* 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 Holton
A RESOLUTION ENTITLED
A COUNCIL RESOLUTION concerning
title
Transitioning Retirement Systems for City Employees
FOR the purpose of calling on the Baltimore City Retirement System Board to work with the City Council to prepare a bill that would transition the Baltimore City Employees’ Retirement Systems away from the defined benefit, pension style system that is currently in place, and towards a modern and sustainable approach to retirement planning for future employees.
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Recitals
As part of the City’s ongoing efforts to close its long-term structural budget gap, it is important to keep all options on the table. One area that will have to be addressed is the ballooning costs of pension obligations for future retirees.
Baltimore must explore the possibility of moving future employees into defined contribution or hybrid retirement systems and away from the current unsustainable defined benefit, pension style system. Both the private sector, and many government jurisdictions, have found these approaches to be more effective and affordable methods of safeguarding their employees’ postemployment years.
In order to begin a serious discussion about what this approach might look like in Baltimore, it is important that the Council have an actual concrete proposal before it to examine.
Accordingly, we call on the Baltimore City Retirement System B...
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