Thursday, November 29, 2012
The proceeds of the sale will be used for the county employee's pension plan.
County officials say a better than expected bond sale to be used for the pension system will save county taxpayers $83 million more than originally estimated. The county sold $256 million in bonds at an interest rate of about 3.43 percent—nearly a full percentage point lower than expected. The better than expected result means the county will pay $416 million in principal and interest over the next 30 years instead of nearly $500 million. The County Council approved the bond sale in October. The borrowed money is needed because the board of the Baltimore County Employees Retirement System voted to reduce its expected rate of return on investments. That change, made in July, would result in an additional $15 million payment from the county …
Monday, October 15, 2012
County officials say borrowing the money will save county taxpayers $260 million in pension costs over the next 30 years.
Baltimore County will borrow up to $260 million for its pension system under a plan approved unanimously Monday by the Baltimore County Council. The proposal was part of a two-bill package approved by a 7-0 vote. The borrowed money is needed because the board of the Baltimore County Employees Retirement System voted to reduce its expected rate of return on investments. That change, made in July, would result in an additional $15 million payment from the county next year. "That amount would grow to a much larger level over the next 30 years," said Keith Dorsey, the county's budget and finance director. Without the change, county officials estimate that it would have to contribute $4.8 billion to the retirement system. With the change …
Thursday, August 2, 2012
Baltimore County officials say the loan for a Cockeysville recycling facility from its underfunded pension system is a "win-win." But some County Council members have questions.
UPDATED (3:16 p.m.)—Some Baltimore County Council members and union officials say a $25 million loan made to the county from its own pension system raises questions. The loan will be used to pay for a new recycling facility in Cockeysville. It's the same facility for which the Baltimore County Council approved $25 million in bond sales last November. Councilmen David Marks and Tom Quirk say they now have questions about the change in how the project is financed and the lack of independent oversight. "I don't know any of the details of the arrangement at all," Quirk said. "We definitely have questions." Marks, a Perry Hall Republican, said he was withholding judgement on the changes but was asking the administration to provide a legal …
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Tuesday, July 10, 2012
Expert: "To be in denial, and say you’re ahead of the curve and that you’re in good shape and will stay in good shape is just ignoring reality."
UPDATE (9:10 a.m.)—The board that governs the pension plan for Baltimore County employees is lowering its official expectations on annual investments made by the retirement system. The eight-member board Tuesday unanimously approved a decrease in the assumed annual investment earnings rate by more than six-tenths of a percent to 7.25 percent. The rate is used to determine the county's level of funding for the nearly $2 billion pension system each year. The change means the county will have to come up with an additional $15 million in pension contributions beginning next July 1. The board’s action Tuesday is the first time the rate has been changed since it was set in 1993, according to a report by the Baltimore County Auditor’s office …
Tuesday, April 17, 2012
Officials ask the Baltimore County Council to hire an outside attorney for a lawsuit involving subprime mortgages.
Baltimore County pension officials are privately scrambling to meet a deadline to file a lawsuit in an attempt to recover tens of millions of dollars in county pension funds. County Budget Director Keith Dorsey and County Attorney Michael Field met with Council members Vicki Almond, Cathy Bevins, David Marks and Ken Oliver and members of the county auditor’s office late Monday prior to the council’s voting session. The subject of the meeting was the approval of a contract to hire an outside attorney to pursue a lawsuit against Merrill Lynch, multiple sources tell Patch, speaking on the condition of anonymity because they are not authorized to discuss the meeting publicly. Almond confirmed the meeting, but said the discussion was …
Monday, April 16, 2012
Four Baltimore County Council members accused County Executive Kevin Kamenetz of cutting off their access to department heads and of intentionally delaying projects in their districts.
Four members of the Baltimore County Council say County Executive Kevin Kamenetz is retaliating against them by delaying projects in their districts after they voted to table the administration's pension bill last month. Council Chairwoman Vicki Almond, Councilman Ken Oliver and Councilman Tom Quirk—all Democrats—and Councilman David Marks, a Republican, said their access to county department heads to address constituent concerns has been greatly diminished since the day after they voted March 19 to table the bill. All said they believe the executive is further penalizing them by withholding money for projects in each of their districts while providing funds to council districts whose members voted to pass the pension bill. Oliver said …
Wednesday, March 14, 2012
Bill would eliminate decades-old practice of counting overtime toward pension benefits at the same time the county and a union are negotiating the issue in a new contract.
Union officials said Tuesday that a bill to change how pensions are calculated for county employees who belong to one union is little more than a bullying tactic used by county officials. At issue is a bill that would eliminate overtime from final pension calculation for employees belonging to American Federation of State, County and Municipal Employees—mostly snowplow drivers and vehicle maintenance workers and employees who maintain the county sewers. "You have to understand, we are the lowest paid county employees," said Norman Anderson, president of AFSCME in Baltimore County. "We are the ones who keep the county running," said Anderson. "Our scenario is very simple—when there's a foot of snow out there, that big yellow truck is the …
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