Number
001567
Version
SUBSTITUTE 2
Reference
Sponsor
THE CHAIR
Title
A substitute charter ordinance establishing a supplementary payment fund within the policemen's annuity and benefit fund.
Sections
35-05 cr
Analysis
This charter ordinance establishes a separate fund within the policemen's annuity and benefit fund to receive separate contributions from the city. It also authorizes the retirement board to disburse the fund in order to provide equal payments to every beneficiary.
Body
The Mayor and Common Council of the City of Milwaukee do ordain as follows:
Part 1: Section 35-05 of the charter is created to read:
35-05. Supplementary Payment Fund.
1. There is created within the policemen's annuity and benefit fund a separate fund to be known as the supplementary payment fund. Such fund shall be funded by separate contributions from the city.
2. The supplementary payment fund shall be invested and administered by the retirement board. The retirement board shall be authorized to make distributions from the fund to pensioners in accordance with a resolution approved by the board and entered upon the permanent records of the board. Such resolution shall insofar as is practicable seek to make distributions in equal amounts to such persons whose names appear on the pension roll of the policemen's annuity and benefit fund at the time distributions are made.
Part 2. 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
CITY ATTORNEY
Drafter TEH/kf
1085-2000001
9/19/2001
35058
01092-2
BJZ/TWM/dm
9/19/2001