This email was sent Feb. 27, 2014, to Maryland Treasurer Nancy Kopp and Comptroller General Peter Franchot supporting them in their opposition to reducing the payments to the Maryland State Retirement and Pension System:
Dear Treasurer Kopp and Comptroller Franchot,
We fully support your plea to the Senate Budget and Taxation Committee to refrain from cutting $100 million in payments to the state retirement system. Other than a total loss of credibility by state employees of the governor, there is an even greater loss to the entire state of its credibility with the bond rating agencies. And who will pay for this reckless deferral of payment to the retirement fund? The taxpayer.
We are quite sure that you must be aware of many ways to find $100 million in a $39 billion budget. Here is a suggestion: how about cutting loose the Wall Street firm to whom we paid advisory fees of $274 million in the last fiscal year for a very disappointing rate of return. In fact, the Maryland Public Policy Institute reports that the Maryland state pension fund underperformed its entire peer group of pension funds. How about indexing the portfolio? Could we do worse?
Montgomery County Taxpayers League