To Members and Stakeholders of Baltimore City Employees’ Retirement System:

 

This letter is to reassure you that the ERS is financially sound and that steps are being taken to address all administrative issues. The Board of Trustees is fully aware of the information that has been reported in the media, and also aware of many of the rumors that have surfaced regarding the changes in ERS staff.

 

The Mission of the ERS remains the same, which is to protect and prudently invest member assets, and provide accurate and timely retirement benefits with quality service to members and beneficiaries.

 

First and foremost, ERS members’ funds were unaffected by the recent administrative changes. ERS investments ended the 2018 fiscal year with a strong performance of 8.5%. All of the ERS financials are audited annually by CliftonLarsonAllen, LLP, which is an independent auditor. Fiscal 2018 financial performance is presently being audited and will be completed later this fall.

 

ERS is two-pronged operation – funds management oversight and administrative operations. The Board of Trustees is focused on ensuring the hiring of the best administrative team possible. We know that we and the new team have to rebuild the trust of the remaining staff, and the ERS members and stakeholders. These administrative hires will take place over the coming months. ERS will continue to publish the newsletter and key hires will be featured in future issues.

 

The Board of Trustees was not aware of the administrative occurrences recently made public. However, actions were immediately taken to identify, address, and resolve the issues. The Board of Trustees is committed to moving forward, rebuilding, and growing the ERS to continue to serve you, our valued customers.

 

Sincerely,

ERS Board of Trustees