City of Baltimore - File #: 21-0066

• 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
• 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

Date	Ver.	Action By	Action	Result
10/4/2021	0	Mayor	Signed by Mayor
7/19/2021	0	Baltimore City Council	Approved and Sent to the Mayor
6/21/2021	0	Baltimore City Council	3rd Reader, for final passage
6/21/2021	0	Public Safety and Government Operations	Recommended Favorably with Amendment
6/16/2021	0	Public Safety and Government Operations	Recommended Favorably with Amendment	Pass
6/14/2021	0	Public Safety and Government Operations	Worksession
5/17/2021	0	Public Safety and Government Operations	Scheduled for a Public Hearing
4/22/2021	0	Baltimore City Council	Refer to City Solicitor
4/22/2021	0	Baltimore City Council	Refer to Employees' Retirement System
4/22/2021	0	Baltimore City Council	Refer to Dept. of Finance
4/22/2021	0	Baltimore City Council	Refer to Office of the Comptroller
4/22/2021	0	Baltimore City Council	Refer to Labor Commissioner
4/22/2021	0	Baltimore City Council	Refer to Dept. of Human Resources
4/22/2021	0	Baltimore City Council	Refer to Fire and Police Employees' Retirement System
4/22/2021	0	Baltimore City Council	Refer to Retirement Savings Plan Board of Trustees
4/19/2021	0	Baltimore City Council	Assigned
4/19/2021	0	Baltimore 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: 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. ...