City of Baltimore - File #: 13-0248

• File #: 13-0248
• Version: 0
• Name: Employees’ and Elected Officials’ Retirement Systems - Actuarial Funding Method and Clarifications
• Type: Ordinance
• Status: Enacted
• File created: 7/15/2013
• In control: City Council
• Final action: 12/12/2013
• Enactment #: 13-191
• Title: Employees’ and Elected Officials’ Retirement Systems - Actuarial Funding Method and Clarifications FOR the purpose of changing the actuarial method used to fund the Employees’ and Elected Officials’ Retirement Systems; clarifying the due dates for the City’s contributions to the Employees’ and Elected Officials’ Retirement Systems; clarifying certain provisions of the Employees’ Retirement System that relate to deferred vested pension benefits; and generally relating to the funding and operation of the Employees’ and Elected Officials’ Retirement Systems.
• Sponsors: City Council President (Administration)
• Indexes: Elected Officials, Employees Retirement System, Funding, Retirement Systems

Date	Ver.	Action By	Action	Result
12/12/2013	0	Mayor	Signed by Mayor
12/5/2013	0	Taxation, Finance and Economic Development Committee	Recommended Favorably with Amendment
12/5/2013	0	City Council	Advanced to 3rd Rdr., Adopted Comm. Report
12/5/2013	0	City Council	Approved and Sent to the Mayor
12/5/2013	0	City Council	Advanced to 3rd Reader on same day
9/16/2013	0	Taxation, Finance and Economic Development Committee	Scheduled for a Public Hearing
7/18/2013	0	The City Council	Referred for a Report
7/18/2013	0	The City Council	Referred for a Report
7/18/2013	0	The City Council	Referred for a Report
7/18/2013	0	The City Council	Referred for a Report
7/15/2013	0	City Council	Introduced
7/15/2013	0	City Council	Assigned

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 (Employees’ and Elected Officials’ Retirement Systems)

A BILL ENTITLED

AN ORDINANCE concerning
title
Employees’ and Elected Officials’ Retirement Systems - Actuarial Funding Method and Clarifications

FOR the purpose of changing the actuarial method used to fund the Employees’ and Elected Officials’ Retirement Systems; clarifying the due dates for the City’s contributions to the Employees’ and Elected Officials’ Retirement Systems; clarifying certain provisions of the Employees’ Retirement System that relate to deferred vested pension benefits; and generally relating to the funding and operation of the Employees’ and Elected Officials’ Retirement Systems.
body

BY repealing and reordaining, with amendments
Article 22 - Retirement Systems
Section(s) 5(s), 8(c), 9(l), and 24(b) and (c)
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:

Baltimore City Code

Article 22. Retirement Systems

Subtitle – Employees’ Retirement System

§ 5. Administration; Board of Trustees.

(s) Actuarial funding method.

Effective retroactively with the year beginning July 1, 1988, AND THROUGH THE YEAR ENDING JUNE 30, 2013, the Retirement System shall be funded by using the projected unit credit cost method. EFFECTIVE RETROACTIVELY WITH THE YEAR BEGINNING JULY 1, 2013, T...