One of the issues of most concern in the Maryland House of Delegates' budget proposal is the under-funding of state pensions ("Hogan's budget wins initial approval from Md House," March 18).
Historically, it has been considered acceptable for lawmakers to balance budgets and pay for spending initiatives by raiding the state employees' pension plan. When the state comptroller raises a red flag, the legislature declares its intent to repay the money and better fund the system.
Most recently, the Budget Reconciliation and Financing Act of 2010 established the Public Employees' and Retirees' Benefit Sustainability Commission. It was charged with studying and making recommendations to ensure the long-term sustainability of the state's defined benefit pension plan and the affordability of the state's contributions to it.
The commission concluded that the pension benefit structure was not sustainable and recommended achieving actuarial funding levels of 80 percent within 10 years and 100 percent within 30 years. Currently it is funded around 67.7 percent.
For active members of the Employees' Pension System, the contribution rate increased 2 percent and the time allotted to fully vest the system was increased from five years to 10.
We have lived and worked our entire lives in Maryland, submitting to numerous reductions in pension programs for the fiscal welfare of the state and making our mandatory pension plan contributions from every paycheck.
We ask only that the state fulfill its responsibilities for funding the plan and not constantly take the easy, shortsighted path of robbing those funds year after year.
Ronald Boone, Timonium