Maryland’s Black Hole Gets Bigger

In March, we referred to the State Retirement and Pension System (SRPS) as “Maryland’s $10 Billion Black Hole.” Recent data proves we were too conservative: the black hole is now $17 billion.
The state’s latest Spending Affordability Briefing illustrates significant deterioration in the state’s already troubled defined benefit plan for its employees. In our earlier post, we showed how the plan was 101% funded as recently as FY 2000. But the state reduced its contribution rateSource: Maryland Politics Watch RSS Feed