Tuesday, February 5, 2013
The law suit filed in Baltimore County Circuit Court seeks to stop a loan to the county that would be used to build a recycling facility in Cockeysville.
The union that represents Baltimore County Police is seeking to stop a $21 million loan from the pension system to the county for a new recycling facility. The 10-page lawsuit filed late last week by the Fraternal Order of Police Lodge 4 alleges that the board of trustees for the Baltimore County Employees Retirement System failed to do its duty to protect the pension system including: "The county is using the employees pension plan to fund capital projects," said Cole Weston, president of the police union. "To fund capital projects like this is very concerning." The loan will be used to pay for a new recycling facility in Cockeysville. It's the same facility for which the Baltimore County Council approved $25 million in bond sales last …
Wednesday, December 19, 2012
A federal judge grants the county permission to seek an appeal while the damages phase of the trial continues.
Baltimore County will appeal a federal judge's ruling in October that found pension rules that charge some county employees different rates are discriminatory. At issue is an October ruling by U.S. District Court Judge Benson Everett Legg that found that the county's pension rules requiring different contribution rates from employees based on age violates the Age Discrimination in Employment Act of 1967. That ruling came after a federal appeals court overturned Legg's original ruling that was in favor of the county. The county asked Legg for permission to seek an appeal on his current ruling while the trial enters the damages phase. The county argued in a filing that it would need as long as two years to review as many as 10,000 pension …
Thursday, November 29, 2012
The proceeds of the sale will be used for the county employee's pension plan.
County officials say a better than expected bond sale to be used for the pension system will save county taxpayers $83 million more than originally estimated. The county sold $256 million in bonds at an interest rate of about 3.43 percent—nearly a full percentage point lower than expected. The better than expected result means the county will pay $416 million in principal and interest over the next 30 years instead of nearly $500 million. The County Council approved the bond sale in October. The borrowed money is needed because the board of the Baltimore County Employees Retirement System voted to reduce its expected rate of return on investments. That change, made in July, would result in an additional $15 million payment from the county …
Monday, October 22, 2012
The lawsuit was filed in 2007 on behalf of two county Department of Corrections employees.
Baltimore County pension rules that charge some employees different rates are discriminatory, according to a ruling by a federal judge. U.S District Court Judge Benson Everett Legg ruled that pension rules requiring different contribution rates from employees based on age violates the Age Discrimination in Employment Act of 1967. The U.S. Equal Employment Opportunity Commission, which brought the suit in 2007, announced the decision Monday afternoon. The federal commission brought the suit on behalf of two county Department of Corrections employees. The county made changes to its pension system in July 2007. Employees hired after that date contributed to their pensions at a flat rate regardless of their age at the time of their hiring. …
Tuesday, October 16, 2012
The Court of Special Appeals decision is the latest to go against the county in its case against former County Auditor Brian Rowe.
UPDATED (6:53 p.m.)—Maryland's Court of Special Appeals has denied an appeal by Baltimore County to reconsider a pension decision involving a former county auditor. In its decision, the three-judge panel ruled that the Baltimore County Board of Appeals had not made a mistake when it ruled in 2008 that the county incorrectly calculated Brian Rowe's pension. The appeals court also declined to enter a monetary judgment in the appeal in favor of Rowe but the judges ruled that “the County is obligated to pay Rowe his underpaid retirement benefits" or face additional legal action." Rowe has already filed in Harford County Circuit Court seeking the payment of underpaid retirement benefits on behalf of himself and other county retirees like him. …
Monday, October 15, 2012
County officials say borrowing the money will save county taxpayers $260 million in pension costs over the next 30 years.
Baltimore County will borrow up to $260 million for its pension system under a plan approved unanimously Monday by the Baltimore County Council. The proposal was part of a two-bill package approved by a 7-0 vote. The borrowed money is needed because the board of the Baltimore County Employees Retirement System voted to reduce its expected rate of return on investments. That change, made in July, would result in an additional $15 million payment from the county next year. "That amount would grow to a much larger level over the next 30 years," said Keith Dorsey, the county's budget and finance director. Without the change, county officials estimate that it would have to contribute $4.8 billion to the retirement system. With the change …
Tuesday, September 11, 2012
County Administrative Officer Fred Homan asks to fund pension liabilities with $255 million in debt.
Baltimore County officials are asking the County Council to approve the issuance of $255 million in bonds to fund the pension system. County Administrative Officer Fred Homan told the council during a Tuesday lunch briefing that he wants to use the money to invest in the pension system. "There are market risks to a pension bond deal," Homan said, adding that the risk is not achieving the 4.25 to 4.5 percent rate of interest the county believes the bonds will sell for. Currently, the nearly $2 billion pension system is funded at nearly 77 percent. Homan said the move is expected to lower long-term pension system costs over the next 30 years. The request will be part of a two-bill package introduced Monday night with a vote expected in …
Thursday, August 2, 2012
Baltimore County officials say the loan for a Cockeysville recycling facility from its underfunded pension system is a "win-win." But some County Council members have questions.
UPDATED (3:16 p.m.)—Some Baltimore County Council members and union officials say a $25 million loan made to the county from its own pension system raises questions. The loan will be used to pay for a new recycling facility in Cockeysville. It's the same facility for which the Baltimore County Council approved $25 million in bond sales last November. Councilmen David Marks and Tom Quirk say they now have questions about the change in how the project is financed and the lack of independent oversight. "I don't know any of the details of the arrangement at all," Quirk said. "We definitely have questions." Marks, a Perry Hall Republican, said he was withholding judgement on the changes but was asking the administration to provide a legal …
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Tuesday, July 10, 2012
Expert: "To be in denial, and say you’re ahead of the curve and that you’re in good shape and will stay in good shape is just ignoring reality."
UPDATE (9:10 a.m.)—The board that governs the pension plan for Baltimore County employees is lowering its official expectations on annual investments made by the retirement system. The eight-member board Tuesday unanimously approved a decrease in the assumed annual investment earnings rate by more than six-tenths of a percent to 7.25 percent. The rate is used to determine the county's level of funding for the nearly $2 billion pension system each year. The change means the county will have to come up with an additional $15 million in pension contributions beginning next July 1. The board’s action Tuesday is the first time the rate has been changed since it was set in 1993, according to a report by the Baltimore County Auditor’s office …
Tuesday, April 17, 2012
Officials ask the Baltimore County Council to hire an outside attorney for a lawsuit involving subprime mortgages.
Baltimore County pension officials are privately scrambling to meet a deadline to file a lawsuit in an attempt to recover tens of millions of dollars in county pension funds. County Budget Director Keith Dorsey and County Attorney Michael Field met with Council members Vicki Almond, Cathy Bevins, David Marks and Ken Oliver and members of the county auditor’s office late Monday prior to the council’s voting session. The subject of the meeting was the approval of a contract to hire an outside attorney to pursue a lawsuit against Merrill Lynch, multiple sources tell Patch, speaking on the condition of anonymity because they are not authorized to discuss the meeting publicly. Almond confirmed the meeting, but said the discussion was …
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