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: Councilmember Holton
A BILL ENTITLED
AN ORDINANCE concerning
title
A Safe and Adequate Retirement System for the City of Baltimore
FOR the purpose of establishing a new tax-qualified defined contribution plan (the "Supplemental 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; establishing for certain employees a limit on pensionable pay under the Employees' Retirement Plan of the City of Baltimore and requiring certain contributions by those employees; defining certain terms; correcting, clarifying, and conforming related provisions; providing for a special effective date; and generally relating to the Supplemental Savings Plan of the City of Baltimore.
body
BY adding
New Article 22A - Supplemental Savings Plan
Baltimore City Code
(Edition 2000)
BY repealing and reordaining, with amendments
Article 22 - Retirement Systems
Section(s) 1(11)(ii), 2, 5(b)(5)(ii)1, 8(d)(1)(i), 9(a)(...
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