City of Milwaukee - File #: 100416

• File #: 100416
• Version: 2
• Type: Resolution
• Status: Passed
• File created: 7/27/2010
• In control: FINANCE & PERSONNEL COMMITTEE
• Final action: 9/21/2010
• Title: Substitute resolution creating a Pension Task Force to analyze pension funding and benefits options for meeting the City’s future pension obligations without overburdening the City’s financial resources.
• Sponsors: ALD. MURPHY
• Indexes: BUDGET, COMMITTEES, EMPLOYES RETIREMENT SYSTEM

Date	Ver.	Action By	Action	Result	Tally
9/24/2010	2	MAYOR	SIGNED
9/21/2010	1	COMMON COUNCIL	AMENDED; Minutes note: Identified as amendment #1 Ald. Murphy moves to amend the resolution by changing the due date for the Pension Task Force's report from "within 6 months of adoption: to "by June 30, 2011".	Pass	14:0
9/21/2010	2	COMMON COUNCIL	ADOPTED; Minutes note: As amended.	Pass	14:0
9/17/2010	1	FINANCE & PERSONNEL COMMITTEE	RECOMMENDED FOR ADOPTION; Minutes note: Individual present: W. Martin Morics, Comptroller Dave Seager, Milwaukee Professional Firefighters Association Roger Oldenberg, Milwaukee Retirees' Association Ald. Murphy says that the Task Force will not be making recommendations to the Common Council but will just be presenting options.	Pass	5:0
9/14/2010	1	FINANCE & PERSONNEL COMMITTEE	HEARING NOTICES SENT
9/14/2010	1	FINANCE & PERSONNEL COMMITTEE	HEARING NOTICES SENT
9/8/2010	1	CITY CLERK	DRAFT SUBMITTED
7/27/2010	0	COMMON COUNCIL	ASSIGNED TO

Number
100416

Version
Substitute 2

Reference

Sponsor
ALD. Murphy

Title
Substitute resolution creating a Pension Task Force to analyze pension funding and benefits options for meeting the City’s future pension obligations without overburdening the City’s financial resources.

Analysis
This substitute resolution creates a Pension Task Force to analyze pension funding and benefits options for meeting the City’s future pension obligations without overburdening the City’s financial resources.

This Pension Task Force shall be chaired by the Chair of the Finance and Personnel Committee and staffed by the City Clerk’s Office. The 7-member Pension Task Force shall include:

1. Chair of the Finance and Personnel Committee or the Chair’s designee.
2. The City Comptroller or the Comptroller’s designee.
3. 3 members appointed by the Mayor.
4. 2 members appointed by the Common Council President.

The Pension Task Force shall report its findings by June 30, 2011, and be automatically dissolved.

Body
Whereas, The Milwaukee Employes’ Retirement System is managed consistent with the highest and best practices of pension fund management, and was cited in 2007 as the best funded public retirement system in the nation by R. V. Kuhns & Associates; and

Whereas, The fiscal strength and vitality of even the best managed pension fund can be suddenly and seriously eroded by investment market factors beyond the control of fund managers as evidenced by the recent, precipitous and persistent downturn of the U.S. economy which triggered a decrease of over $1 billion, or 21.5%, in actuarial value of Milwaukee’s pension fund assets from January, 2008, to January, 2009; and

Whereas, The lengthening life expectancies of City retirees and other factors continues to put upward pressure and increase the overall long-term liabilities of the pension fund; and

Whereas, Fiduciaries responsible for pension fund management must be constantly vigilant and plan far into future ...