New Md. Retirement Security Task Force

[Editor]

This just in from the Governor's Office:

GOVERNOR O’MALLEY ESTABLISHES TASK FORCE TO ENSURE RETIREMENT SECURITY FOR ALL MARYLANDERS

Governor also names former Lieutenant Governor Kathleen Kennedy Townsend as Chair

ANNAPOLIS, MD (May 12, 2014) -- Because of the critical role retirement security plays in building a strong middle class, Governor O’Malley today established the Governor’s Task Force to Ensure Retirement Security for All Marylanders. The Task Force will examine how Maryland can improve retirement security for private-sector employees, and it will recommend concrete steps that the State can take to ensure the opportunity for a secure retirement for every private-sector employee in Maryland.

“I understand that a lot of people across Maryland feel anxious about their retirement, and we are taking action to help,” said Governor Martin O’Malley. “Strengthening and growing the middle class is the central focus of our work, and ensuring the financial security of Maryland workers is a key part of that equation.”

The current shortfall in retirement savings for American households is $6.6 trillion and over one-half of all Americans are at risk of outliving their retirement savings. Only 49 percent of private-sector workers participate in a retirement plan, and only 16 percent participate in a defined benefit plan. In addition, 36 percent of private-sector workers do not have access to any employer-sponsored retirement plan, leaving them without a critical source of retirement income. These shortfalls in retirement savings pose a significant threat to Maryland’s fiscal stability and economic growth, as individuals with stable and secure retirements are less dependent on government assistance and money to flow into the State’s economy.

“Helping Marylanders retire and remain in Maryland is an important part of building a stronger future for our state,” said Lt. Governor Anthony Brown. “Through this effort, we’re going to ensure financial security for more members of our Middle Class.”

Governor O’Malley also announced that former Lieutenant Governor Kathleen Kennedy Townsend will chair the Task Force. In addition to being the former Lieutenant Governor of Maryland, Ms. Kennedy Townsend is also the managing director at Rock Creek Group, and the founder of the Center for Retirement Initiatives at Georgetown University.

“Governor O’Malley asked me to head up a diverse group of business, labor, retiree, and other stakeholders so that we can safeguard Marylanders’ economic security by finding innovative solutions to help Marylanders prepare for a secure retirement,” said Kathleen Kennedy Townsend. “I look forward to working with the Task Force and helping address this issue which is extremely important for Maryland families.”

The Task Force will meet this year to conduct a comprehensive examination of ideas that the State could implement through legislation, regulation, or other methods to ensure that private-sector employees in Maryland have the opportunity to enjoy a secure retirement. It will also review the approaches of other states and countries that offer state-sponsored retirement savings plans for private-sector employees and review desirable plan design features. Following the review, the Task Force will develop and issue recommendations, including specific steps addressing how such policies would be implemented.

The Task Force consists of members from the House of Delegates, Senate, Governor’s Cabinet, the State Treasurer, labor unions, the financial service industry, the small business community, and the retiree community. The Task Force will issue a report by December 4, 2014, and will terminate on February 15, 2015, unless the Governor declares an extension.

 

[Hijinx]

This just in from the Governor's Office:

The Legislature and the Governor had a good chance to help retiree's this year with the bill that would stop taxing Military retirements. Of course they chose not to bother. Delaware does not tax retirement. Placing Kathleen Kennedy in charge of a task force is a frickin joke.

The Governors big plan is a lot of words he spouts that really sound great and mean absolutely nothing.

 

[tommyj]

This can't be good!!!

 

[RPMDAD]

I have been wondering why nobody has jumped on this thread. MD. is one of the most unfriendly retirement states in the US and those idiots are acting surprised that after hey chased out some of the millionaires, lots of the businesses, and all retirees i know personally, and the first thing out of most peoples mouth is i know they say as soon as they retire i am out of here. Wow they just started noticing this what a bunch of morons.

 

[Vince]

The Legislature and the Governor had a good chance to help retiree's this year with the bill that would stop taxing Military retirements. Of course they chose not to bother. Delaware does not tax retirement. Placing Kathleen Kennedy in charge of a task force is a frickin joke.

The Governors big plan is a lot of words he spouts that really sound great and mean absolutely nothing.

One of the many reasons I won't retire here.

 

[LibertyBeacon]

Why should military retirement income be tax free? Non-military retirements aren't, unless you've set aside post tax money. Get over it.

 

[Gooseneck]

We just purchased our retirement residence and it is not in Maryland. This Task Force is just PR ploy to make it look like they care. The truth is, they do not care and nothing of substance will come of it.

 

[Hijinx]

Why should military retirement income be tax free? Non-military retirements aren't, unless you've set aside post tax money. Get over it.

Let me explain it so that even you might understand. I know that is tough, but I will try.
First there are states in this country who do not tax retirement income from anyone.

Now people who retire look for these states because not paying state taxes is just like getting a pay raise.
Therefore Maryland is not a state where people who are looking to retire look for.

Next I mentioned the military retirement package in Annapolis that was turned down only because it was a chance for Maryland politicians to show they want to help retirees, They turned it down and now they appoint a committee with Kathleen Kennedy in charge of it. She is about as qualified for that post as Caroline Kennedy is qualified for the Ambassadorship of Japan. I am for tax breaks for all retiree's.
If Maryland wants to keep retirees in Maryland they need to take a peek at Delaware.

Maryland doesn't appear to much care about retirees, business, or anything else as long as they have the Government workers who work at Washington area jobs and Maryland military bases to rip off with more taxes.

 

[cwo_ghwebb]

Why should military retirement income be tax free? Non-military retirements aren't, unless you've set aside post tax money. Get over it.

Why should there be an income tax period??? But a fact of life is that retired military members do consider taxation as part of the retirement lifestyle decisions, and Maryland isn't looking good.

 

[LibertyBeacon]

Why should there be an income tax period???

Now you're talking.

But you don't really mean it. For without income taxes someone as far left on the intelligence bell curve as you are wouldn't be able to survive. You'd have to produce something of value to be able to make it on your own.

 

[nhboy]

Now you're talking.

But you don't really mean it. For without income taxes someone as far left on the intelligence bell curve as you are wouldn't be able to survive. You'd have to produce something of value to be able to make it on your own.

:like:

 

[cwo_ghwebb]

Now you're talking.

But you don't really mean it. For without income taxes someone as far left on the intelligence bell curve as you are wouldn't be able to survive. You'd have to produce something of value to be able to make it on your own.

The government raised all the revenue it needed before the 16th Amendment was passed.

You don't know me well enough from my comments to make any judgments. And I seriously doubt I've met you personally.

 

[Hijinx]

The government raised all the revenue it needed before the 16th Amendment was passed.

You don't know me well enough from my comments to make any judgments. And I seriously doubt I've met you personally.

That doesn't matter to this dipstick, it just goes around making insulting remarks. A sign that it has either a juvenile mind or is mentally unbalanced.

 

[Gilligan]

. A sign that it has either a juvenile mind or is mentally unbalanced.

Both of those..and then some.

 

[kom526]

Don't be fooled. The retirement security task force is being set up to ensure that you do not leave the state after you retire. Like District 9 for old folks.

 

[LibertyBeacon]

And I seriously doubt I've met you personally.

I don't consort with people as small and insignificant as you are. So yes, that would be correct.

 

[LibertyBeacon]

Both of those..and then some.

Oh. Zing.

 

[Gilligan]

I don't consort with people as small and insignificant as you are. So yes, that would be correct.

oh. zing.

 

[PrchJrkr]

I don't consort with people as small and insignificant as you are. So yes, that would be correct.

You are one huge piece of ####. Psst! He served to keep freedom of speech alive, just so you can disrespect him, just saying...

Oh, and if I haven't said it before, I hope you die in a fire. :####you:

 

[Hank]

You are one huge piece of ####. Psst! He served to keep freedom of speech alive, just so you can disrespect him, just saying...

Oh, and if I haven't said it before, I hope you die in a fire. :####you:

Overreact much?