ASSETS. WITH ONE
MEMBER EACH APPOINTED BY THE GOVERNOR THE PRESIDENT OF THE SENATE
AND THE SPEAKER OF THE HOUSE.
(C) THE PRESIDENT OF THE SENATE AND THE SPEAKER OF THE HOUSE
SHALL JOINTLY DESIGNATE THE CHAIR OF THE COMMISSION.
(C) THE SENATE AND HOUSE CHAIRS OF THE JOINT COMMITTEE ON
PENSIONS SHALL SERVE JOINTLY AS THE CHAIRS OF THE COMMISSION.
(D) THE COMMISSION SHALL BE GUIDED BY THE FOLLOWING PRINCIPLES:
(1) A RECOGNITION THAT:
(I) FUNDING STATE RETIREE HEALTH BENEFITS SOLELY ON A
PAY-AS-YOU-GO BASIS IS NO LONGER A VIABLE SOLUTION; AND
(II) ANY PROPOSED SOLUTION, FUNDING OR OTHERWISE, SHOULD
TREAT EMPLOYEES, RETIREES, AND TAXPAYING CITIZENS FAIRLY;
(2) IN LIGHT OF THE ENORMITY OF THE STATE'S PROJECTED
UNFUNDED ACCRUED LIABILITY FOR RETIREE HEALTH CARE OF THAT IS
ESTIMATED TO BE AS HIGH AS $20,400,000,000 AND THE POTENTIAL EFFECT THIS
LIABILITY MAY HAVE ON THE STATE'S BOND RATING, THE STATE'S ULTIMATE GOAL
SHOULD BE TO FULLY FUND THE OBLIGATIONS SET FORTH UNDER THE
GOVERNMENT ACCOUNTING STANDARDS BOARD (GASB) STATEMENT 45;
(3) A CLEAR MESSAGE SHOULD BE SENT TO THE BOND RATING
AGENCIES THAT THE STATE IS TAKING THIS ISSUE SERIOUSLY, AND A MULTIYEAR
PLAN THAT CLEARLY ARTICULATES THE STATE'S COMMITMENT TO ADDRESS THIS
ISSUE SHOULD BE IMPLEMENTED AS SOON AS PRACTICABLE;
(4) ANY FUNDING SOLUTION PROPOSED BY THE COMMISSION WILL
LIKELY INCLUDE SOME DIRECT STATE APPROPRIATION, WITH THE COMMISSION
PURSUING ANY AND ALL VIABLE FUNDING SOURCES, INCLUDING THE POSSIBILITY
OF EMPLOYEE CONTRIBUTIONS DURING ACTIVE SERVICE;
(5) THE COMMISSION SHOULD CONSIDER THE ACTUAL IMPACT ANY
CHANGES IN THE STATE EMPLOYEE AND RETIREE HEALTH AND WELFARE BENEFITS
PROGRAM WILL HAVE ON THE STATE'S ANNUAL REQUIRED CONTRIBUTION AND
SHOULD LOOK FOR APPROPRIATE COST EFFICIENCIES THAT MAINTAIN THE
QUALITY HEALTH CARE COVERAGE THE STATE PROVIDES FOR RETIREES; AND
(6) SPECIAL CONSIDERATION SHOULD BE GIVEN TO STATE RETIREES
WHO ARE RECEIVING BENEFITS OR STATE EMPLOYEES WHO HAVE ACCRUED AT
LEAST 16 YEARS OF SERVICE WITH THE STATE AND HAVE VESTED FOR STATE
- 2246 -
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