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Pension Program Grows Contribution to $900,000
Retirement benefits for backstretch workers are a reality in Maryland, thanks to a program started by the MTHA in 1988. The Backstretch Pension Fund is derived from monies deducted from the Purse Account. Participants do not make individual contributions into the plan.
The Board of Directors of the MTHA annually allocates funds to support this program. The contribution has been significantly increased to $900,000 this year, pending MRC approval, up from $750,000 last year, which is distributed among all participants.
Sign-ups for the Pension Program are conducted each spring at Laurel Park and Pimlico and for the second year in a row at Fair Hill Training Center. At that time, employees must register to receive benefits based on the previous year.
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Maryland horsemen have emerged as meaningful beneficiaries of the collaborative dual-state stakes schedule and new bonus incentives, according to statistics covering the period from June 21 through August 23 of this year.
