Number
110740
Version
SUBSTITUTE 2
Reference
Sponsor
THE CHAIR
Title
A substitute charter ordinance relating to member pension contributions for certain city employes and elected officials.
Sections
36-05-6-a-2 am
36-08-7-a-1 ra
36-08-7-a-2 rp
36-08-7-a-3 rp
36-08-7-c am
36-08-7-m am
36-08-7-0 am
Analysis
This charter ordinance establishes that all general city employe members of the employes' retirement system who were hired prior to January 1, 2014, shall contribute 5.5% of their earnable compensation to the employes' retirement system commencing with the first pay period following the effective date of this charter ordinance. The charter ordinance also provides that elected officials who were enrolled in the retirement system prior to January 1, 2014, and whose accrual rate is 2.5%, shall contribute 7% of their earnable compensation to the employes' retirement system commencing with the first pay period following the effective date of this charter ordinance. Elected officials who were enrolled in the retirement system prior to January 1, 2014 and whose accrual rate is 2%, shall pay 5.5% of their earnable compensation to the employes' retirement system commencing with the first pay period following the effective date of this charter ordinance. In addition, general city employes and elected officials will no longer be required to pay 1.6% of their pensionable earnings as provided for in s. 36-08-7-m.
Body
Whereas, Section 36-14 of the charter provides the city with home rule authority over the employes' retirement system; and
Whereas, The Common Council has enacted amendments to s. 36-08-7-a-2 of the charter that required general city employes hired on or after January 1, 2010, and prior to January 1, 2014, to pay a 5.5% member contribution; and
Whereas, Section 36-08-7-a-3 of the charter requires general city employes hired on or after January 1, 2014, to pay a 4% member contribution; and
Whereas, Section 36-08-7-b of the ...
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