Retirement commission seeks members

July 02, 1995|By Vikki Valentine | Vikki Valentine,Contributing Writer

Five county residents are being sought to serve as members of the Pension Oversight Commission, overseeing management of the county's new employee retirement system, county officials announced last week.

Commission members will serve five-year terms.

Applicants should be knowledgeable about pension administration and funding but should have no connection with the county government or businesses involved with the county and state retirement systems.

In April, 987 county employees switched from the current state ++ retirement plan to a new county plan.

The county will contribute the same amount to the new plan as it does to the state plan, but employees will contribute a nontaxable 2 percent of their annual income to the plan.

In effect July 1, the employee contribution will provide workers with 37 to 49 percent more a year in retirement payments.

Although eligible for the new county plan, 326 workers chose to stay with the state system, to which they contribute nothing.

Those interested in serving on the commission should send a letter and a resume by Aug. 15 to County Executive Charles I. Ecker in care of Gail Bates, Executive Office, 3430 Courthouse Drive, Ellicott City, 21043.

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