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Governor O’Malley Announces Retirement Security Task Force Begins Work to Strengthen Middle Class through Better Retirement Opportunities

ANNAPOLIS, MD – Governor O’Malley today announced that the Governor’s Task Force to Ensure Retirement Security for All Marylanders has officially begun its efforts to improve options for secure retirement savings for private sector employees in Maryland.

The Task Force, established by Executive Order and chaired by former Lt. Governor Kathleen Kennedy Townsend, hosted its first meeting yesterday afternoon in Annapolis.

“Strengthening and growing the middle class is the central focus of our work, and ensuring the financial security of Maryland workers is a key part of that equation,” said Governor O’Malley. “I am pleased that the Task Force has now formally begun to tackle one of the toughest challenges facing our State: ensuring that Marylanders are able to enjoy a stable and secure retirement.”

“This week, our Task Force took the first step toward addressing the critical challenge facing Maryland families: lifelong financial security,” said former Lt. Governor Kathleen Kennedy Townsend. “We gained valuable insight from the public—and from each other— as we began our collaborative efforts to develop innovative, sustainable and cost effective policy recommendations to safeguard Marylanders’ economic security.”

The Task Force consists of members from the House of Delegates, Senate, Governor’s Cabinet, the State Treasurer, labor unions, the financial service industry, the small business community, and the retiree community. The Task Force will issue a report by December 4, 2014, and will terminate on February 15, 2015, unless the Governor declares an extension.

The full executive order establishing the Governor’s Task Force to Ensure Retirement Security for All Marylanders is found here.