Maryland Gov. Martin O'Malley created a retirement security task force to consider ways to expand access for private-sector workers without retirement plans at work.
Mr. O'Malley tapped former Lt. Gov. Kathleen Kennedy Townsend this week to chair the Governor's Task Force to Ensure Retirement Security for All Marylanders. Ms. Townsend is managing director of alternative investment manager The Rock Creek Group and founder of the Center for Retirement Initiatives at Georgetown University. The task force will be looking for “innovative solutions,” Ms. Townsend said in a statement. In addition to considering legislative or regulatory changes, the task force will study how other states and countries approach the issue.
The shortfall in retirement savings “poses a significant threat to Maryland's fiscal stability and economic growth,” Mr. O'Malley said in his executive order creating the group. “It may be beneficial for private-sector employees in Maryland who have no employer-provided plan to gain access to a professionally managed retirement program that assures reliable retirement income.”
In addition to officials from state agencies and the Legislature, task force members will include representatives from labor unions, the financial services industry and retirees. State Treasurer Nancy Kopp, who is chairwoman of the $43 billion Maryland State Retirement & Pension System, Baltimore, will also serve on the task force. The group will submit a report by Dec. 4 and is scheduled to disband by Feb. 5, 2015, unless further study is needed. The schedule for appointments and meetings was not available by press time.
“I understand that a lot of people across Maryland feel anxious about their retirement, and we are taking action to help,” Mr. O'Malley said in a statement.