Retirement

Report: Baltimore retirement fund board chair recruited business partner to oversee $1.6 billion in investments

Report: Baltimore retirement fund board chair recruited business partner to oversee $1.6 billion in investments

The chairman of the board of Baltimore’s Employee Retirement System has been removed and its chief investment officer is out of a job amid an inquiry that found they had an undisclosed business relationship of more than 30 years, according to an inspector general’s report Thursday and city officials.

The report said the board chairman recruited the executive to the post overseeing investments for the $1.6 billion system that administers the plans of more than 18,000 current and former city employees.

“The board member also sat on the interview panel and wrote many of the interview questions,” during the hiring process, the inspector general’s office wrote.

The...

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