City of Milwaukee - File #: 980850

• File #: 980850
• Version: 1
• Type: Resolution
• Status: Passed
• File created: 9/23/1998
• In control: FINANCE & PERSONNEL COMMITTEE
• Final action: 10/9/1998
• Title: Substitute resolution to appropriate $225,000 from the Common Council Contingent Fund to the City Clerk's Special Purpose Account Number 09-910-8438 to pay for actuarial work subcontracted by the law firm, Reinhart, Boerner, Van Dueren, Norris & Rieselbach, for purposes related to potential liability from pension lawsuits.
• Sponsors: THE CHAIR
• Indexes: CONSULTANTS, CONTINGENT FUND, EMPLOYES RETIREMENT SYSTEM, LITIGATION, RETIREMENT BENEFITS, SUITS

Date	Ver.	Action By	Action	Result	Tally
10/19/1998	1	MAYOR	SIGNED
10/9/1998	1	COMMON COUNCIL	ADOPTED	Pass	17:0
10/7/1998	1	FINANCE & PERSONNEL COMMITTEE	RECOMMENDED FOR ADOPTION	Pass	5:0
10/7/1998	1	CITY CLERK	DRAFT SUBMITTED
9/29/1998	0	FINANCE & PERSONNEL COMMITTEE	HEARING NOTICES SENT
9/23/1998	0	FINANCE & PERSONNEL COMMITTEE	REFERRED TO
9/23/1998	0	COMMON COUNCIL	ASSIGNED TO

NUMB:
980850
VERS:
SUBSTITUTE 1
REF:

XXBY:
THE CHAIR
TITL:
Substitute resolution to appropriate $225,000 from the Common Council Contingent Fund to the City Clerk's Special Purpose Account Number 09-910-8438 to pay for actuarial work subcontracted by the law firm, Reinhart, Boerner, Van Dueren, Norris & Rieselbach, for purposes related to potential liability from pension lawsuits.

ANLS:
This substitute resolution appropriates $225,000 from the Common Council Fund to the City Clerk's Special Purpose Account Number 09-910-8438 for the purpose of funding actuarial work subcontracted by the law firm Reinhart, Boerner, Van Dueren, Norris & Rieselbach. The purpose of the actuarial work is to provide information for policy makers relative to a potential 'global settlement' of pension lawsuits.

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 negotiate and enforce a binding agreement on pension litigation and other pension issues; and

Whereas, The City of Milwaukee has communicated to union presidents, retiree representatives and pension board members that it has begun to assemble the financial data needed before actual settlement discussions can begin; and

Whereas, The City of Milwaukee has communicated to union presidents, retiree representatives and pension board members that, as part of the financial gathering activities, it will retain an actuary firm to create a financial model that the city can use...