Governor-elect Larry Hogan recently announced that he will not extend the task force created by Governor Martin O’Malley to recommend whether to set up a pension system for private-sector employees. It is scheduled to expire on February 15, 2015.
Maryland is considering mandating a state-run retirement plan which would affect almost every business owner and employee in Maryland. This is something that NFIB/MD will more than likely be fighting during the next legislative session. We are collecting stories about how this mandate will affect you and your employees. Please send your stories to Miranda Bond [email protected] and let us know if you would like to get involved in fighting against this legislation.
During the 2014 General Assembly session, NFIB opposed legislation (HB 1251/SB 921) that would create a state-run retirement savings program for private sector employees. Both bills died in committee. However, Governor Martin O’Malley insured that this issue lived on. In May 2014 he issued an executive order establishing a task force to ensure retirement security for all Marylanders. To view the governor’s press release, click here.
NFIB thanks our members who applied to represent the financial service industry and small business community on the task force. An additional thank you goes to Senator Ed Reilly (D-33) for his submitting a letter of recommendation in support of one of his constituents who is an NFIB member for the task force.
The task force planed to issue a report on their findings no later than December 4, 2014 to the Governor, the President of the Senate, and the Speaker of the House of Delegates.
Past Public Meetings:
November 19, 2014
6 pm – 8 pm
President’s Conference Room West
Miller Senate Office Building
11 Bladen Street, Annapolis
Monday, December 1, 2014
1 pm – 4 pm
Joint Hearing Room
Legislative Services Building, Annapolis
Learn more at www.dllr.state.md.us/retsecurity
- August 5, 2014 The Daily Record article, “O’Malley names retirement task force“
- August 5, 2014 From the Office of Governor Martin O’Malley, “Governor O’Malley Announces Membership of the Task Force to Ensure Retirement Security for All Marylanders”
- August 7, 2014 The Daily Record (NFIB Member, Phyllis Burlage quoted), “Kennedy Townsend looks to other countries for retirement solutions“
- August 20, 2014 The Daily Record “Hogan critical of private sector pension task force”
- December 2, 2014 The Daily Record “Hogan won’t extend pension task force”
- December 3, 2014 The Daily Record “Save for retirement or go to your room”