City of Milwaukee - File #: 990837

• File #: 990837
• Version: 1
• Type: Resolution
• Status: Passed
• File created: 9/16/1999
• In control: FINANCE & PERSONNEL COMMITTEE
• Final action: 9/28/1999
• Title: Substitute resolution reserving an additional $50,000 in the 1999 Common Council Contingent Fund (Account No. 0001-9990-0001-C001) for the City Clerk to pay for final actuarial work subcontracted by the law firm, Reinhart, Boerner, Van Dueren, Norris & Rieselbach, for purposes related to global pension settlement analysis.
• Sponsors: THE CHAIR
• Indexes: CONSULTANTS, CONTINGENT FUND, RETIREMENT BENEFITS, WAGES AND BENEFITS

Date	Ver.	Action By	Action	Result	Tally
10/8/1999	1	MAYOR	SIGNED
9/28/1999	1	COMMON COUNCIL	ADOPTED	Pass	16:0
9/23/1999	1	FINANCE & PERSONNEL COMMITTEE	RECOMMENDED FOR ADOPTION	Pass	5:0
9/20/1999	1	CITY CLERK	DRAFT SUBMITTED
9/20/1999	0	FINANCE & PERSONNEL COMMITTEE	HEARING NOTICES SENT
9/20/1999	0	FINANCE & PERSONNEL COMMITTEE	REFERRED TO
9/16/1999	0	COMMON COUNCIL	ASSIGNED TO

NUMB:

990837

VERS:

SUBSTITUTE 1

REF:

XXBY:

THE CHAIR

TITL:

Substitute resolution reserving an additional $50,000 in the 1999 Common Council Contingent Fund (Account No. 0001-9990-0001-C001) for the City Clerk to pay for final actuarial work subcontracted by the law firm, Reinhart, Boerner, Van Dueren, Norris & Rieselbach, for purposes related to global pension settlement analysis.

ANLS:

This resolution reserves an additional $50,000 in the 1999 Common Council Contingent Fund (Account No. 0001-9990-0001-C001) for the City Clerk to pay for actuarial work subcontracted by the law firm, Reinhart, Boerner, Van Dueren, Norris & Rieselbach for purposes related to global pension settlement analysis.

BODY:

Whereas, The City of Milwaukee has been engaged in discussions with the unions and retirees in order to reach a settlement on pension litigation; and

Whereas, The current and future financial impact of proposals put forth by the City, unions and retirees were evaluated; and

Whereas, The City of Milwaukee retained an actuary firm that created a financial model that the city used to evaluate the current status of the pension system and projected costs of the city past and final settlement proposals; and

Whereas, These actuarial activities are being subcontracted by the law firm Reinhart, Boerner, Van Dueren, Norris & Rieselbach, which is acting as a consultant to the city in matters related to global settlement talks; now, therefore, be it

Resolved, By the Common Council of the City of Milwaukee that the sum of $50,000 be reserved in the 1999 Common Council Contingent Fund (Account No. 0001-9990-0001-C001) to fund actuarial work subcontracted by the law firm Reinhart, Boerner, Van Dueren, Norris & Rieselbach; and, be it

Further Resolved, That up to $50,000 of the reserved funds may be expended in account 634001-0001-1310-2030-C015 for the purpose stated above with the approval of the City Clerk in consultation with the Budget Director.

DFTR:

Budget and Management Division

Ref:99009(06): LJE:dmr

September 20, 1999

Finance:global.doc