City of Baltimore - File #: 13-0094R

• File #: 13-0094R
• Version: 0
• Name: Eliminating Defined Benefit Pensions for Elected Officials
• Type: City Council Resolution
• Status: Withdrawn
• File created: 2/11/2013
• In control: City Council
• Final action: 7/17/2014
• Title: Eliminating Defined Benefit Pensions for Elected Officials FOR the purpose of calling on the Baltimore City Retirement System Board to work with the City Council to have a bill readied for introduction by July 1st, 2013 that would transition the Elected Officials’ Retirement System from the current defined benefit, pension style, approach into a more sustainable 401(k) style defined contribution system.
• Sponsors: William H. Cole, IV, Robert Curran, Brandon M. Scott
• Indexes: Elected Officials, Resolution, Retirement Systems

Date	Ver.	Action By	Action	Result
7/17/2014	0	City Council	Withdrawn
2/14/2013	0	The City Council	Referred for a Report
2/11/2013	0	City Council	Introduced
2/11/2013	0	City Council	Assigned

* 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 R
(Resolution)

Introduced by: Councilmember Cole



A RESOLUTION ENTITLED

A COUNCIL RESOLUTION concerning
title
Eliminating Defined Benefit Pensions for Elected Officials

FOR the purpose of calling on the Baltimore City Retirement System Board to work with the City Council to have a bill readied for introduction by July 1st, 2013 that would transition the Elected Officials’ Retirement System from the current defined benefit, pension style, approach into a more sustainable 401(k) style defined contribution system.
body

Recitals

Local and state governments nationwide have been forced by these difficult economic times to grapple with a host of budget challenges, and to make hard tradeoffs in order to best serve their constituents. Many jurisdictions have found anticipated retirement costs to be a major driver of unsustainable projected deficits over both the short and long terms, and have taken a variety of steps to mitigate this serious thereat to their finances.

Unfortunately, Baltimore is not immune to these nationwide currents. Volatile stock markets, the general economic malaise, and changes in both life expectancy and healthcare costs have combined to make Baltimore City’s current retirement model appear increasingly unsustainable.

As elected officials, it is our responsibility to address this looming crisis through fair and reasonable reforms. Accordingly, as an initial step towards making the City’s e...