Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Consultants Outline Steps, Risks for La Plata's Proposed Supplemental Pension Plan
Summary
Actuarial consultants from USI Consulting Group told the La Plata Town Council that creating a town-sponsored supplemental defined-benefit plan tied to the Maryland state plan is feasible but administratively complex, could take months to implement, and would require ongoing oversight, legal work and new administrative capacity.
Frederica Daniels, an actuary with USI Consulting Group, told the La Plata Town Council that the town's plan-design phase must address benefit design, legal documentation and administration before any implementation.
"We've been asked by, La Plata to present to you some processes and challenges related to the pension plan," Daniels said, opening a presentation that the council requested after receiving a prior study of alternatives.
Why it matters: Council members have discussed a supplemental pension tied to the Maryland state plan (the study labeled "Plan 3") as a way to improve recruitment and retention for police and public works staff. If the town moves forward, USI said, the town would assume responsibilities that the state currently manages and would face costs and timing tradeoffs the council should weigh carefully.
USI's presentation focused on three overlapping workstreams the town must plan for: plan design (how benefits will be calculated and what the…
Already have an account? Log in
Subscribe to keep reading
Unlock the rest of this article — and every article on Citizen Portal.
- Unlimited articles
- AI-powered breakdowns of topics, speakers, decisions, and budgets
- Instant alerts when your location has a new meeting
- Follow topics and more locations
- 1,000 AI Insights / month, plus AI Chat
