City of Milwaukee - File #: 990239

• File #: 990239
• Version: 1
• Type: Resolution
• Status: Passed
• File created: 5/11/1999
• In control: FINANCE & PERSONNEL COMMITTEE
• Final action: 6/2/1999
• Title: Substitute resolution reserving an additional $100,000 in the 1999 Common Council Contingent Fund (Account No. 0001-9990-0001-C001) for the City Clerk to pay for actuarial work subcontracted by the law firm, Reinhart, Boerner, Van Dueren, Norris & Rieselbach, for purposes related to global pension settlement discussions with unions and retirees.
• Sponsors: THE CHAIR
• Indexes: CONTINGENT FUND, RETIREMENT BENEFITS, WAGES AND BENEFITS

Date	Ver.	Action By	Action	Result	Tally
6/10/1999	1	MAYOR	SIGNED
6/2/1999	1	COMMON COUNCIL	ADOPTED	Pass	17:0
5/27/1999	1	FINANCE & PERSONNEL COMMITTEE	RECOMMENDED FOR ADOPTION	Pass	5:0
5/25/1999	1	CITY CLERK	DRAFT SUBMITTED
5/17/1999	0	FINANCE & PERSONNEL COMMITTEE	HEARING NOTICES SENT
5/12/1999	0	FINANCE & PERSONNEL COMMITTEE	REFERRED TO
5/11/1999	0	COMMON COUNCIL	ASSIGNED TO

NUMB:
990239
VERS:
SUBSTITUTE 1
REF:

XXBY:
THE CHAIR
TITL:
Substitute resolution reserving an additional $100,000 in the 1999 Common Council Contingent Fund (Account No. 0001-9990-0001-C001) for the City Clerk to pay for actuarial work subcontracted by the law firm, Reinhart, Boerner, Van Dueren, Norris & Rieselbach, for purposes related to global pension settlement discussions with unions and retirees.
ANLS:
This resolution reserves an additional $100,000 in the 1999 Common Council Contingent Fund (Account No. 0001-9990-0001-C001) for the City Clerk to pay for actuarial work subcontracted by the law firm, Reinhart, Boerner, Van Dueren, Norris & Rieselbach. The purpose of the actuarial work is for purposes related to global pension settlement discussions with unions and retirees.
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 is presently engaged in discussions with the unions and retirees in order to reach a settlement on pension litigation; and

Whereas, The current and future financial impact of proposals put forth by the City, unions and retirees must be evaluated before such proposals can be discussed; and

Whereas, The City of Milwaukee has retained an actuary firm that has created a financial model that the city can use to evaluate the current status of the pension sy...