HomeMy WebLinkAboutEmployees' Retirement System, City of Baltimore - Public Financial ReportEMPLOYEES’
RETIREMENT SYSTEM
City of Baltimore, Maryland
Popular Annual
Financial Report
Year Ended June 30, 2021
Pension Trust of the City of Baltimore
Introduction
PAFR 2021 Page | 1
We are pleased to present the Popular Annual Financial Report (PAFR) of ERS (Employees’ Retirement System
of the City of Baltimore). This report is a summary of fiscal year 2021 ACFR (Annual Comprehensive Financial
Report). The ACFR was prepared in conformity with GAAP, but the PAFR includes only selected information
from the ACFR. The PAFR has been mailed to all retirees, email blasted to all actives and is available on our
website at www.bcers.org/publications/ERS-PAFR. For a detailed copy of our financials, please visit our
website at www.bcers.org/publications/ERS-ACFR.
Introduction……………..…............1
Plan Description……….……….…...2
Financials.…….……………..……...3-5
Investments……….…..………..….6-8
Actuarial………. …….…………….9-10
As we have adjusted our
operations in the wake of
the many changes and
challenges we face in a
post-pandemic world,
our staff remains
dedicated to serving the
City of Baltimore’s active
members, retirees, and
beneficiaries.
Fiscal year 2021 was a
comeback year for ERS
as the world continues
to recover from the
economic impact of
the Covid-19
pandemic. We saw
historic returns with
investments
We have continued to employ a hybrid schedule,
ensuring that through both onsite and remote
operations, we are able to respond to the needs of
our entire membership.
This year, we updated our mission statement to
reflect an increased focus on the importance of
Environmental, Social and Governance (ESG)
investing. This need to balance social responsibility
with our duty to provide strong, long-term
investment results aligns with the passage of
Ordinance 21-043, Fossil Fuel Divestment, which was
signed into law on October 1, 2021.
I would like to share my appreciation to outgoing
Board Chair Henry Raymond for his vision, guidance,
and leadership. I am incredibly grateful to our Board
of Trustees, ERS staff and advisors for their continued
dedication to the successful management of the
system.
David A. Randall, Executive Director
for the fiscal year ending June 30, 2021, returning
27.8%. The market value funded ratio for ERS is now
81.2%.
The board continues to be dedicated to our mission
to serve our members, retirees and beneficiaries
and protect and grow the fund’s assets as we
continue to navigate the economic recovery and
impact of Covid-19.
I would like to extend my gratitude to the
Retirement system staff for their commitment to
providing exceptional service.
This will be my last letter on behalf of ERS as my
term as chair expires on December 31, 2021. It has
been my great pleasure to serve as Chair, and I am
incredibly grateful to have had the opportunity to
lead the system’s board and staff.
Henry J. Raymond, Chair, Board of Trustees
The Plan
PAFR 2021 Page | 2
ERS is the administrator of a cost sharing multiple employers defined benefit local government retirement
plan (the Plan). ERS Plan was established effective January 1, 1954 and has been periodically amended.
Any regular and permanent officer, agent, or employee of the City except for those required joining the
Maryland State or any other Retirement System becomes a member of ERS upon completion of one year
of service.
On June 30, 2021, total membership of ERS was 18,572 comprising 8,332 active members, 9,194 retirees
& beneficiaries and 1,046 terminated plan members. Terminated plan members are former employees
that are eligible but not yet receiving pension.
Class A active members currently contribute at 4% of earnable compensation, C members at 5% and D
members at 5%. Earnable compensation is the annual salary authorized for the member not including
overtime or other types of pay.
Class A members are eligible for retirement at age 60 with 5 years of service or 30 years of membership
service while classes C and D are eligible for retirement at age 65 with 5 years of service or 30 years of
service regardless of age.
Membership Status as at June 30, 2021 Class A Class C Class D Total
Active Plan Members 8 5,329 2,995 8,332
Retirees and Beneficiaries (currently
receiving benefits 329 8,862 3 9,194
Terminated Plan members (entitled but
not yet receiving benefits)- 1 , 0 4 3 3 1,046
Total 337 15,234 3,001 18,572
Introduction
PAFR 2021 Page | 1
We are pleased to present the Popular Annual Financial Report (PAFR) of ERS (Employees’ Retirement System
of the City of Baltimore). This report is a summary of fiscal year 2021 ACFR (Annual Comprehensive Financial
Report). The ACFR was prepared in conformity with GAAP, but the PAFR includes only selected information
from the ACFR. The PAFR has been mailed to all retirees, email blasted to all actives and is available on our
website at www.bcers.org/publications/ERS-PAFR. For a detailed copy of our financials, please visit our
website at www.bcers.org/publications/ERS-ACFR.
Introduction……………..…............1
Plan Description……….……….…...2
Financials.…….……………..……...3-5
Investments……….…..………..….6-8
Actuarial………. …….…………….9-10
As we have adjusted our
operations in the wake of
the many changes and
challenges we face in a
post-pandemic world,
our staff remains
dedicated to serving the
City of Baltimore’s active
members, retirees, and
beneficiaries.
Fiscal year 2021 was a
comeback year for ERS
as the world continues
to recover from the
economic impact of
the Covid-19
pandemic. We saw
historic returns with
investments
We have continued to employ a hybrid schedule,
ensuring that through both onsite and remote
operations, we are able to respond to the needs of
our entire membership.
This year, we updated our mission statement to
reflect an increased focus on the importance of
Environmental, Social and Governance (ESG)
investing. This need to balance social responsibility
with our duty to provide strong, long-term
investment results aligns with the passage of
Ordinance 21-043, Fossil Fuel Divestment, which was
signed into law on October 1, 2021.
I would like to share my appreciation to outgoing
Board Chair Henry Raymond for his vision, guidance,
and leadership. I am incredibly grateful to our Board
of Trustees, ERS staff and advisors for their continued
dedication to the successful management of the
system.
David A. Randall, Executive Director
for the fiscal year ending June 30, 2021, returning
27.8%. The market value funded ratio for ERS is now
81.2%.
The board continues to be dedicated to our mission
to serve our members, retirees and beneficiaries
and protect and grow the fund’s assets as we
continue to navigate the economic recovery and
impact of Covid-19.
I would like to extend my gratitude to the
Retirement system staff for their commitment to
providing exceptional service.
This will be my last letter on behalf of ERS as my
term as chair expires on December 31, 2021. It has
been my great pleasure to serve as Chair, and I am
incredibly grateful to have had the opportunity to
lead the system’s board and staff.
Henry J. Raymond, Chair, Board of Trustees
Financials
PAFR 2021 Page | 3
The net position serves as a useful indicator of the Plan’s financial position and is available to meet the
plan’s ongoing obligation to participants and their beneficiaries. Management believes that the plan
remains in a strong financial position to meet its obligations to the members, retirees, and their
beneficiaries.
The Plan’s total net position restricted for pensions increased by $396.4 million during fiscal year 2021.
The increase was due to positive returns from all asset classes except risk premia. The large positive was
mainly due to a rebound of the overall stock market driven primarily by strong earnings growth, continued
fiscal and monetary stimulus and progress towards addressing the global health pandemic.
The plans net position restricted for pensions grew gradually over three years (2017 to 2019), dipped
slightly in 2020 then jumped to an all-time high in 2021. The reason for the huge increase is as stated
above.
The Statement of Changes in Fiduciary Net Position presents information showing how the Plan’s
net position changed during the year. The increase in fiduciary net position of $396.4 million, when
compared with fiscal year 2020’s decrease of $46.4 million, show an increase of $442.8 million. The
increase is attributable to higher investment income.
Fiduciary Net Position Fiscal Year 2021 Fiscal Year 2020 Increase /
(Decrease)
Percentage
Increase
Investments $ 2,032,540,932 $ 1,687,894,285 $ 344,646,647 20%
Cash and Receivables 95,888,196 94,623,210 1,264,986 1%
Securities Lending 70,805,947 62,112,558 8,693,389 14%
Capital Assets 418,437 379,542 38,895 10%
Total assets 2,199,653,512 1,845,009,595 354,643,917 19%
Total liabilities 94,128,531 135,854,862 (41,726,331)
Total net position $2,105,524,981 $1,709,154,733 $396,370,248 23%
Introduction
PAFR 2021 Page | 1
We are pleased to present the Popular Annual Financial Report (PAFR) of ERS (Employees’ Retirement System
of the City of Baltimore). This report is a summary of fiscal year 2021 ACFR (Annual Comprehensive Financial
Report). The ACFR was prepared in conformity with GAAP, but the PAFR includes only selected information
from the ACFR. The PAFR has been mailed to all retirees, email blasted to all actives and is available on our
website at www.bcers.org/publications/ERS-PAFR. For a detailed copy of our financials, please visit our
website at www.bcers.org/publications/ERS-ACFR.
Introduction……………..…............1
Plan Description……….……….…...2
Financials.…….……………..……...3-5
Investments……….…..………..….6-8
Actuarial………. …….…………….9-10
As we have adjusted our
operations in the wake of
the many changes and
challenges we face in a
post-pandemic world,
our staff remains
dedicated to serving the
City of Baltimore’s active
members, retirees, and
beneficiaries.
Fiscal year 2021 was a
comeback year for ERS
as the world continues
to recover from the
economic impact of
the Covid-19
pandemic. We saw
historic returns with
investments
We have continued to employ a hybrid schedule,
ensuring that through both onsite and remote
operations, we are able to respond to the needs of
our entire membership.
This year, we updated our mission statement to
reflect an increased focus on the importance of
Environmental, Social and Governance (ESG)
investing. This need to balance social responsibility
with our duty to provide strong, long-term
investment results aligns with the passage of
Ordinance 21-043, Fossil Fuel Divestment, which was
signed into law on October 1, 2021.
I would like to share my appreciation to outgoing
Board Chair Henry Raymond for his vision, guidance,
and leadership. I am incredibly grateful to our Board
of Trustees, ERS staff and advisors for their continued
dedication to the successful management of the
system.
David A. Randall, Executive Director
for the fiscal year ending June 30, 2021, returning
27.8%. The market value funded ratio for ERS is now
81.2%.
The board continues to be dedicated to our mission
to serve our members, retirees and beneficiaries
and protect and grow the fund’s assets as we
continue to navigate the economic recovery and
impact of Covid-19.
I would like to extend my gratitude to the
Retirement system staff for their commitment to
providing exceptional service.
This will be my last letter on behalf of ERS as my
term as chair expires on December 31, 2021. It has
been my great pleasure to serve as Chair, and I am
incredibly grateful to have had the opportunity to
lead the system’s board and staff.
Henry J. Raymond, Chair, Board of Trustees
Financials
PAFR 2021 Page | 4
Total additions (revenues) for fiscal year 2021 were $563.8 million. Compared to fiscal year 2020’s total
addition of $116.6 million, there was an increase of $447.2 million. The increase is mainly from net
investment income, which yielded significantly higher than fiscal year 2020.
Changes in Fiduciary Net Position Fiscal Year 2021 Fiscal Year 2020 Increase /
(Decrease)
Net investment income $ 452,490,675 $ 11,583,666 $ 440,907,009
Employer contribution 92,637,051 86,953,801 5,683,250
Employee contribution 18,493,824 17,787,416 706,408
Net Securities Lending Income 194,057 289,317 (95,260)
Total additions 563,815,607 116,614,200 447,201,407
Retirement allowances 160,689,579 157,251,536 3,438,043
Administrative expenses 4,397,413 4,495,405 (97,992)
Death benefits 1,469,242 446,328 1,022,914
Refund of member's contribution 873,832 837,540 36,292
Lump Sum cash payments 15,293 24,243 (8,950)
Total deductions 167,445,359 163,055,052 4,390,307
Net increases (decreases) $ 396,370,248 $ (46,440,852) $ 442,811,100
Introduction
PAFR 2021 Page | 1
We are pleased to present the Popular Annual Financial Report (PAFR) of ERS (Employees’ Retirement System
of the City of Baltimore). This report is a summary of fiscal year 2021 ACFR (Annual Comprehensive Financial
Report). The ACFR was prepared in conformity with GAAP, but the PAFR includes only selected information
from the ACFR. The PAFR has been mailed to all retirees, email blasted to all actives and is available on our
website at www.bcers.org/publications/ERS-PAFR. For a detailed copy of our financials, please visit our
website at www.bcers.org/publications/ERS-ACFR.
Introduction……………..…............1
Plan Description……….……….…...2
Financials.…….……………..……...3-5
Investments……….…..………..….6-8
Actuarial………. …….…………….9-10
As we have adjusted our
operations in the wake of
the many changes and
challenges we face in a
post-pandemic world,
our staff remains
dedicated to serving the
City of Baltimore’s active
members, retirees, and
beneficiaries.
Fiscal year 2021 was a
comeback year for ERS
as the world continues
to recover from the
economic impact of
the Covid-19
pandemic. We saw
historic returns with
investments
We have continued to employ a hybrid schedule,
ensuring that through both onsite and remote
operations, we are able to respond to the needs of
our entire membership.
This year, we updated our mission statement to
reflect an increased focus on the importance of
Environmental, Social and Governance (ESG)
investing. This need to balance social responsibility
with our duty to provide strong, long-term
investment results aligns with the passage of
Ordinance 21-043, Fossil Fuel Divestment, which was
signed into law on October 1, 2021.
I would like to share my appreciation to outgoing
Board Chair Henry Raymond for his vision, guidance,
and leadership. I am incredibly grateful to our Board
of Trustees, ERS staff and advisors for their continued
dedication to the successful management of the
system.
David A. Randall, Executive Director
for the fiscal year ending June 30, 2021, returning
27.8%. The market value funded ratio for ERS is now
81.2%.
The board continues to be dedicated to our mission
to serve our members, retirees and beneficiaries
and protect and grow the fund’s assets as we
continue to navigate the economic recovery and
impact of Covid-19.
I would like to extend my gratitude to the
Retirement system staff for their commitment to
providing exceptional service.
This will be my last letter on behalf of ERS as my
term as chair expires on December 31, 2021. It has
been my great pleasure to serve as Chair, and I am
incredibly grateful to have had the opportunity to
lead the system’s board and staff.
Henry J. Raymond, Chair, Board of Trustees
Financials
PAFR 2021 Page | 4
Total additions (revenues) for fiscal year 2021 were $563.8 million. Compared to fiscal year 2020’s total
addition of $116.6 million, there was an increase of $447.2 million. The increase is mainly from net
investment income, which yielded significantly higher than fiscal year 2020.
Changes in Fiduciary Net Position Fiscal Year 2021 Fiscal Year 2020 Increase /
(Decrease)
Net investment income $ 452,490,675 $ 11,583,666 $ 440,907,009
Employer contribution 92,637,051 86,953,801 5,683,250
Employee contribution 18,493,824 17,787,416 706,408
Net Securities Lending Income 194,057 289,317 (95,260)
Total additions 563,815,607 116,614,200 447,201,407
Retirement allowances 160,689,579 157,251,536 3,438,043
Administrative expenses 4,397,413 4,495,405 (97,992)
Death benefits 1,469,242 446,328 1,022,914
Refund of member's contribution 873,832 837,540 36,292
Lump Sum cash payments 15,293 24,243 (8,950)
Total deductions 167,445,359 163,055,052 4,390,307
Net increases (decreases) $ 396,370,248 $ (46,440,852) $ 442,811,100
Financials
PAFR 2021 Page | 4
Total additions (revenues) for fiscal year 2021 were $563.8 million. Compared to fiscal year 2020’s total
addition of $116.6 million, there was an increase of $447.2 million. The increase is mainly from net
investment income, which yielded significantly higher than fiscal year 2020.
Changes in Fiduciary Net Position Fiscal Year 2021 Fiscal Year 2020 Increase /
(Decrease)
Net investment income $ 452,490,675 $ 11,583,666 $ 440,907,009
Employer contribution 92,637,051 86,953,801 5,683,250
Employee contribution 18,493,824 17,787,416 706,408
Net Securities Lending Income 194,057 289,317 (95,260)
Total additions 563,815,607 116,614,200 447,201,407
Retirement allowances 160,689,579 157,251,536 3,438,043
Administrative expenses 4,397,413 4,495,405 (97,992)
Death benefits 1,469,242 446,328 1,022,914
Refund of member's contribution 873,832 837,540 36,292
Lump Sum cash payments 15,293 24,243 (8,950)
Total deductions 167,445,359 163,055,052 4,390,307
Net increases (decreases) $ 396,370,248 $ (46,440,852) $ 442,811,100
Financials
PAFR 2021 Page | 5
Net investment income yielded positive returns of $452.5 million in fiscal year 2021, this is much higher
than the $11.6 million of 2020. The increase of $440.9 million from fiscal year 2020 is attributable to higher
overall market returns.
Employer contributions increased by $5.6 million from $87.0 million to $92.6 million. This is attributable
to actuarial changes and the City’s adopted 20-year plan to reach 100% funding by year 2023.
The actuarially determined employer contributions are calculated two fiscal years in advance, that is,
the $92.6 million employer contributions for fiscal year 2021 was determined during actuarial
valuation for fiscal year 2019.
The employee contributions increased by less than a million, attributable to increased salaries during fiscal
year 2021 as well as increase in active population.
Net securities lending income also decreased due to low volatility in the stock market. Despite the high
returns, the stock market was relatively stable and thus, not much opportunity for securities lending.
Total deductions increased from $163.0 million in fiscal year 2020 to $167.4 million in fiscal year 2021.
This increase of $4.4 million is mostly attributable to increase in retirement benefits payments.
Retirement pension increased from $157.3 million in fiscal year 2020 to $160.7 million in fiscal year 2021
despite the reduced number of retirees. This $3.4 million increase was due to cost-of-living adjustments.
Death benefits increased significantly about 229% due to deaths of members related mostly to Covid-19
pandemic. Refund of member contributions also increased slightly during the year.
Introduction
PAFR 2021 Page | 1
We are pleased to present the Popular Annual Financial Report (PAFR) of ERS (Employees’ Retirement System
of the City of Baltimore). This report is a summary of fiscal year 2021 ACFR (Annual Comprehensive Financial
Report). The ACFR was prepared in conformity with GAAP, but the PAFR includes only selected information
from the ACFR. The PAFR has been mailed to all retirees, email blasted to all actives and is available on our
website at www.bcers.org/publications/ERS-PAFR. For a detailed copy of our financials, please visit our
website at www.bcers.org/publications/ERS-ACFR.
Introduction……………..…............1
Plan Description……….……….…...2
Financials.…….……………..……...3-5
Investments……….…..………..….6-8
Actuarial………. …….…………….9-10
As we have adjusted our
operations in the wake of
the many changes and
challenges we face in a
post-pandemic world,
our staff remains
dedicated to serving the
City of Baltimore’s active
members, retirees, and
beneficiaries.
Fiscal year 2021 was a
comeback year for ERS
as the world continues
to recover from the
economic impact of
the Covid-19
pandemic. We saw
historic returns with
investments
We have continued to employ a hybrid schedule,
ensuring that through both onsite and remote
operations, we are able to respond to the needs of
our entire membership.
This year, we updated our mission statement to
reflect an increased focus on the importance of
Environmental, Social and Governance (ESG)
investing. This need to balance social responsibility
with our duty to provide strong, long-term
investment results aligns with the passage of
Ordinance 21-043, Fossil Fuel Divestment, which was
signed into law on October 1, 2021.
I would like to share my appreciation to outgoing
Board Chair Henry Raymond for his vision, guidance,
and leadership. I am incredibly grateful to our Board
of Trustees, ERS staff and advisors for their continued
dedication to the successful management of the
system.
David A. Randall, Executive Director
for the fiscal year ending June 30, 2021, returning
27.8%. The market value funded ratio for ERS is now
81.2%.
The board continues to be dedicated to our mission
to serve our members, retirees and beneficiaries
and protect and grow the fund’s assets as we
continue to navigate the economic recovery and
impact of Covid-19.
I would like to extend my gratitude to the
Retirement system staff for their commitment to
providing exceptional service.
This will be my last letter on behalf of ERS as my
term as chair expires on December 31, 2021. It has
been my great pleasure to serve as Chair, and I am
incredibly grateful to have had the opportunity to
lead the system’s board and staff.
Henry J. Raymond, Chair, Board of Trustees
Financials
PAFR 2021 Page | 5
Net investment income yielded positive returns of $452.5 million in fiscal year 2021, this is much higher
than the $11.6 million of 2020. The increase of $440.9 million from fiscal year 2020 is attributable to higher
overall market returns.
Employer contributions increased by $5.6 million from $87.0 million to $92.6 million. This is attributable
to actuarial changes and the City’s adopted 20-year plan to reach 100% funding by year 2023.
The actuarially determined employer contributions are calculated two fiscal years in advance, that is,
the $92.6 million employer contributions for fiscal year 2021 was determined during actuarial
valuation for fiscal year 2019.
The employee contributions increased by less than a million, attributable to increased salaries during fiscal
year 2021 as well as increase in active population.
Net securities lending income also decreased due to low volatility in the stock market. Despite the high
returns, the stock market was relatively stable and thus, not much opportunity for securities lending.
Total deductions increased from $163.0 million in fiscal year 2020 to $167.4 million in fiscal year 2021.
This increase of $4.4 million is mostly attributable to increase in retirement benefits payments.
Retirement pension increased from $157.3 million in fiscal year 2020 to $160.7 million in fiscal year 2021
despite the reduced number of retirees. This $3.4 million increase was due to cost-of-living adjustments.
Death benefits increased significantly about 229% due to deaths of members related mostly to Covid-19
pandemic. Refund of member contributions also increased slightly during the year.
Financials
PAFR 2021 Page | 5
Net investment income yielded positive returns of $452.5 million in fiscal year 2021, this is much higher
than the $11.6 million of 2020. The increase of $440.9 million from fiscal year 2020 is attributable to higher
overall market returns.
Employer contributions increased by $5.6 million from $87.0 million to $92.6 million. This is attributable
to actuarial changes and the City’s adopted 20-year plan to reach 100% funding by year 2023.
The actuarially determined employer contributions are calculated two fiscal years in advance, that is,
the $92.6 million employer contributions for fiscal year 2021 was determined during actuarial
valuation for fiscal year 2019.
The employee contributions increased by less than a million, attributable to increased salaries during fiscal
year 2021 as well as increase in active population.
Net securities lending income also decreased due to low volatility in the stock market. Despite the high
returns, the stock market was relatively stable and thus, not much opportunity for securities lending.
Total deductions increased from $163.0 million in fiscal year 2020 to $167.4 million in fiscal year 2021.
This increase of $4.4 million is mostly attributable to increase in retirement benefits payments.
Retirement pension increased from $157.3 million in fiscal year 2020 to $160.7 million in fiscal year 2021
despite the reduced number of retirees. This $3.4 million increase was due to cost-of-living adjustments.
Death benefits increased significantly about 229% due to deaths of members related mostly to Covid-19
pandemic. Refund of member contributions also increased slightly during the year.
Investments
PAFR 2021 Page | 6
The primary investment objectives of ERS are to preserve the capital value of the plan assets, adjusted for
inflation, ensure adequate plan liquidity, and to meet and/or exceed both actuarial interest rate
assumptions and investment return benchmark as determined by the Board of Trustees. The board utilizes
external portfolio managers in active and passive strategies for the investments of the assets. The
managers are monitored and evaluated by the board with the help of investment consultants.
The investment return is evaluated against a policy benchmark consisting of a pro rata representation of
the asset allocation utilizing indices outlined in the Investment Policy. In addition, the ERS’s performance
is evaluated relative to the Investment Metrics Public Fund Universe, a universe representing the
performance of 68 Public Funds with assets greater than $1 Billion. The investment consultant,
Marquette, utilizes the Investor Force Performance Reporting network, an advanced and comprehensive
analysis and performance management platform, comprised of over 100 different investment consulting
firms located throughout the United States.
The overall stock market rebounded significantly over the past fiscal year driven primarily by strong
earnings growth, continued fiscal and monetary stimulus, and progress towards addressing the global
health pandemic. The U.S. stock market, as proxied by the Russell 3000 Index, posted a return of 44.2%.
In a reversal from the prior year, small cap stocks and value-oriented investment styles fared best.
International stocks posted a return of 36.3%, as proxied by the MSCI ACWI ex U.S. Index, as markets
rebounded. However, as bond yields rose sharply earlier in the year, the bond market posted a slightly
FY 2021 3 Years 5 Years 10 Years
TOTAL PORTFOLIO 27.8% 11.2% 10.9% 9.2%
Median Public Pension Fund 24.0% 10.0% 9.8% 8.7%
DOMESTIC EQUITIES 44.6% 16.4% 16.2% 13.9%
Russell 3000 44.2% 18.7% 17.9% 14.7%
DEFENSIVE EQUITIES 27.1% 11.2% - -
CBOE Put Write Index 29.6% 6.5% 7.5% 7.5%
50% S&P 500/50% 91 Day T-Bill 19.1% 10.1% 9.4% 7.7%
INTERNATIONAL EQUITIES 40.5% 11.1% 12.8% 7.1%
MSCI ACWI ex-US 36.3% 9.9% 11.6% 5.9%
Xponance 42.7% 10.6% 10.7% 9.8%
Xponance Benchmark 35.7% 9.2% 10.5% 9.7%
FIXED INCOME 4.9% 5.8% 3.9% 3.9%
Barclays Aggregate -0.3% 5.3% 3.0% 3.4%
REAL ESTATE 6.0% 5.7% 6.7% 9.5%
NPI 3.7% 4.3% 5.4% 8.4%
CPI + 5%10.6% 7.7% 7.5% 7.0%
PRIVATE EQUITY COMPOSITE 52.3% 21.9% 19.3% 15.5%
Private Equity Benchmark 58.4% 23.1% 20.3% 16.0%
CPI + 6%8.8% 8.1% 8.3% 7.8%
RISK PREMIA COMPOSITE -10.3% -3.4% - -
T-Bills + 5%19.1% 10.1% 9.4% 7.7%
Low Volatility Composite 23.9% - - -
S&P 500 Low Volatility 25.1% 11.4% 9.9% 12.3%
Introduction
PAFR 2021 Page | 1
We are pleased to present the Popular Annual Financial Report (PAFR) of ERS (Employees’ Retirement System
of the City of Baltimore). This report is a summary of fiscal year 2021 ACFR (Annual Comprehensive Financial
Report). The ACFR was prepared in conformity with GAAP, but the PAFR includes only selected information
from the ACFR. The PAFR has been mailed to all retirees, email blasted to all actives and is available on our
website at www.bcers.org/publications/ERS-PAFR. For a detailed copy of our financials, please visit our
website at www.bcers.org/publications/ERS-ACFR.
Introduction……………..…............1
Plan Description……….……….…...2
Financials.…….……………..……...3-5
Investments……….…..………..….6-8
Actuarial………. …….…………….9-10
As we have adjusted our
operations in the wake of
the many changes and
challenges we face in a
post-pandemic world,
our staff remains
dedicated to serving the
City of Baltimore’s active
members, retirees, and
beneficiaries.
Fiscal year 2021 was a
comeback year for ERS
as the world continues
to recover from the
economic impact of
the Covid-19
pandemic. We saw
historic returns with
investments
We have continued to employ a hybrid schedule,
ensuring that through both onsite and remote
operations, we are able to respond to the needs of
our entire membership.
This year, we updated our mission statement to
reflect an increased focus on the importance of
Environmental, Social and Governance (ESG)
investing. This need to balance social responsibility
with our duty to provide strong, long-term
investment results aligns with the passage of
Ordinance 21-043, Fossil Fuel Divestment, which was
signed into law on October 1, 2021.
I would like to share my appreciation to outgoing
Board Chair Henry Raymond for his vision, guidance,
and leadership. I am incredibly grateful to our Board
of Trustees, ERS staff and advisors for their continued
dedication to the successful management of the
system.
David A. Randall, Executive Director
for the fiscal year ending June 30, 2021, returning
27.8%. The market value funded ratio for ERS is now
81.2%.
The board continues to be dedicated to our mission
to serve our members, retirees and beneficiaries
and protect and grow the fund’s assets as we
continue to navigate the economic recovery and
impact of Covid-19.
I would like to extend my gratitude to the
Retirement system staff for their commitment to
providing exceptional service.
This will be my last letter on behalf of ERS as my
term as chair expires on December 31, 2021. It has
been my great pleasure to serve as Chair, and I am
incredibly grateful to have had the opportunity to
lead the system’s board and staff.
Henry J. Raymond, Chair, Board of Trustees
Investments
PAFR 2021 Page | 7
negative return of -0.3%. Real estate returned 7.4% as both income and appreciation returns were
positive.
For the fiscal year ending June 30, 2021, the System posted a 27.8% return which outperformed the policy
benchmark of 24.0% and ranked in the 33rd percentile. The fixed income, U.S. equity, and international
equity portfolios all outperformed their respective benchmarks. Within fixed income, exposure to bank
loans and higher yielding strategies added value. Within international equity, an allocation to international
small cap positively contributed to results. The domestic equity portfolio outperformed due to exposure
to value-oriented issues as well as small cap stocks that benefited from a market that favored companies
with stronger earnings growth.
In June 2016, Ordinance 16-488 was signed into law, which provides for reduction in the actuarial interest
rate to 7.5% in fiscal years 2017 and 2018, subsequently to 7.0% for fiscal year 2019 and afterwards.
In three (2017, 2018 and 2021) out last five years, ERS outperformed both the benchmark and actuarial
assumption while in the remaining two years (2019 and 2020), the ERS rate of return lagged the actuarial
assumption but outperformed the benchmark in 2020. This shows that the Plan is well positioned to
achieve the investment objectives as outlined by the board of trustees.
Diversification is the most important component of reaching long-range financial goals. To assist in
meeting the overall objectives, the Board of Trustees approved an asset allocation guideline. The asset
allocation guideline enables the plan to diversify its assets and maximize returns by investing in different
areas that would each react differently to the same event.
Introduction
PAFR 2021 Page | 1
We are pleased to present the Popular Annual Financial Report (PAFR) of ERS (Employees’ Retirement System
of the City of Baltimore). This report is a summary of fiscal year 2021 ACFR (Annual Comprehensive Financial
Report). The ACFR was prepared in conformity with GAAP, but the PAFR includes only selected information
from the ACFR. The PAFR has been mailed to all retirees, email blasted to all actives and is available on our
website at www.bcers.org/publications/ERS-PAFR. For a detailed copy of our financials, please visit our
website at www.bcers.org/publications/ERS-ACFR.
Introduction……………..…............1
Plan Description……….……….…...2
Financials.…….……………..……...3-5
Investments……….…..………..….6-8
Actuarial………. …….…………….9-10
As we have adjusted our
operations in the wake of
the many changes and
challenges we face in a
post-pandemic world,
our staff remains
dedicated to serving the
City of Baltimore’s active
members, retirees, and
beneficiaries.
Fiscal year 2021 was a
comeback year for ERS
as the world continues
to recover from the
economic impact of
the Covid-19
pandemic. We saw
historic returns with
investments
We have continued to employ a hybrid schedule,
ensuring that through both onsite and remote
operations, we are able to respond to the needs of
our entire membership.
This year, we updated our mission statement to
reflect an increased focus on the importance of
Environmental, Social and Governance (ESG)
investing. This need to balance social responsibility
with our duty to provide strong, long-term
investment results aligns with the passage of
Ordinance 21-043, Fossil Fuel Divestment, which was
signed into law on October 1, 2021.
I would like to share my appreciation to outgoing
Board Chair Henry Raymond for his vision, guidance,
and leadership. I am incredibly grateful to our Board
of Trustees, ERS staff and advisors for their continued
dedication to the successful management of the
system.
David A. Randall, Executive Director
for the fiscal year ending June 30, 2021, returning
27.8%. The market value funded ratio for ERS is now
81.2%.
The board continues to be dedicated to our mission
to serve our members, retirees and beneficiaries
and protect and grow the fund’s assets as we
continue to navigate the economic recovery and
impact of Covid-19.
I would like to extend my gratitude to the
Retirement system staff for their commitment to
providing exceptional service.
This will be my last letter on behalf of ERS as my
term as chair expires on December 31, 2021. It has
been my great pleasure to serve as Chair, and I am
incredibly grateful to have had the opportunity to
lead the system’s board and staff.
Henry J. Raymond, Chair, Board of Trustees
Investments
PAFR 2021 Page | 7
negative return of -0.3%. Real estate returned 7.4% as both income and appreciation returns were
positive.
For the fiscal year ending June 30, 2021, the System posted a 27.8% return which outperformed the policy
benchmark of 24.0% and ranked in the 33rd percentile. The fixed income, U.S. equity, and international
equity portfolios all outperformed their respective benchmarks. Within fixed income, exposure to bank
loans and higher yielding strategies added value. Within international equity, an allocation to international
small cap positively contributed to results. The domestic equity portfolio outperformed due to exposure
to value-oriented issues as well as small cap stocks that benefited from a market that favored companies
with stronger earnings growth.
In June 2016, Ordinance 16-488 was signed into law, which provides for reduction in the actuarial interest
rate to 7.5% in fiscal years 2017 and 2018, subsequently to 7.0% for fiscal year 2019 and afterwards.
In three (2017, 2018 and 2021) out last five years, ERS outperformed both the benchmark and actuarial
assumption while in the remaining two years (2019 and 2020), the ERS rate of return lagged the actuarial
assumption but outperformed the benchmark in 2020. This shows that the Plan is well positioned to
achieve the investment objectives as outlined by the board of trustees.
Diversification is the most important component of reaching long-range financial goals. To assist in
meeting the overall objectives, the Board of Trustees approved an asset allocation guideline. The asset
allocation guideline enables the plan to diversify its assets and maximize returns by investing in different
areas that would each react differently to the same event.
Investments
PAFR 2021 Page | 7
negative return of -0.3%. Real estate returned 7.4% as both income and appreciation returns were
positive.
For the fiscal year ending June 30, 2021, the System posted a 27.8% return which outperformed the policy
benchmark of 24.0% and ranked in the 33rd percentile. The fixed income, U.S. equity, and international
equity portfolios all outperformed their respective benchmarks. Within fixed income, exposure to bank
loans and higher yielding strategies added value. Within international equity, an allocation to international
small cap positively contributed to results. The domestic equity portfolio outperformed due to exposure
to value-oriented issues as well as small cap stocks that benefited from a market that favored companies
with stronger earnings growth.
In June 2016, Ordinance 16-488 was signed into law, which provides for reduction in the actuarial interest
rate to 7.5% in fiscal years 2017 and 2018, subsequently to 7.0% for fiscal year 2019 and afterwards.
In three (2017, 2018 and 2021) out last five years, ERS outperformed both the benchmark and actuarial
assumption while in the remaining two years (2019 and 2020), the ERS rate of return lagged the actuarial
assumption but outperformed the benchmark in 2020. This shows that the Plan is well positioned to
achieve the investment objectives as outlined by the board of trustees.
Diversification is the most important component of reaching long-range financial goals. To assist in
meeting the overall objectives, the Board of Trustees approved an asset allocation guideline. The asset
allocation guideline enables the plan to diversify its assets and maximize returns by investing in different
areas that would each react differently to the same event.
Investments
PAFR 2021 Page | 8
The current ERS asset allocation policy and actual allocation is as stated below:
Target Actual
US Equity 25% 26%
US Fixed Income 22% 17%
International Equity 15% 18%
Real Estate 13% 11%
Private Equity 13% 12%
Defensive Equity 5% 5%
Low Volatility 5% 6%
Risk Premia 2% 2%
cash 0% 3%
100% 100%
Introduction
PAFR 2021 Page | 1
We are pleased to present the Popular Annual Financial Report (PAFR) of ERS (Employees’ Retirement System
of the City of Baltimore). This report is a summary of fiscal year 2021 ACFR (Annual Comprehensive Financial
Report). The ACFR was prepared in conformity with GAAP, but the PAFR includes only selected information
from the ACFR. The PAFR has been mailed to all retirees, email blasted to all actives and is available on our
website at www.bcers.org/publications/ERS-PAFR. For a detailed copy of our financials, please visit our
website at www.bcers.org/publications/ERS-ACFR.
Introduction……………..…............1
Plan Description……….……….…...2
Financials.…….……………..……...3-5
Investments……….…..………..….6-8
Actuarial………. …….…………….9-10
As we have adjusted our
operations in the wake of
the many changes and
challenges we face in a
post-pandemic world,
our staff remains
dedicated to serving the
City of Baltimore’s active
members, retirees, and
beneficiaries.
Fiscal year 2021 was a
comeback year for ERS
as the world continues
to recover from the
economic impact of
the Covid-19
pandemic. We saw
historic returns with
investments
We have continued to employ a hybrid schedule,
ensuring that through both onsite and remote
operations, we are able to respond to the needs of
our entire membership.
This year, we updated our mission statement to
reflect an increased focus on the importance of
Environmental, Social and Governance (ESG)
investing. This need to balance social responsibility
with our duty to provide strong, long-term
investment results aligns with the passage of
Ordinance 21-043, Fossil Fuel Divestment, which was
signed into law on October 1, 2021.
I would like to share my appreciation to outgoing
Board Chair Henry Raymond for his vision, guidance,
and leadership. I am incredibly grateful to our Board
of Trustees, ERS staff and advisors for their continued
dedication to the successful management of the
system.
David A. Randall, Executive Director
for the fiscal year ending June 30, 2021, returning
27.8%. The market value funded ratio for ERS is now
81.2%.
The board continues to be dedicated to our mission
to serve our members, retirees and beneficiaries
and protect and grow the fund’s assets as we
continue to navigate the economic recovery and
impact of Covid-19.
I would like to extend my gratitude to the
Retirement system staff for their commitment to
providing exceptional service.
This will be my last letter on behalf of ERS as my
term as chair expires on December 31, 2021. It has
been my great pleasure to serve as Chair, and I am
incredibly grateful to have had the opportunity to
lead the system’s board and staff.
Henry J. Raymond, Chair, Board of Trustees
Investments
PAFR 2021 Page | 8
The current ERS asset allocation policy and actual allocation is as stated below:
Target Actual
US Equity 25% 26%
US Fixed Income 22% 17%
International Equity 15% 18%
Real Estate 13% 11%
Private Equity 13% 12%
Defensive Equity 5% 5%
Low Volatility 5% 6%
Risk Premia 2% 2%
cash 0% 3%
100% 100%
Investments
PAFR 2021 Page | 8
The current ERS asset allocation policy and actual allocation is as stated below:
Target Actual
US Equity 25% 26%
US Fixed Income 22% 17%
International Equity 15% 18%
Real Estate 13% 11%
Private Equity 13% 12%
Defensive Equity 5% 5%
Low Volatility 5% 6%
Risk Premia 2% 2%
cash 0% 3%
100% 100%
Actuarial
PAFR 2021 Page | 9
The Plan’s funding objective is to meet long-term benefit obligations through investment income and
contributions, which spread the cost over the employees’ service base. ERS’ funding status is a key
indicator of its financial health because it reflects the percentage of benefits due that the plan’s assets
can cover.
As of June 30, 2021, the System’s funded ratios were 77.1% and 81.2% based on actuarial and market
values of assets. Funded ratio based on actuarial value increased by 3.8% while the funded ratio based
on market value increased by 14.6%.
The funding policy adopted by the board provides for the unfunded actuarial liability to be amortized over
a fixed period of 20 years targeting 100% funding by fiscal year 2032. A one-year extension was adopted
in 2019 and the remaining amortization period is now eleven years. The funding method used is the
Entry Age Normal Cost method. This method computes level contributions as a percentage of pay
over the entire working lifetime of the plan participant.
2017 2018 2019 2020 2021
Total Pension Liability 2,359,605,516$ 2,410,614,058$ 2,515,137,395$ 2,567,398,628$ 2,593,420,191$
Plan Fiduciary Net Position 1,627,026,498 1,714,252,720 1,755,595,585 1,709,154,733 2,105,524,981
Unfunded Liability 732,579,018$ 696,361,338$ 759,541,810$ 858,243,895$ 487,895,210$
Introduction
PAFR 2021 Page | 1
We are pleased to present the Popular Annual Financial Report (PAFR) of ERS (Employees’ Retirement System
of the City of Baltimore). This report is a summary of fiscal year 2021 ACFR (Annual Comprehensive Financial
Report). The ACFR was prepared in conformity with GAAP, but the PAFR includes only selected information
from the ACFR. The PAFR has been mailed to all retirees, email blasted to all actives and is available on our
website at www.bcers.org/publications/ERS-PAFR. For a detailed copy of our financials, please visit our
website at www.bcers.org/publications/ERS-ACFR.
Introduction……………..…............1
Plan Description……….……….…...2
Financials.…….……………..……...3-5
Investments……….…..………..….6-8
Actuarial………. …….…………….9-10
As we have adjusted our
operations in the wake of
the many changes and
challenges we face in a
post-pandemic world,
our staff remains
dedicated to serving the
City of Baltimore’s active
members, retirees, and
beneficiaries.
Fiscal year 2021 was a
comeback year for ERS
as the world continues
to recover from the
economic impact of
the Covid-19
pandemic. We saw
historic returns with
investments
We have continued to employ a hybrid schedule,
ensuring that through both onsite and remote
operations, we are able to respond to the needs of
our entire membership.
This year, we updated our mission statement to
reflect an increased focus on the importance of
Environmental, Social and Governance (ESG)
investing. This need to balance social responsibility
with our duty to provide strong, long-term
investment results aligns with the passage of
Ordinance 21-043, Fossil Fuel Divestment, which was
signed into law on October 1, 2021.
I would like to share my appreciation to outgoing
Board Chair Henry Raymond for his vision, guidance,
and leadership. I am incredibly grateful to our Board
of Trustees, ERS staff and advisors for their continued
dedication to the successful management of the
system.
David A. Randall, Executive Director
for the fiscal year ending June 30, 2021, returning
27.8%. The market value funded ratio for ERS is now
81.2%.
The board continues to be dedicated to our mission
to serve our members, retirees and beneficiaries
and protect and grow the fund’s assets as we
continue to navigate the economic recovery and
impact of Covid-19.
I would like to extend my gratitude to the
Retirement system staff for their commitment to
providing exceptional service.
This will be my last letter on behalf of ERS as my
term as chair expires on December 31, 2021. It has
been my great pleasure to serve as Chair, and I am
incredibly grateful to have had the opportunity to
lead the system’s board and staff.
Henry J. Raymond, Chair, Board of Trustees
Actuarial
PAFR 2021 Page | 10
Based on the actuarial valuation performed at the end of fiscal year 2019, the total contribution due from
the employer for fiscal year 2021 was $92,637,051. For the past 5 years, the City of Baltimore, which is
the employer, has contributed 100% of the actuarially determined contributions to the Plan.
2021 2020 2019 2018 2017
Actuarially determined contribution 92,637,051$ 86,953,801$ 89,866,171$ 87,541,882$ 84,474,451$
Actual employer Contributions 92,637,051 86,953,801 89,866,171 87,541,882 84,474,451
Contribution deficiency (excess)-$ -$ -$ -$ -$
Covered payroll 455,219,365$ 437,242,419$ 419,686,035$ 403,454,892$ 391,121,606$
Contributions as a percentage of payroll 20.35% 19.89% 21.41% 21.70% 21.60%
$92.6M
M
$18.5M
$4.4M $163.0M
$452.7M
Introduction
PAFR 2021 Page | 1
We are pleased to present the Popular Annual Financial Report (PAFR) of ERS (Employees’ Retirement System
of the City of Baltimore). This report is a summary of fiscal year 2021 ACFR (Annual Comprehensive Financial
Report). The ACFR was prepared in conformity with GAAP, but the PAFR includes only selected information
from the ACFR. The PAFR has been mailed to all retirees, email blasted to all actives and is available on our
website at www.bcers.org/publications/ERS-PAFR. For a detailed copy of our financials, please visit our
website at www.bcers.org/publications/ERS-ACFR.
Introduction……………..…............1
Plan Description……….……….…...2
Financials.…….……………..……...3-5
Investments……….…..………..….6-8
Actuarial………. …….…………….9-10
As we have adjusted our
operations in the wake of
the many changes and
challenges we face in a
post-pandemic world,
our staff remains
dedicated to serving the
City of Baltimore’s active
members, retirees, and
beneficiaries.
Fiscal year 2021 was a
comeback year for ERS
as the world continues
to recover from the
economic impact of
the Covid-19
pandemic. We saw
historic returns with
investments
We have continued to employ a hybrid schedule,
ensuring that through both onsite and remote
operations, we are able to respond to the needs of
our entire membership.
This year, we updated our mission statement to
reflect an increased focus on the importance of
Environmental, Social and Governance (ESG)
investing. This need to balance social responsibility
with our duty to provide strong, long-term
investment results aligns with the passage of
Ordinance 21-043, Fossil Fuel Divestment, which was
signed into law on October 1, 2021.
I would like to share my appreciation to outgoing
Board Chair Henry Raymond for his vision, guidance,
and leadership. I am incredibly grateful to our Board
of Trustees, ERS staff and advisors for their continued
dedication to the successful management of the
system.
David A. Randall, Executive Director
for the fiscal year ending June 30, 2021, returning
27.8%. The market value funded ratio for ERS is now
81.2%.
The board continues to be dedicated to our mission
to serve our members, retirees and beneficiaries
and protect and grow the fund’s assets as we
continue to navigate the economic recovery and
impact of Covid-19.
I would like to extend my gratitude to the
Retirement system staff for their commitment to
providing exceptional service.
This will be my last letter on behalf of ERS as my
term as chair expires on December 31, 2021. It has
been my great pleasure to serve as Chair, and I am
incredibly grateful to have had the opportunity to
lead the system’s board and staff.
Henry J. Raymond, Chair, Board of Trustees
CITY OF BALTIMOREEmployees’ Retirement Systems7 East Redwood Street, 11th, 12th &13th FloorBaltimore, MD 21202
Henry RaymondChair of the Board City of Baltimore Fianance DirectorEx-officio Member
Bill Henry ComptrollerEx-officio Member
Deborah F. Moore-Carter City of Baltimore Labor CommissionerElected by Active Members
Patricia RobertsRetired Appointed by Mayor
Dorothy L. Bryant PhlebotomistCity of Baltimore Health Department Elected by Active Members
TRUSTEES
Helen HoltonRetiredAppointed by Mayor/Baltimore City Council
Rosemary H. Atkinson RetiredHOPE VI Community BuilderElected by Retired Members
John Beasley DeloitteAppointed by Mayor/Baltimore City Council
Government Finance Officers Association
Award for Outstanding Achievement in Popular Annual Financial Reporting
Presented to the
Employees Retirement System, City of Baltimore
Maryland
For its Annual Financial Report
for the Fiscal Year Ended
2020
Executive Director/CEO
This Popular Annual Report (PAFR) is a summary
presentation of the Employees Retirement System
of the City of Baltimore’s audited financial state-
ments and other information contained in the
Comprehensive Annual Financial Report (ACFR).
The PAFR provides an overview of the System’s
financial and operating results. The complete au-
dited financial statements and pertinent notes to
the financial statements can be found in the 2021
ACFR.
+1 443-984-3200
+1 877-273-7136
contacters@bcers.org
www.bcers.org @bmoreretirement
CITY OF BALTIMOREEmployees’ Retirement Systems7 East Redwood Street, 11th, 12th &13th FloorBaltimore, MD 21202
Henry RaymondChair of the Board City of Baltimore Fianance DirectorEx-officio Member
Bill Henry ComptrollerEx-officio Member
Deborah F. Moore-Carter City of Baltimore Labor CommissionerElected by Active Members
Patricia RobertsRetired Appointed by Mayor
Dorothy L. Bryant PhlebotomistCity of Baltimore Health Department Elected by Active Members
TRUSTEES
Helen HoltonRetiredAppointed by Mayor/Baltimore City Council
Rosemary H. Atkinson RetiredHOPE VI Community BuilderElected by Retired Members
John Beasley DeloitteAppointed by Mayor/Baltimore City Council
Government Finance Officers Association
Award for Outstanding Achievement in Popular Annual Financial Reporting
Presented to the
Employees Retirement System, City of Baltimore
Maryland
For its Annual Financial Report
for the Fiscal Year Ended 2020
Executive Director/CEO
This Popular Annual Report (PAFR) is a summary
presentation of the Employees Retirement System
of the City of Baltimore’s audited financial state-
ments and other information contained in the
Comprehensive Annual Financial Report (ACFR).
The PAFR provides an overview of the System’s
financial and operating results. The complete au-
dited financial statements and pertinent notes to
the financial statements can be found in the 2021
ACFR.
+1 443-984-3200
+1 877-273-7136
contacters@bcers.org
www.bcers.org @bmoreretirement
CITY OF BALTIMOREEmployees’ Retirement Systems7 East Redwood Street, 11th, 12th &13th FloorBaltimore, MD 21202
Henry RaymondChair of the Board City of Baltimore Fianance DirectorEx-officio Member
Bill Henry ComptrollerEx-officio Member
Deborah F. Moore-Carter City of Baltimore Labor CommissionerElected by Active Members
Patricia RobertsRetired Appointed by Mayor
Dorothy L. Bryant PhlebotomistCity of Baltimore Health Department Elected by Active Members
TRUSTEES
Helen HoltonRetiredAppointed by Mayor/Baltimore City Council
Rosemary H. Atkinson RetiredHOPE VI Community BuilderElected by Retired Members
John Beasley DeloitteAppointed by Mayor/Baltimore City Council
Government Finance Officers Association
Award for Outstanding Achievement in Popular Annual Financial Reporting
Presented to the
Employees Retirement System, City of Baltimore
Maryland
For its Annual Financial Report for the Fiscal Year Ended 2020
Executive Director/CEO
This Popular Annual Report (PAFR) is a summary
presentation of the Employees Retirement System
of the City of Baltimore’s audited financial state-
ments and other information contained in the
Comprehensive Annual Financial Report (ACFR).
The PAFR provides an overview of the System’s
financial and operating results. The complete au-
dited financial statements and pertinent notes to
the financial statements can be found in the 2021
ACFR.
+1 443-984-3200
+1 877-273-7136
contacters@bcers.org
www.bcers.org @bmoreretirement