MD teachers' union offers pension compromise
The Maryland State Education Association, a 71,000 member union, would go along with O'Malley's proposed higher contribution rate (5 percent to 7 percent), though the new rate would phase in over two years, according to a presentation MSEA emailed around Annapolis Wednesday.
They also accept O'Malley's proposal to that new hires would have to work for 30 years before retiring.
The most meaningful difference is over the tricky area of average final compensation -- the figure used to determine the size of they pension check: Teachers want it to be calculated as the average pay over their last three years. O'Malley's plan would extend that time period to five years, diluting the final salary in most cases.
Pat Moran, president of the Maryland chapter of AFSCME, with said today that his union is largely supportive of the teachers idea.
The House of Delegates is expected to debate O'Malley's pension plan this evening when the comb through the budget in an evening session that could stretch to midnight.