City of Milwaukee - File #: 970387

• File #: 970387
• Version: 3
• Type: Charter Ordinance
• Status: Passed
• File created: 6/3/1997
• In control: FINANCE & PERSONNEL COMMITTEE
• Final action: 10/14/1997
• Effective date: 12/17/1997
• Title: : A substitute charter ordinance relating to payment of expenses for investment management, and investment advisors and consultants for the employes' retirement system.
• Sponsors: ALD. KALWITZ, ALD. MURPHY, ALD. PRATT
• Indexes: CHARTER ORDINANCES, EMPLOYES RETIREMENT SYSTEM, RETIREMENT BENEFITS

Date	Ver.	Action By	Action	Result	Tally
10/17/1997	3	CITY CLERK	PUBLISHED
10/15/1997	3	MAYOR	SIGNED
10/14/1997	3	COMMON COUNCIL	PASSED; Minutes note: Notwithstanding the disapproval of the City Attorney	Pass	17:0
10/14/1997	3	FINANCE & PERSONNEL COMMITTEE	RECOMMENDED FOR PASSAGE; Minutes note: Notwithstanding disapproval of City Attorney.	Pass	5:0
10/14/1997	3	CITY ATTORNEY	DISAPPROVED
10/13/1997	3	FINANCE & PERSONNEL COMMITTEE	RECOMMENDED FOR PASSAGE	Pass	3:0
10/13/1997	3	CITY CLERK	DRAFT SUBMITTED
7/9/1997	2	CITY CLERK	DRAFT SUBMITTED
7/9/1997	2	FINANCE & PERSONNEL COMMITTEE	Minutes note: This charter ord. provides that effective for budget year 1999 actual expenses
7/3/1997	1	FINANCE & PERSONNEL COMMITTEE	HEARING NOTICES SENT
6/18/1997	1	FINANCE & PERSONNEL COMMITTEE
6/13/1997	1	CITY CLERK	DRAFT SUBMITTED
6/12/1997	0	FINANCE & PERSONNEL COMMITTEE	HEARING NOTICES SENT
6/6/1997	0	FINANCE & PERSONNEL COMMITTEE	HEARING NOTICES SENT
6/4/1997	0	FINANCE & PERSONNEL COMMITTEE	REFERRED TO
6/4/1997	0	FINANCE & PERSONNEL COMMITTEE	REFERRED TO
6/3/1997	0	COMMON COUNCIL	REFERRED TO

NUMB:
970387
VERS:
SUBSTITUTE 3
REF:

XXBY:
ALD. KALWITZ, MURPHY AND PRATT
TITLE:
A substitute charter ordinance relating to payment of expenses for investment management, and investment advisors and consultants for the employes' retirement system.
SECS:
36-08-2-a am
36-08-3 rc
36-08-5-a rc
ANLS:
- Analysis -

This charter ordinance provides that effective for budget year 1998 the investment income that is allocated to the retirement fund for the employes' retirement system shall be net of investment expenses which shall include all fees and costs associated with the investment of the assets of the retirement system. Investment expenses will no longer be paid from the expense fund from payments by the city and city agencies.
BODY:
The Mayor and Common Council of the City of Milwaukee do ordain as follows:

Part 1. Section 36-08-2-a of the charter is amended to read:

36-08. Method of Financing.

2. RETIREMENT FUND.

a. Contributions. The retirement fund shall be the fund into which all member and city or city agency contributions >>,<< together with investment income >>net of investment expenses,<< shall be paid except as hereinafter otherwise provided. There shall also be paid into the retirement fund all other amounts received by the board as directed by it. All retirement allowances, death benefits, separation benefits and other benefits except as hereinafter otherwise provided shall be paid from the retirement fund.

Part 2. Section 36-08-3 of the charter is repealed and recreated to read:

3. EXPENSE FUND. The expense fund shall be the fund to which shall be credited all money to pay the expenses necessary in connection with the administration and operation of the retirement system and from which payments are made for those administratives expenses, provided, however, that the expenses for investing the assets of the retirement system shall be deducted from the invested assets in determining the net assets of the retirement system and shall not...