City of Milwaukee - File #: 970052

• File #: 970052
• Version: 2
• Type: Charter Ordinance
• Status: Passed
• File created: 4/22/1997
• In control: FINANCE & PERSONNEL COMMITTEE
• Final action: 10/14/1997
• Effective date: 12/30/1997
• Title: : A substitute charter ordinance relating to actuarial assumptions for the policemen's annuity and benefit fund.
• Sponsors: ALD. PRATT
• Indexes: CHARTER ORDINANCES, POLICEMENS ANNUITY AND BENEFIT FUND, RETIREMENT BENEFITS

Date	Ver.	Action By	Action	Result	Tally
10/30/1997	2	CITY CLERK	PUBLISHED
10/30/1997	2	CITY CLERK	PUBLISHED
10/22/1997	2	MAYOR	SIGNED
10/14/1997	2	COMMON COUNCIL	PASSED	Pass	17:0
10/8/1997	2	FINANCE & PERSONNEL COMMITTEE	RECOMMENDED FOR PASSAGE	Pass	4:0
10/1/1997	2	CITY CLERK	DRAFT SUBMITTED
9/17/1997	1	FINANCE & PERSONNEL COMMITTEE	HELD TO CALL OF THE CHAIR; Minutes note: Hold 1 cycle.	Pass	5:0
9/15/1997	1	CITY CLERK	DRAFT SUBMITTED
4/24/1997	0	FINANCE & PERSONNEL COMMITTEE	REFERRED TO
4/24/1997	0	FINANCE & PERSONNEL COMMITTEE	REFERRED TO
4/22/1997	0	COMMON COUNCIL	REFERRED TO

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 Section 35-01-12-a-1 of the city charter is repealed and recreated to read: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 re...