NUMB:
981589
VERS:
Substitute 3
REF:
XXBY:
THE CHAIR
TITL:
Substitute resolution appropriating $300,000 from the 1999 Contingent Fund to cover unanticipated expenses related to pension issues.
ANLS:
- Analysis -
This resolution appropriates $300,000 from the Common Council Contingent Fund, establishes an account within the Contingent Fund for the appropriated funds and assigns expenditure authority over this account to the City Clerk's Office, with expenditures subject to approval by the Finance and Personnel Committee. These funds are to be used for purposes related to execution of a global settlement, including public relations, communications and actuarial expenses.
BODY:
Whereas, The City of Milwaukee faces potential costs of several million dollars annually as a result of the various pension lawsuits; and
Whereas, There is no unfunded liability in the pension system taken as a whole and there are sufficient surplus reserves available in the pension system taken as a whole to pay the additional liabilities incurred by the system as a result of the losses in pension lawsuits; and
Whereas, The City of Milwaukee has expressed to union presidents, retiree representatives and pension board members that it believes there may be a legal basis to enforce a binding settlement agreement on pension litigation and other pension issues; and
Whereas, Execution of a settlement agreement will require the City of Milwaukee to communicate the settlement terms to pension fund members and the public; and
Whereas, Execution of a settlement agreement will require the City of Milwaukee to solicit and process individual waivers from all 25,000 members of the pension system; and
Whereas, Execution of a settlement agreement will require additional actuarial work for the purposes of determining a fiscally responsible settlement agreement; now, therefore, be it
Resolved, By the Common Council of the City of Milwaukee, that $300,000 is approp...
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