WASHINGTON (AP) – Democratic presidential candidate Martin O’Malley’s time in public office in Baltimore and Maryland has left him with limited assets but valuable public pensions, according to new financial and tax records O’Malley released Wednesday.
O’Malley and his wife, Catherine Curran O’Malley, a district court judge in Baltimore, have earned solid salaries in recent years as public officials, together bringing in nearly $270,000 in wages last year, supplemented by an additional $61,000 in pension payments stemming from O’Malley’s sixteen years as a Baltimore mayor and councilman.
O’Malley will begin collecting in 2018 an additional pension from his time as governor – which will be $90,000 a year based on the current governor’s salary. As a state judge, his wife is also in line to eventually receive a pension as well. O’Malley’s pensions alone, converted into the form of an annuity, would be worth well over a million dollars.
But the O’Malleys have little savings aside from their pensions, a circumstance that his campaign said reflects the cost of Catholic school for the couple’s four children and college tuition for two of them so far. O’Malley’s financial disclosure lists at least $300,000 in student loan from the children’s education.
“They made sacrifices and took on debt to invest in something they really believe in – the best education possible for their daughters,” spokeswoman Haley Morris wrote in an e-mail.