CUSIP 05922KTQ2
- ISIN: US05922KTQ21
- Entity Name: City of Baltimore
- Sector: Municipal
- Announcement Date: 27-Jan-2017
- Effective Date: *****
- Issue Date: 22-Jun-2011
- Maturity Date: 01-Jul-2041
- Country of Issuer: United States
- Region: N.Amer
- Issue Currency: United States of America Dollars
- CA Type: Amendment of Indenture
- News: By Ordinance No. 16-488 adopted in 2016, Mayor and City Council of Baltimore (the City) modified the definitions of regular interest for valuation purposes which serve as the assumed interest rates for the Citys pension plan investments. For fiscal years ending June 30, 2017 through June 30, 2018 the assumed interest rate is reduced to 7.50% (for assets covering active members) and 6.50% (for assets covering the liabilities of retired members) from the prior rates of 7.75% and 6.55%, respectively. For fiscal years ending June 30, 2019, and thereafter, the assumed interest rates will be further reduced to 7.00% and 6.50%, respectively. These adjustments were made in response to recommendations contained in a study of the assumed interest rate of return, mortality rate, service retirement and compensation that was performed for the four-year period ended June 30, 2015. This Ordinance also changed the definition of actuarial equivalent and revised the actuary mortality tables to reflect present trends; clarified the definition of covered employees; changed the frequency of actuarial experience studies; provided for distribution of accumulated contributions; and modified the administration of death benefits for eligible surviving spouses and minor children. The most recent actuarial valuation was completed for Fiscal Year ended June 30, 2016, when assets valued at market amounted to approximately $1.5 Billion, and the net pension liability was approximately $670.38 million. The Employee Retirement System funded ratio was 71.2% on an actuarial value of assets basis and 68% on a plan fiduciary net position basis.
- Description: Municipal Name: City of Baltimore CUSIP: 05922KTQ2 Currency: USD City of Baltimore today announced that it has amended interest rate for Series 2011A Revenue Bonds.
- Bond Document: https://www.bondpdf.com/bonds/001334cd
- Latest Corporate Actions: https://www.CAalerts.com/credit-corporate-action/ISIN/US05922KTQ21
