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Commissioners review actuarial study on public-safety pension enhancements; staff asked to develop work plan
Summary
An actuarial report showed that several requested pension enhancements — higher benefit multipliers, larger line-of-duty disability benefits and a five-year deferred retirement option plan (DROP) — would raise the county contribution; commissioners directed staff to draft a work plan and consult stakeholders before deciding.
Carroll County officials on Thursday reviewed an actuarial study of proposed enhancements to the public-safety pension plan that would increase retirement and line-of-duty disability benefits for law enforcement, corrections and fire/EMS personnel.
The study, prepared by the county’s actuarial consultant, rounded the potential cost outcomes for three benefit scenarios: modest increases in the benefit multiplier (2.3–2.5 percent per year), larger line-of-duty disability formulas (up to 66 2/3 percent) and establishment of a five-year Deferred Retirement Option Program (DROP). The consultant estimated the…
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