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Committee recommends adding financial expertise and representation to Employees’ Retirement System board
Summary
The Labor and Workforce Committee voted unanimously to recommend Bill 25-0044, which would alter board membership and add financial or investment qualifications for trustees of the Employees’ Retirement System.
The Baltimore City Council Labor and Workforce Committee voted unanimously to recommend Bill 25-0044, which would amend membership and qualifications for the Employees’ Retirement System Board of Trustees to ensure trustees include financial or investment experience and to add representation tied to the Board of Estimates.
David Rand, executive director of the Employees’ Retirement System, told the committee the system serves roughly 7,704 active members and that Board of Education participants represent about 22% of those members. Rand said employer contributions to the system exceed $21,000,000, and argued that those factors support adding Board of Estimates representation and specifying financial or investment qualifications for trustees to ensure qualified, competent oversight.
Desiree Lucky of the Law Department said the law department “approves this bill for legal form and sufficiency.” Gabriel of the Department of Finance said his office is supportive of the legislation and does not anticipate significant impacts on revenues or expenses. There was no public testimony on the item.
A motion to recommend the bill favorably passed with affirmative votes from Chair Jermaine Jones, Vice Chair James Torrance, Councilwoman Odette Ramos McCray (Second District) and Councilman Ryan Dorsey. The committee’s favorable recommendation moves the proposal to the next Council stage.
