Charges of “a witch hunt” over an investigation into travel by the board members of the Baltimore Employees? Retirement Systems interrupted an otherwise low-key presentation on the fund?s financial health before the City Council?s Taxation and Finance Committee Thursday.
Glenard Middleton, executive director of the American Federation of State, County and Municipal Employees, the union that represents city workers, said the treatment of the board was “unfair.”
The presentation by employees of the ERS featured specifics on the finances of funds responsible for paying city employee pensions. With no mention of the recent controversy over the board?s travel, executive director Roselyn Spencer said the ERS plan is “healthy.”
“We are well-funded,” she said.
Only Council Member Robert Curran, D-District 3, questioned Spencer, noting a downward trend in the pension?s actuarial funding ratio, which the report said was “95.7 percent.”
“I?m just worried about the downward trend,” Curran said, pointing out that in 2002 that plan?s ratio was 107 percent.
Spencer countered that the 95.7 percent figure still put the plan in the top “percentile” compared to other public pension plans.
The presentation featured several key measures of the fund?s performance, an increase in the plan assets of 3.2 percent in fiscal 2005, and a $9 million decrease in plan income.
The report detailed that the plan?s assets were still below 2001 levels, a fact that Spencer said was due to “market cycles.”
The report was subtly different from recently issued Fire and Police Employees? Retirement System annual report, lacking the market valuations for the plans funding level.
During the meeting, Curran told Spencer that he was initiating an investigation into travel by the board at the request of Council Member Kenneth Harris, D-District 4.
Curran said he would follow through on Harris? request. “I have to respond to the councilman?s request,” Curran said, adding that he had consulted the city?s legal department.
