Number
060981
Version
ORIGINAL
Reference
Sponsor
THE CHAIR
Title
A charter ordinance relating to annuity increases for members of the policemen's annuity and benefit fund and abolishing the supplementary payment fund within the policemen's annuity and benefit fund.
Sections
35-01-71-f cr
35-05 rp
Analysis
This charter ordinance increases monthly payments to members of the policemen's annuity and benefit fund based on a formula taking into account current supplemental payments, and also abolishes the supplementary payment fund as a separate fund within the policemen's annuity and benefit fund.
Body
The Mayor and Common Council of the City of Milwaukee do ordain as follows:
Part 1. Section 35-01-71-f of the charter is created to read:
35-01. Policemen's Annuity and Benefit Fund.
71. ANNUITY INCREASES.
f. Pensioner as of January 1, 2006.
f-1. Commencing in 2006 the $94 and $33 supplemental annuities will be permanent for any pensioner (annuitant and widow annuitant).
f-2. Commencing in 2006 for any pensioner (annuitant and widow annuitant) their annuity will increase in accordance with the following formula:
f-2-a. If the sum of the December 2005 annuity payment plus the $94 and the $33 supplemental annuities is less than or equal to $440, the total annuity payment inclusive of the $94 and the $33 supplemental annuities will be $500.
f-2 b. If the sum of the December 2005 annuity payment plus the $94 and the $33 supplemental annuities is greater than $440, the total annuity payment inclusive of the $94 and the $33 supplemental annuities will increase by $60.
Part 2. Section 35-05 of the charter is repealed.
Part 3. This is a charter ordinance and shall take effect 60 days after its passage and publication, unless within such 60 days a referendum petition is filed as provided in s. 66.0101(5), Wis. Stats., in which event this ordinance shall not take effect until submitted to a referendum and approved by a majority of the electors voting thereon.
LRB
APPROVED AS TO FORM
____________________________
Legislative Reference Bureau
Date: ______________________
Attorney
IT IS OUR OPINION THAT THE ORDINANCE
IS LEGAL AND ENFORCEABLE
____________________________
Office of the City Attorney
Date: ______________________
Requestor
Employes' Retirement System
Drafter
LRB06517-1
BZJ:mbh
10/19/2006