Number
140900
Version
ORIGINAL
Reference
Sponsor
THE CHAIR
Title
Resolution effectuating provisions of the 2015 adopted city budget relating to the use of $10,400,000 in the Employer's Reserve Fund to offset employer paid contributions by the city to the Employes' Retirement System.
Analysis
This resolution appropriates $10.4 million from the Employer's Reserve Fund to offeset employer-paid employee contributions to the city in calenary year 2015.
Body
Whereas, Under the global pension settlement in the charter ordinance 36-08-8, there was created an Employer's Reserve Fund to offset required employer paid employee contributions to the Employes Retirement System; and
Whereas, The current balance of the Employer's Reserve Fund exceeds $38 million; and
Whereas, It was determined that $10,400,000 in the Employer's Reserve Fund shall be used to offset employer paid employee contributions by the city to the Employes' Retirement System in calendar year 2015; now, therefore, be it
Resolved, By the Common Council of the City of Milwaukee that the sum of $10,400,000 in the Employer's Reserve Fund shall be used to offset employer paid employee contributions by the city in calendar year 2015; and, be it
Further Resolved, That the City Comptroller is directed to manage the timing of these offsets.
Requestor
Drafter
Budget and Management Division
Ref: 2015 BF, 7-E;DY:
September 15, 2014
15 Budget/2015 Budget Resolution: pension reserveR.RTF