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: The Council President
At the request of: The Administration (Department of Finance)
A BILL ENTITLED
AN ORDINANCE concerning
title
Change to Grow: 10-Year Plan - Retirement Savings Plan
FOR the purpose of establishing a new tax-qualified defined contribution plan (the "Retirement Savings Plan of the City of Baltimore") for the benefit of certain employees initially employed or reemployed by the City of Baltimore on or after a certain date; providing for the administration of the Plan; requiring Plan members and the City to make certain contributions to the Plan each payroll period; permitting Plan members to select from among various investment options; imposing certain vesting rules for City contributions; providing that a member's account balance will be distributed upon certain events; defining certain terms; correcting, clarifying, and conforming related provisions; providing for a special effective date; and generally relating to the Retirement Savings Plan of the City of Baltimore.
body
BY adding
New Article 22A - Retirement Savings Plan
Baltimore City Code
(Edition 2000)
BY repealing and reordaining, with amendments
Article 22 - Retirement Systems
Sections 2, 5(b)(5)(ii)1, and 33(b)(9)(ii)1
Baltimore City Code
(Edition 2000)
SECTION 1. BE IT ORDAINED BY THE MAYOR AND CITY COUNCIL OF BALTIMORE, That the Laws of Baltimore City read as follows:
Baltimo...
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