City of Baltimore - File #: 15-0579

• File #: 15-0579
• Version: 0
• Name: Fire and Police Employees- Retirement System - Regular Interest
• Type: Ordinance
• Status: Enacted
• File created: 10/19/2015
• In control: City Council
• Final action: 12/18/2015
• Enactment #: 15-436
• Title: Fire and Police Employees- Retirement System - Regular Interest FOR the purpose of modifying the definition of "regular interest" for valuation purposes; and providing for a special effective date.
• Sponsors: City Council President (Administration)
• Indexes: Fire & Police Retirement Systems, Interest

Date	Ver.	Action By	Action	Result
1/11/2016	0	Mayor	Signed by Mayor
12/10/2015	0	City Council	Approved and Sent to the Mayor
12/7/2015	0	City Council	3rd Reader, for final passage
12/7/2015	0	Taxation, Finance and Economic Development Committee	Recommended Favorably
11/24/2015	0	Taxation, Finance and Economic Development Committee	Recommended Favorably	Pass
11/16/2015	0	Taxation, Finance and Economic Development/Land Use and Transportation Committee	Scheduled for a Public Hearing
10/22/2015	0	The City Council	Refer to Dept. of Finance
10/22/2015	0	The City Council	Refer to City Solicitor
10/22/2015	0	The City Council	Refer to Fire and Police Employees' Retirement System
10/19/2015	0	City Council	Assigned
10/19/2015	0	City Council	Introduced

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 (F&P Employees - Retirement System)

A BILL ENTITLED

AN ORDINANCE concerning
title
Fire and Police Employees- Retirement System - Regular Interest
FOR the purpose of modifying the definition of "regular interest" for valuation purposes; and providing for a special effective date.
body

BY repealing and reordaining, with amendments
Article 22 - Retirement Systems
Section 30(9)
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: [7.75%] 7.5%

(iii) for determining actuarial equivalents: 5.0%.
. . . .



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 when it is enacted....