EXPLANATION: CAPITALS indicate matter added to existing law.
[Brackets] indicate matter deleted from existing law.
* WARNING: THIS IS AN UNOFFICIAL, INTRODUCTORY COPY OF THE BILL.
THE OFFICIAL COPY CONSIDERED BY THE CITY COUNCIL IS THE FIRST READER COPY.
INTRODUCTORY*
CITY OF BALTIMORE
COUNCIL BILL
Introduced by: Councilmembers Holton, Cole
A BILL ENTITLED
AN ORDINANCE concerning
title
Fire and Police Employees' Retirement System - Benefits
FOR the purpose of modifying certain System interest rate assumptions; changing the definition of "average final compensation" for all System members not currently eligible for a normal service retirement benefit; clarifying the definition of "earnable compensation"; making the Director of Finance an ex-officio member of the Board of Trustees of the System; allowing the Director of Finance to authorize a designated representative to act in his or her stead at board meetings; adding 1 additional Board of Trustees appointee to the existing 2 City resident mayoral appointees; establishing new qualifications for the mayoral appointees; exempting the Board of Trustees from the City Charter provision requiring minority party representation on City boards; changing the age and service requirements for the normal service retirement benefit for all System members not currently eligible for a normal service retirement benefit; establishing a new early service retirement benefit for System members who do not qualify for normal service retirement; increasing the percentage of compensation contributable by System members; amending provisions of the Fire and Police Employees' Retirement System law pertaining to post-retirement increases by discontinuing the variable ...
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