Number
001496
Version
SUBSTITUTE 1
Sponsor
Title
Substitute resolution related to Disbursement of the one-time 2001 Lump-sum Supplement Contribution to the members of 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 2001; and
Whereas, The 2001 City Budget includes $1,104,651 in an account titled "Lump-sum Supplement Contribution" for the purpose of providing a one-time supplementary Pension benefit; and
Whereas, The 2001 City Budget stipulates that these funds will be expended contingent upon: 1) Attainment of a Global Pension Settlement, 2) The determination of a method of distribution by the membership of the former Firemen's Annuity &Benefit Fund, and 3) Approval of the method of distribution; and
Whereas, The City has attained a Global Pension Settlement; 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.
Drafter
Budget and Management Division
Ref: 001496 SJR:
March 7, 2001
Finance/Resolut/001496.doc