Baltimore City Council
Share to Facebook Share to Twitter Bookmark and Share
File #: 21-0066    Version: 0 Name: Retirement Systems - Precluded Investment and Divestment - Fossil Fuel Companies
Type: Ordinance Status: Enacted
File created: 4/19/2021 In control: Baltimore City Council
On agenda: Final action: 10/1/2021
Enactment #: 21-043
Title: Retirement Systems - Precluded Investment and Divestment - Fossil Fuel Companies For the purpose of prohibiting the new investment of certain retirement funds in fossil fuel companies; requiring the divestment of certain retirement funds in fossil fuel companies within a certain timeframe; requiring certain reviews; specifying a certain procedure for the divestiture of investments; authorizing certain exemptions; defining certain terms; and providing for a special effective date.
Sponsors: Mark Conway, Eric T. Costello, Robert Stokes, Sr., Sharon Green Middleton, James Torrence, Odette Ramos, Kristerfer Burnett, Phylicia Porter, John T. Bullock, President Nicholas J. Mosby
Indexes: Fossil Fuel Companies , Retirement Systems
Attachments: 1. 21-0066~1st Reader, 2. Law 21-0066, 3. RSP 21-0066, 4. ERS 21-0066, 5. DHR 21-0066, 6. Hearing Agenda - 21-0066, 7. F&PERS 21-0066, 8. Comptroller's Office 21-0066, 9. Finance 21-0066, 10. PSGO - Hearing Notes - 21-0066, 11. Hearing Minutes - 21-0066, 12. Hearing Agenda - 21-0066 (2), 13. PSGO - Hearing Notes - 21-0066 (2), 14. Hearing Minutes - 21-0066 (2), 15. cc21-0066(2)~1st (Conway), 16. Hearing Packet - Bill 21-0066 - Retirement Systems - Precluded Investment and Divestment, 17. 2nd Reader Amendments 21-0066(1)~1st (comm), 18. 21-0066~3rd Reader, 19. 21-0066 Signed, 20. Completed Ordinance 21-0066
Date Ver.Action ByActionResultAction DetailsMeeting DetailsVideo
10/4/20210 Mayor Signed by Mayor  Action details Meeting details Not available
7/19/20210 Baltimore City Council Approved and Sent to the Mayor  Action details Meeting details Not available
6/21/20210 Baltimore City Council 3rd Reader, for final passage  Action details Meeting details Not available
6/21/20210 Public Safety and Government Operations Recommended Favorably with Amendment  Action details Meeting details Not available
6/16/20210 Public Safety and Government Operations Recommended Favorably with AmendmentPass Action details Meeting details Not available
6/14/20210 Public Safety and Government Operations Worksession  Action details Meeting details Not available
5/17/20210 Public Safety and Government Operations Scheduled for a Public Hearing  Action details Meeting details Not available
4/22/20210 Baltimore City Council Refer to City Solicitor  Action details Meeting details Not available
4/22/20210 Baltimore City Council Refer to Employees' Retirement System  Action details Meeting details Not available
4/22/20210 Baltimore City Council Refer to Dept. of Finance  Action details Meeting details Not available
4/22/20210 Baltimore City Council Refer to Office of the Comptroller  Action details Meeting details Not available
4/22/20210 Baltimore City Council Refer to Labor Commissioner  Action details Meeting details Not available
4/22/20210 Baltimore City Council Refer to Dept. of Human Resources  Action details Meeting details Not available
4/22/20210 Baltimore City Council Refer to Fire and Police Employees' Retirement System  Action details Meeting details Not available
4/22/20210 Baltimore City Council Refer to Retirement Savings Plan Board of Trustees  Action details Meeting details Not available
4/19/20210 Baltimore City Council Assigned  Action details Meeting details Not available
4/19/20210 Baltimore City Council Introduced  Action details Meeting details Not available
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 Conway

A Bill Entitled

An Ordinance concerning
title
Retirement Systems - Precluded Investment and Divestment - Fossil Fuel Companies
For the purpose of prohibiting the new investment of certain retirement funds in fossil fuel companies; requiring the divestment of certain retirement funds in fossil fuel companies within a certain timeframe; requiring certain reviews; specifying a certain procedure for the divestiture of investments; authorizing certain exemptions; defining certain terms; and providing for a special effective date.
body

By adding
Article 22 - Retirement Systems
Section(s) 7(a)(2), 23(c), and 35(a)(3)
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

§ 7. Management of funds.

(a) Trustee of funds.

. . .

(2) Fossil fuel investments.

(i) Definitions.

1. In this paragraph (2), the following terms have the meanings indicated.


2. A. “Actively managed separate account” means assets of the System that are actively managed at the direction of the Board of Trustees and held in a separate account.

B. “Actively managed separate account” does not include:

1. an indexed fund;

2. a private equity fund;

3. a hedge fund;

4. a real estate fund; or

5. ...

Click here for full text