City of Milwaukee - File #: 000297

• File #: 000297
• Version: 2
• Type: Resolution
• Status: Passed
• File created: 6/13/2000
• In control: FINANCE & PERSONNEL COMMITTEE
• Final action: 6/30/2000
• Title: Substitute resolution appropriating $150,000 from the 2000 Contingent Fund to fund actuarial services that were provided in the process of achieving a global pension settlement.
• Sponsors: THE CHAIR
• Indexes: CONTINGENT FUND, RETIREMENT BENEFITS, WAGES AND BENEFITS

Date	Ver.	Action By	Action	Result	Tally
7/12/2000	2	MAYOR	SIGNED
6/30/2000	2	COMMON COUNCIL	ADOPTED	Pass	17:0
6/28/2000	2	CITY CLERK	DRAFT SUBMITTED
6/28/2000	2	FINANCE & PERSONNEL COMMITTEE	RECOMMENDED FOR ADOPTION; Minutes note: Ald. D'Amato moved to amend by adding name of acturary Serv. provided by Buck Consultants & Milliman & Robertson.	Pass	5:0
6/21/2000	1	CITY CLERK	DRAFT SUBMITTED
6/19/2000	0	FINANCE & PERSONNEL COMMITTEE	HEARING NOTICES SENT
6/14/2000	0	FINANCE & PERSONNEL COMMITTEE	REFERRED TO
6/13/2000	0	COMMON COUNCIL	ASSIGNED TO

NUMB:
000297

VERS:
SUBSTITUTE 2
REF:

XXBY:
THE CHAIR
TITL:
Substitute resolution appropriating $150,000 from the 2000 Contingent Fund to fund actuarial services that were provided in the process of achieving a global pension settlement.
ANLS:
This resolution reserves $150,000 in the 2000 Common Council Contingent Fund (0001-9990-C001-006300) for expenditure City Clerk Operating Expenditures Account (0001-1310-C015-006300) to fund actuarial services that were provided in the process of achieving a global pension settlement.
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: now, therefore, be it

Resolved, By the Common Council of the City of Milwaukee, that the sum of $150,000 be reserved in the 2000 Common Council Contingent Fund (0001-9990-C001-006300) to fund actuarial services that were provided in the process of achieving a global pension settlement; and, be it

Further Resolved, That the City Comptroller, in cooperation with the City Clerk and the City Budget Director, shall establish an account within the Common Council Contingent Fund for expenditure through the City Clerk Operating Expenditures Account (0001-1310-C015-006300) with expenditure authority assigned to the City Clerk's Office; and, be it

Further Resolved, That the amounts appropriated and expended shall be made payable to the firms Buck Consult...