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 (Fire and Police Employees' Retirement System)
A BILL ENTITLED
AN ORDINANCE concerning
title
Fire and Police Employees' Retirement System - Technical Amendments
FOR the purpose of redefining "regular interest" for valuation purposes; clarifying who may serve on the Board of Trustees as designee of the Fire Chief; increasing the number of Board members required for a quorum; providing for vesting of members on termination or partial termination of the System; requiring the adoption of rules and regulations to govern the deferral of payments to certain minor children pending verification of their full-time student status; correcting and clarifying certain related language; providing for a special effective date; and generally relating to the Fire and Police Employees' Retirement System.
body
BY repealing and reordaining, with amendments
Article 22 - Retirement Systems
Section(s) 30(9), 33(b), and 33(f)
Baltimore City Code
(Edition 2000)
BY adding
Article 22 - Retirement Systems
Section(s) 34(x) and (y)
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 -- Fire and Police Employees' Retirement System
§ 30. Definitions.
In this subtitle, unless a different meaning is plainly required by the context, the following words and phrases have the meanings indicated:
(9) "Regular interest" means interest compounded annually for the reserves and items listed at the following rates:
(i) the Annuity Savings Reserve: 3.0%.
(ii) for valuation purposes: [8.0%] 7.75%.
(iii) for determining actuarial equivalents: 5.0%.
§ 33. Administration.
(b) Members.
The Board consists of 11 Trustees, as follows:
(3) The Chief of the Fire Department, ex officio. The Chief of the Fire Department may designate a representative to attend any meeting of the Board of Trustees in his or her place. This representative must be [a Deputy Fire Chief] THE ASSISTANT CHIEF OF SAFETY AND MEMBER SERVICES OR ANOTHER OFFICIAL WHO HOLDS EQUIVALENT RANK AND WHOSE RESPONSIBILITIES ARE PRIMARILY ADMINISTRATIVE, AS DISTINCT FROM OPERATIONAL, and must be a member of this [system] SYSTEM. This representative has the authority to act in the Chief's place.
(f) Procedures.
Each trustee [shall be] IS entitled to 1 vote on the Board. [5] 6 members of [said] THE Board [shall] constitute a quorum for the transaction of any business, the exercise of any power, or the performance of any duty authorized or imposed by this subtitle.
§ 34. Benefits.
(X) VESTING ON SYSTEM TERMINATION.
ON THE EFFECTIVE DATE OF A TERMINATION OR PARTIAL TERMINATION OF THIS SYSTEM, AS DETERMINED UNDER APPLICABLE INTERNAL REVENUE SERVICE REGULATIONS AND RULINGS, AND NOTWITHSTANDING ANY OTHER PROVISION OF THIS SUBTITLE, ALL AFFECTED MEMBERS WHO ARE NOT ALREADY VESTED IN THEIR ACCRUED BENEFIT MUST BE IMMEDIATELY VESTED IN THAT BENEFIT, TO THE EXTENT THE BENEFIT IS FUNDED.
(Y) RETROACTIVE PAYMENT OF FULL-TIME STUDENT BENEFITS.
THE BOARD OF TRUSTEES SHALL ESTABLISH RULES AND REGULATIONS GOVERNING DEFERRAL OF PAYMENTS TO MINOR CHILDREN OVER 18 YEARS OF AGE UNTIL THEIR FULL-TIME STUDENT STATUS HAS BEEN VERIFIED.
SECTION 2. AND BE IT FURTHER ORDAINED, That the catchlines contained in this Ordinance are not law and may not be considered to have been enacted as a part of this or any prior Ordinance.
SECTION 3. AND BE IT FURTHER ORDAINED, That this Ordinance takes effect on the date it is enacted.
dlr13-871(2)~intro/23Apr14
art22/F&P Tech'l/aa:me
dlr13-871(2)~intro/23Apr14
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art22/F&P Tech'l/aa:me