Number
021283
Version
SUBSTITUTE 1
Reference
Sponsor
THE CHAIR
Title
Substitute resolution related to the disbursement of the one-time 2003 Lump-Sum Supplement Contribution to the members of the former Firemen's Annuity and Benefit Fund.
Analysis
This resolution authorizes the disbursement of funds from the 2003 Lump-Sum Supplement Contribution account to the members for the former Firemen's Annuity and Benefit Fund.
Body
Whereas, The City of Milwaukee has made a commitment to provide supplementary benefits to the members of the former Firemen's Annuity and Benefit Fund in 2003; and
Whereas, The 2003 City Budget includes $500,000 in an account titled "Lump-sum Supplement Contribution" for the purpose of providing a one-time supplementary Pension benefit; and
Whereas, The membership of the former Firemen's Annuity and Benefit Fund have voted to receive the Lump-sum payment in equal shares divided among the retirees and survivors of the former Firemen's Annuity and Benefit Fund; and
Whereas, Adoption of this resolution and signature by the Mayor indicate the City's support of this distribution method; now, therefore, be it
Resolved, By the Common Council of the City of Milwaukee, that expenditure authority for account 0001-9990-R432-006100 "Lump-sum Supplement Contribution" be given to the Department of Administration-Budget and Management Division who will oversee the administration of the Lump-sum Supplement payments to the members of the former Firemen's Annuity and Benefit Fund.
Requestor
Budget & Management Division
Drafter
KMO:dmr
January 6, 2003
Finance:021283r.doc