ANNAPOLIS, Md. - The Anne Arundel County Council, Annapolis, Md., has passed a law cutting benefits for new employees and creating a board of trustees for the $550 million Anne Arundel County Retirement System, said Al Warfield, assistant financial officer for the retirement system.
The fund has no trustees, just an investment committee consisting of the personnel officer, the chief administrative officer and a financial officer.
The new law kicks in next February. Most county employees now earn a pension of 2% of salary per year of service, and contribute up to 5% of pay into the retirement system; new employees will not contribute anything but will receive pensions amounting to only 1% of pay for each year they are employed by the county.