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August 12, 2003|By David Nitkin | David Nitkin,SUN STAFF
Because abridged advice was provided to The Sun by the accompaniment Supplemental Retirement Agency, an commodity in yesterday’s editions did not absolutely call the bulk of the retirement affairs bout provided to acceptable Maryland accompaniment government workers. The accompaniment akin agent contributions dollar for dollar up to $600 for several years, but the best bulk was bargain to $500 aftermost year.
As Maryland’s attenuated budgetary action lingers, accompaniment government workers are arresting addition hit: the accident of a account that provided up to $600 annual for retirement advance accounts.
The accompaniment has abeyant its employer bout for 401(k) and accompanying retirement plans, extenuative an estimated $18 actor to $20 actor annually in cadre costs.
The suspension, which began at the alpha of the accepted budgetary year on July 1, is hitting home as advisers accept their best contempo pay stubs.
“It’s aloof one added affair that is activity to accord to low morale, forth with college workload and beneath staff,” said Sue Esty, a lobbyist with the American Federation of State, County and Municipal Employees, in an account yesterday.
Money for the bout was cut by the General Assembly as it scoured the account for accumulation during this year’s session. Gov. Robert L. Ehrlich Jr. had proposed cuts of about $400 actor to the state’s $22.4 billion budget, and assembly akin an added $200 million.
About 50,000 associates of the state’s 80,000-person assignment force are acceptable for tax-deferred retirement programs, said Arthur Caple Jr., controlling administrator of the Maryland Supplemental Retirement Agency, of which the 401(k) plan is the best-known.
Of those, about 40,000 — or 80 percent — participate in the programs, breach a allocation of their pay to alone accounts afore taxes are assessed.
“It’s a actual baby cardinal aback you accept acceptable bread-and-butter times,” said Caple, apropos to the bulk of the analogous program. “In bad times, it’s a cogent amount.”
Since 1998, the accompaniment has matched, or contributed $1 for every $1 advisers put into their accounts, up to $600 per year — money that grows tax-free until it is aloof in retirement.
Esty, the abutment lobbyist, said the analogous affairs was created by policymakers who accustomed that the accepted retirement plan for accompaniment advisers was inadequate.
“Already we apperceive that aback a accompaniment agent retires, they are not activity to accomplish it financially,” she said. “This is addition access that has been cut off.”
Henry Fawell, a agent for Ehrlich, said abbreviation cadre costs for workers is bigger to added alternatives.
“It was a cost-saving admeasurement that is absolutely bigger than accepting to accede added warm-body layoffs,” Fawell said.
State advisers accept suffered their allotment of belt-tightening. They haven’t accustomed cost-of-living raises in added than two years, and hiring freezes accompanying with the connected abolishment of abandoned positions accept meant greater workloads.
Last month, Ehrlich appear an added annular of $208 actor account cuts, which included 83 layoffs and 880 abandoned jobs slashed.
The state’s cost-saving move could accept a absolute appulse on the bulk of money workers save for their retirement.
A contempo address by the Center for Retirement Research at Boston College begin a ascertainable articulation amid employer matches and agent contributions.
“The empiric studies affirm one’s intuition that the attendance of an agent bout encourages both accord and contribution,” wrote authors Alicia H. Munnell and Annika Sunden.
Maryland joins a growing cardinal of clandestine companies that accept alone or abeyant their 401(k) analogous programs aback the end of the late-1990s balderdash market, blow workers who may accept appear to appearance the account as unalterable.
Ford Motor Co., Goodyear Tire & Rubber Co. and Charles Schwab and Co. are amid several ample corporations that accept concluded or bargain their employer matches in contempo years, according to the Boston College study.
But Caple of the retirement bureau said he expects accompaniment workers to abide to put money in their accounts. They apperceive they allegation booty allegation of their retirement planning, he said, and can’t apprehend government assurance nets to accommodate for their post-employment livelihood.
“They apprehend they accept to save on their own,” Caple said. “They are not activity to stop extenuative because of the end of the match. They are acquisitive it is activity to appear aback back we get our problems straightened out.”
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