NUMB:
970052
VERS:
SUBSTITUTE 2
REF:
XXBY:
THE CHAIR
TITLE:
A substitute charter ordinance relating to actuarial assumptions for the policemen's annuity and benefit fund.
SECS:
35-01-12-a-1 rc
35-01-12-a-3 am
35-01-12-c am
ANLS:
- Analysis -
This charter ordinance modifies the provisions of the policemen's annuity and benefit fund so that employer contributions may be determined on an actuarial basis. Such modifications are necessary in order to meet internal revenue code requirements.
BODY:
The Mayor and Common Council of the City of Milwaukee do ordain as follows:
Part 1. Section 35-01-12-a-1 of the city charter is repealed and recreated to read:
35-01. Policemen's Annuity and Benefit Fund.
12. TAX LEVY.
a. Board certification.
a-1. Amortization. Taking into account the actuarial review under par. c, the retirement board shall adopt for the fund such mortality, service and other tables as shall be deemed necessary. On the basis of such tables as the board shall adopt, the actuary shall make an annual valuation of the funds and liabilities of the fund and shall prepare the annual certification. Any unfunded liability as determined by the actuary as part of the annual valuation shall be amortized over a 5-year period using assumptions determined by the actuary.
Part 2. Section 35-01-12-a-3 and c of the city charter is amended to read:
a-3. Exclusive Source. The amount of the certification predicated upon the foregoing as described in [[said]] subds. a-1 and 2 and the amount budgeted for administration shall be paid into the fund as provided under par. b. It is the intent of this section that the exclusive source of the payment in accordance with the certification and the amount budgeted for administration shall be the tax levy as aforesaid, and that this constitutes the full amount to be paid by the city and shall discharge its entire obligation. No reduction in the amount of the certification required by this subdivision shall be made by reason of any contributions required by the provisions of s. 35-04 [[- 1 to 3]].
c. Actuarial Review. [[Each]] >>In each<< 5 year period [[subsequent to the effective date of this paragraph, the first occurring in 1974,]] there shall be an actuarial review of the above stated actuarial assumptions to determine whether revision in these [[actuarial]] assumptions are required by the experience of the preceding 5 years. >>A copy of the actuarial review shall be filed with the retirement board and the city clerk's office.<<
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. 66.01(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: _____________________
CATT:
IT IS OUR OPINION THAT THE ORDINANCE
IS LEGAL AND ENFORCEABLE
___________________________
Office of the City Attorney
Date: ____________________
ZDPT:
DFTR:
City Atty.
TEH:dms
Actuary
LRB97516.2
BJZ:bsw
10/1/97
3