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.
dlr15-1309~intro/14Oct15
art22/F&P Interest/aa:me
dlr15-1309~intro/14Oct15
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art22/F&P Interest/aa:me