PENSION UPDATE 4-16-2020

[ThomasSkinner]

***NOTE*** All Retiree interests are represented by Charlie Monk of Saul Ewing Arnstein & Lehr, LLP.. As retirees your best route of questions/answers is through Steve Fugate and Charlie Williams.

Below is an update from our pension lawsuit attorney and below Bob’s update I’ve attached a link to a website, designed and maintained by the Claims Administrator
for the lawsuit captioned Robert F. Cherry, Jr., et al. v. Mayor and City Council of Baltimore City. The website has some valuable information and documents.

Update from Bob Klausner:

Baltimore City Circuit Judge Jennifer Rubin entered a final judgment awarding retirees and members of the retirement eligible class a total of $30.7 million in damages as a result of her finding that the City violated the pension contract for retirees, survivors, and active members who were eligible to retire on or before June 30, 2010. Individual calculations were performed for each of the more than 5000 class members. Some, particularly disability retirees will receive the largest sums. Some retirees will receive $0 because the 0-1-2 COLA either has or will provide a higher benefit. The Court had earlier denied any relief to active members stating that they had no loss under the City’s 2010 change in the retirement age and DROP because they were not yet eligible to retire. In calculating the retiree damages, the Judge used the calculations recommended by the City’s expert witness rather than the class’ expert. This resulted in a lower sum of damages that the class believed it was entitled to. Both the denial of the active member benefits and the calculation method for retiree/retirement eligible class members will be appealed by the class.

Both the class and the City have announced their intention to appeal to the Court of Special Appeals which will take place this week. After the notices of appeal are filed, the entire record which included exhibits and transcripts from the nearly 2 week-long trial will be forwarded to the appeals court. Written briefs will be filed by each side over the next several months and the will likely schedule a hearing in Annapolis once all briefs are filed.

While the appeal is pending, no payments under the judgment will be made, but the sum will accrue interest on a daily basis until paid in full. As briefs are filed, additional information will be posted

http://baltimorepensionlitigation.com

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