Rascovar: O'Malley's pension fix a 'mirage'
Barry Rascovar is not a fan of Gov. O'Malley's proposed pension reforms. Or anything else in the governor's budget, either.
Even the governor's much-touted pension and retiree health reforms turn out to be mirages.
His changes go only part way toward wiping out the gaping unfunded liabilities. O'Malley's plan saves money for a few years, but after he's out of office the costs to taxpayers start rising again.
Maryland government retirees and retired teachers will continue to enjoy better health and pension benefits than private-sector workers. It remains a sweet deal — full retirement after 30 years service regardless of age, early retirement at 60 and a cheaper drug plan than Medicare offers.
The governor did nothing to force county governments to share in teacher pensions costs, either. The state bears the entire burden, which will soar as counties raise teacher salaries annually without worrying about the extra pension expenses being created.