Number
020952
Version
SUBSTITUTE 1
Reference
Sponsor
THE CHAIR
Title
Substitute resolution approving Intergovernmental Cooperation Agreement between the City of Milwaukee and the Employes' Retirement System ("ERS") and Annuity and Pension Board relating to expenses in connection with the administration and operation of the ERS.
Analysis
Common Council Charter Ordinance File No. No. 991585, as amended, embodies the Global Pension Settlement. Under the terms of the Global Pension Settlement, effective January 1, 2000, all expenses in connection with the administration and operation of the ERS shall be paid from the combined fund of the ERS, which was created under the terms of the Global Pension Settlement. The parties entered into an Intergovernmental Cooperation Agreement dated February 20, 2001 to implement the provisions for the period from January 1, 2000 through January 18, 2001. This Intergovernmental Cooperation Agreement covers the period from January 19, 2001 forward.
It provides that starting in 2003, ERS budgeted expenses for the administration and operation of the ERS incurred from and after January 1, 2003, shall at the option of the City be advanced by the ERS by paying the City 1/12th of the current calendar year budget expenses no later than 15 days prior to the end of each calendar month. It further provides that the City will receive indirect charges of 9.2% of the direct salary charges for the period of the agreement, unless the Annuity and Pension Board and the City Department of Administration agree in writing to a different rate. Contingency requests will be governed by an amendment to s. 36-08-3-a, which is attached as Exhibit B to the agreement.
Body
Whereas, The City, City Agencies, representatives of employee groups and retirees have entered into a Memorandum of Understanding calling for a Global Pension Settlement; and
Whereas, Under the terms of the Global Pension Settlement effective January 1, 2000, al...
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