City of Milwaukee - File #: 100502

• File #: 100502
• Version: 1
• Type: Charter Ordinance
• Status: Passed
• File created: 9/1/2010
• In control: FINANCE & PERSONNEL COMMITTEE
• Final action: 10/12/2010
• Effective date: 12/28/2010
• Title: A substitute charter ordinance relating to the employers’ reserve fund.
• Sponsors: ALD. MURPHY
• Indexes: CHARTER ORDINANCES, EMPLOYES RETIREMENT SYSTEM

Date	Ver.	Action By	Action	Result	Tally
10/28/2010	1	CITY CLERK	PUBLISHED
10/21/2010	1	MAYOR	SIGNED
10/12/2010	1	COMMON COUNCIL	PASSED	Pass	14:0
10/6/2010	1	FINANCE & PERSONNEL COMMITTEE	RECOMMENDED FOR PASSAGE; Minutes note: Individual appearing: Mark Nicolini, Director, DOA-Budget and Management Division Wally Morics, Comptroller	Pass	5:0
10/1/2010	1	FINANCE & PERSONNEL COMMITTEE	HEARING NOTICES SENT
9/15/2010	1	CITY CLERK	DRAFT SUBMITTED
9/1/2010	0	COMMON COUNCIL	ASSIGNED TO

Number
100502
Version
SUBSTITUTE 1
Reference

Sponsor
Ald. Murphy
Title
A substitute charter ordinance relating to the employers’ reserve fund.
Sections
36-08-8 am
Analysis
Current charter provisions require that voluntary employer contributions made by the city and city agencies for financing pension obligations be deposited into a fund designated as the employers’ reserve fund. This charter ordinance provides that the city’s funds in the employers’ reserve fund shall be invested in a manner consistent with guidelines approved by the common council and that the city shall bear any incremental costs associated with the administration or investment of the funds. The funds in this account shall be used solely to offset required employer-paid employe contributions or required city contributions to the Employes’ Retirement System. Currently, the charter provides that the funds on deposit in each employers’ reserve account be credited annually based on the earnings of the retirement system as a whole.
Body
The Mayor and Common Council of the City of Milwaukee do ordain as follows:

Part 1. Section 36-08-8 of the city charter is amended to read:

36-08. Method of Financing.
8. EMPLOYERS’ RESERVE FUND.
Effective January 1, 2000 there shall be created a fund to be known as the employers’ reserve fund for the exclusive purpose of holding voluntary employer contributions made by the city and city agencies. The retirement system shall establish separate accounts within the fund for the city and each city agency. Earnings on funds on deposit in each account shall be credited annually as part of the annual valuation [[based on the earnings of the retirement system as a whole]]. >>The city’s funds in the employers’ reserve fund shall be invested in a manner consistent with guidelines approved by the common council. The administrative functions shall be the responsibility of the committee on finance and personnel. The city shall bear any incremental cos...