Baltimore City Code, Article 22A, § 2-1 Board established.
§ 2-1. Board established.
There is a Board of Trustees of the Retirement Savings Plan.
(Ord. 14-216.)
Administration
Baltimore City Code art. 22A, subtit. 2
in effectBaltimore City Code, Article 22A, § 2-2 Board composition.
§ 2-2. Board composition.
(a) In general.
(1) The Board consists of the following 13 trustees, all of whom serve with voting privileges:
(i) the Director of Finance or the Director’s designated representative, who must be either the Deputy Director of Finance or the Budget Director;
(ii) the City Comptroller or the Comptroller’s designated representative, who must be a Deputy Comptroller;
(iii) the Director of Human Resources;
(iv) the City Labor Commissioner;
(v) 2 representatives of the Baltimore City Public School System, to be designated by the Chief Executive Officer of the Baltimore City Public School System;
(vi) the President of AFSCME Local 44 or the President’s designated representative;
(vii) the President of the City Union of Baltimore (“CUB”) or the President’s designated representative;
(viii) the President of the Managerial and Professional Society of Baltimore, Inc. (“MAPS”) or the President’s designated representative;
(ix) a representative jointly designated by the Baltimore Fire Officers Association and Baltimore City Lodge #3 Fraternal Order of Police;
(x) 2 residents and registered voters of the City of Baltimore, to be appointed by the Mayor in accordance with City Charter Article IV, §6; and
(xi) `a representative appointee to be designated by the City Council President.
(2) Appointed trustees – Qualifications.
Each of the 2 trustees appointed under paragraph (1)(x) of this subsection must have at least 10 years of relevant institutional investment management expertise or other equivalent experience and may not be an official or employee of the City at the time of his or her appointment or during the entire term of office.
(3) Appointed trustees – Term of office.
(i) Each of the 3 trustees appointed under paragraph (1)(x) and (xi) of this subsection serves for a term of 4 years, concurrent with the term of the Mayor and the City Council President.
(ii) At the end of a term, an appointed member continues to serve until a successor is appointed and qualifies.
(iii) If appointed to fill a vacancy in an unexpired term, a trustee serves only for the remainder of that term.
(b) Service without regard to political affiliation.
Notwithstanding City Charter Article IV, § 8, trustees may be appointed or hold their positions without regard to political affiliation.
(Ord. 21-019; Ord. 20-458; Ord. 15-329; Ord. 14-216.)
Baltimore City Code, Article 22A, § 2-3 Board functions.
§ 2-3. Board functions.
(a) In general.
The Board of Trustees serves both:
(1) in an administrative capacity, as described in subsection (b) of this section; and
(2) as trustee of Plan assets, as described in subsection (c) of this section.
(b) Administrative capacity.
Subject to § 2-8 {“Retention of services; Right of reliance”} of this subtitle, the Board is responsible for:
(1) the general administration and proper operation of the Plan; and
(2) effectuating the provisions of this article.
(c) Trustee of Plan assets.
(1) The Board is the trustee of the Plan assets.
(2) Subject to § 2-8 {“Retention of services; Right of reliance”} of this subtitle, the Board is responsible for:
(i) selecting investment funds (including a default investment fund) under § 6-2 {“Accounts: Investments”} of this article;
(ii) monitoring these investment funds on an ongoing basis; and
(iii) adding or replacing these investment funds as the Board considers prudent.
(d) Other assets.
Subject to § 2-8 {“Retention of services; Right of reliance”} of this subtitle, the Board is responsible for any other assets assigned to the Board by the City. The scope of the Board’s responsibility is determined by the terms of the assignment.
(Ord. 20-458; Ord. 15-329; Ord. 14-216.)
Baltimore City Code, Article 22A, § 2-4 {Reserved}
Baltimore City Code, Article 22A, § 2-5 Oath of office.
§ 2-5. Oath of office.
Each Trustee must take an oath of office as required by City Charter Article IV, § 6(i), or other applicable law.
(Ord. 14-216.)
Baltimore City Code, Article 22A, § 2-6 Officers.
§ 2-6. Officers.
(a) Chair.
The Director of Finance (or the Director’s designated representative) serves as Chair of the Board.
(b) Vice-Chair.
The trustees may elect a trustee to serve as Vice-Chair of the Board.
(c) Secretary.
(1) If an Executive Director has been appointed by the Board under § 2-8(a) {“Services”} of this subtitle, the Executive Director serves as the Board’s Secretary.
(2) If no Executive Director has been appointed, the trustees may elect a trustee to serve as the Board’s Secretary.
(Ord. 20-458; Ord. 14-216.)
Baltimore City Code, Article 22A, § 2-7 Meetings; Voting; Records.
§ 2-7. Meetings; Voting; Records.
(a) Meetings.
(1) The Board of Trustees must meet once during each calendar quarter, unless the Chair determines that additional meetings are required.
(2) All meetings of the Board must be conducted in accordance with the State Open Meetings Act, Title 3 of the State General Provisions Article.
(b) Voting.
(1) Each trustee is entitled to 1 vote on the Board.
(2) 6 trustees constitute a quorum.
(3) An affirmative vote by the majority of a quorum is needed for any action by the Board.
(c) Records.
(1) The Board must keep a record of all of its proceedings.
(2) These records are open to public inspection in accordance with the State Public Information Act, Title 4 of the State General Provisions Article.
(Ord. 20-458; Ord. 16-503; Ord. 15-329; Ord. 14-216.)
Baltimore City Code, Article 22A, § 2-8 Retention of services; Right of reliance.
§ 2-8. Retention of services; Right of reliance.
(a) Services.
(1) From time to time, as the Board of Trustees determines necessary for the efficient administration of the Retirement Savings Plan, the Board may:
(i) retain the services of a third-party administrator to provide administrative and recordkeeping services for the Plan;
(ii) retain the services of 1 or more investment advisors to provide investment assistance and advice;
(iii) retain the services or secure the advice of any other person or entity; and
(iv) appoint an Executive Director for the Plan and delegate to the Executive Director and the Executive Director’s staff any of the Board’s duties or responsibilities under this subtitle.
(2) The retention of these services is subject to the approval of the Board of Estimates if the fees for the services exceed the dollar threshold that generally requires Board of Estimates approval.
(b) Reliance.
(1) The Board of Trustees is entitled to rely conclusively on, and is fully protected in any action or omission taken by it in good faith reliance on, the advice of any person or entity.
(2) The Board is not liable for any act or omission of any person to whom the Board has delegated any of its duties or responsibilities.
(Ord. 14-216.)
Baltimore City Code, Article 22A, § 2-9 Rules and regulations.
§ 2-9. Rules and regulations.
Subject to any limitations imposed by this article and to Title 4 {“Administrative Procedure Act – Regulations”} of the City General Provisions Article, the Board of Trustees may adopt rules and regulations for the efficient administration of the Retirement Savings Plan.
(Text Conformed 02/22/21; Ord. 14-216.)
Baltimore City Code, Article 22A, § 2-10 Compensation; Expenses.
§ 2-10. Compensation; Expenses.
(a) In general.
Except as provided in subsection (b) of this section, each trustee serves without compensation.
(b) Expenses.
Trustees serve without compensation, but are entitled to reimbursement for reasonable expenses incurred in the performance of their duties.
(Ord. 20-458; Ord. 16-503; Ord. 15-329; Ord. 14-216.)
Baltimore City Code, Article 22A, § 2-11 Legal advisor.
§ 2-11. Legal advisor.
The City Solicitor is the legal advisor to the Board.
(Ord. 14-216.)
Baltimore City Code, Article 22A, § 2-12 Fiduciary standards; Indemnification; Insurance.
§ 2-12. Fiduciary standards; Indemnification; Insurance.
(a) “Acting as a fiduciary ...” defined.
For purposes of this section, a person is “acting as a fiduciary with respect to the Plan” to the extent that the person:
(1) exercises any discretionary authority or discretionary control respecting management of the Retirement Savings Plan;
(2) exercises any discretionary authority or discretionary control respecting management or disposition of Plan assets; or
(3) has any discretionary authority or discretionary responsibility in administering the Plan.
(b) Fiduciary standards.
The trustees and every other person “acting as a fiduciary with respect to the Plan” must discharge their duties with respect to the Plan:
(1) solely in the interest of members and beneficiaries and for the exclusive purpose of providing benefits to members and beneficiaries and defraying reasonable expenses of administering the Plan;
(2) with the care, skill, prudence, and diligence under the circumstances then prevailing that a prudent person acting in a like capacity and familiar with those matters would use in the conduct of an enterprise of a like character and with like aims; and
(3) in accordance with this article and with the documents and instruments governing the Plan.
(c) Indemnification.
(1) To the extent allowable by applicable law, the City may indemnify every person who is made or is threatened to be made a party to any action, suit, or proceeding, including any administrative or investigative proceeding, by reason of “acting as a fiduciary with respect to the Plan”.
(2) This indemnification may cover those expenses actually and reasonably incurred in connection with the action, suit, or proceeding, including attorney’s fees, judgments, fines, and amounts paid in settlement.
(3) Notwithstanding any other provision of this subsection, indemnification may not be made with respect to:
(i) any action, suit, or proceeding as to which the person acted with gross negligence or willful misconduct; or
(ii) an independent contractor providing services to the Plan.
(d) Fiduciary insurance.
The City may provide insurance or self-insurance to cover potential liability resulting from an act or failure to act on the part of any person “acting as a fiduciary with respect to the Plan”.
(e) Failure to indemnify or adequately insure.
If the City fails to indemnify or provide adequate insurance for any person “acting as a fiduciary with respect to the Plan”, the City assumes all liability resulting from that person’s act or failure to act.
(Ord. 14-216.)
Baltimore City Code, Article 22A, § 2-13 Plan expenses.
§ 2-13. Plan expenses.
Except for investment fund fees and expenses paid under § 6-2(e) {“Investments: Fund fees and expenses”} of this article, all expenses incurred in the administration of the Retirement Savings Plan and in the management of Plan assets may only be paid as follows:
(1) first, out of either forfeitures under Subtitle 8 {“Forfeitures”} of this article; or
(2) the unallocated Plan Asset Account that holds revenue sharing or similar payments received by the Plan from or with respect to an investment option, as determined by the Board.
(Ord. 20-458; Ord. 14-216.)
Baltimore City Code, Article 22A, § 2-14 Recovery of overpayments.
§ 2-14. Recovery of overpayments.
If the Board of Trustees determines that a member or beneficiary has received from the Retirement Savings Plan a distribution that exceeds the amount to which the member or beneficiary was entitled, the Board must take all necessary steps to recover the overpayment.
(Ord. 14-216.)
Baltimore City Code, Article 22A, §§ 2-15 and 2-16 {Reserved}
Baltimore City Code, Article 22A, § 2-17 Administrative appeal.
§ 2-17. Administrative appeal.
(a) Right of appeal.
Any person aggrieved by a determination made or action taken with respect to a person’s eligibility for membership in or benefits under the Retirement Savings Plan may appeal that determination or action to the Board of Trustees.
(b) When and how taken.
A notice of appeal must be filed with the Board within 1 year of the determination or action in question.
(c) Hearing.
(1) On receipt of a notice of appeal, the Board must hold a hearing on the appeal as soon as administratively practicable.
(2) Except as otherwise provided in this section or, subject to Title 4 {“Administrative Procedure Act – Regulations”} of the City General Provisions Article, by rule or regulation of the Board:
(i) the hearing must be conducted in an orderly but informal manner; and
(ii) formal rules of evidence and trial procedures do not apply.
(d) Counsel.
(1) The person filing the appeal may be represented by counsel at the hearing.
(2) The Plan will be represented by the City Solicitor or the Solicitor’s designee.
(e) Witnesses.
All witnesses testifying at the hearing must do so under oath or by affirmation, subject to the penalties of perjury.
(f) Decision.
(1) As soon as administratively practicable after the hearing, the Board must render its decision and notify the person filing the appeal of that decision.
(2) In its decision, the Board may affirm, modify, or reverse the determination or action from which the appeal was taken.
(Text Conformed 02/22/21; Ord. 14-216.)
Baltimore City Code, Article 22A, § 2-18 Judicial and appellate review.
§ 2-18. Judicial and appellate review.
(a) Judicial review.
A party aggrieved by a final decision of the Board of Trustees under § 2-17 {“Administrative appeal”} of this subtitle may seek judicial review of that decision by petition to the Circuit Court for Baltimore City in accordance with the Maryland Rules of Procedure.
(b) Appellate review.
A party to the judicial review may appeal the court’s final judgment to the Court of Special Appeals in accordance with the Maryland Rules of Procedure.
(Ord. 14-216.)
Baltimore City Code, Article 22A, § 2-19 {Reserved}
Baltimore City Code, Article 22A, § 2-20 Conflicts of interest.
§ 2-20. Conflicts of interest.
(a) Application of City Ethics Code.
(1) The Board of Trustees is an “agency” and “board” within the meaning of and subject to the standards and requirements of the Baltimore City Public Ethics Law (City Code Article 8).
(2) Each trustee is a “public servant” and an “official” within the meaning of and subject to the standards and requirements of the Baltimore City Public Ethics law.
(3) Each employee of the Board is a “public servant” and an “employee” within the meaning of and subject to the standards and requirements of the Baltimore City Public Ethics Law.
(b) Additional standards and requirements.
(1) In general.
In addition to the standards and requirements contained in the Baltimore City Public Ethics Law, trustees and Board employees may not engage in any of the following activities or hold any of the following interests, as these activities or interests are defined in the Baltimore City Public Ethics Law.
(2) Business with City Benefit Plan.
No Trustee or Board employee may do business with any system, plan, or trust administered by any of the following (collectively, “the City Benefit Plans”):
(i) the Board of Trustees of the Employees’ Retirement System of the City of Baltimore;
(ii) the Board of Trustees of the Fire and Police Employees’ Retirement System of the City of Baltimore;
(iii) the Board of Trustees of the Elected Officials’ Retirement System of the City of Baltimore; and
(iv) the Board of Trustees of the Retirement Savings Plan of the City of Baltimore.
(3) Employment by or interest in person seeking business with City Benefit Plan.
No trustee or Board employee may be employed by or have a financial interest in any person or entity doing business or seeking to do business with any City Benefit Plan.
(4) Gifts, payments, free admissions, expense reimbursements.
(i) Notwithstanding City Code Article 8 {“Ethics”}, § 6-28(3) {“Gifts: Qualified exemptions; travel, etc., expenses”}, no trustee or Board employee may accept any gift or any payment, free admission, or expense reimbursement for attendance at a conference, seminar, or similar meeting, or for related food, travel, lodging, or entertainment, if the gift or the payment, free admission, or reimbursement is, directly or indirectly, from:
(A) any person or entity engaged in an activity or providing a product or service that the trustee knows or has reason to know has been marketed to a City Benefit Plan or is of a type that the trustee reasonably would expect to be marketed to a City Benefit Plan; or
(B) any trade, professional, or other association that has members engaged in an activity or providing a product or service that the trustee knows or has reason to know has been marketed to a City Benefit Plan or is of a type that the trustee reasonably would expect to be marketed to a City Benefit Plan.
(ii) Subparagraph (i) of this paragraph does not preclude application of the qualified exemptions contained in City Code Article 8, § 6-28(1) {“food or beverages … consumed … in… presence … of donor”}, § 6-28(2) {“gift … [of] insignificant value”}, § 6-28(5) {“gift … [exempted by] Ethics Board”}, or § 6-28(6) {“gift from a spouse, parent, child, or sibling”}, subject to the qualifications of § 6-29 {“exemption limitations”}.
(5) Using Plan assets for conferences, etc.
No assets of the Retirement Savings Plan or of any system, plan, or trust administered by the Board of Trustees of the Plan may be used to pay for the attendance of a trustee or Board employee at any conference, seminar, or similar meeting, or for related food, travel, lodging, or entertainment, unless that attendance has first been approved by the Board of Estimates in accordance with the Administrative Manual of Baltimore City, AM-240-3 {“Board of Estimates Approval”}.
(6) Lobbying activities.
No trustee or Board employee may engage in any activity that requires registration as a lobbyist with the City Ethics Board.
(c) Administration and enforcement.
The City Ethics Board administers and enforces this section in accordance with the administrative and enforcement provisions of the Baltimore City Public Ethics Law.
(Ord. 20-458; Ord. 17-068; Ord. 14-216.)
Source: City of Baltimore Department of Legislative Reference, City of Baltimore Law Library (codes.baltimorecity.gov; Open Law Library bulk XML)URL: https://codes.baltimorecity.gov/us/md/cities/baltimore/code/22A/2Fetched: 10/25/2026