Number
101418
Version
SUBSTITUTE 1
Reference
100697, 101070
Sponsor
THE CHAIR
Title
A substitute charter ordinance relating to retirement benefits for certain employes of Milwaukee Public Schools.
Sections
36-04-1-c am
36-04-1-f am
36-05-1-h-5-b am
36-08-7-a-2 am
36-08-7-m am
Analysis
This charter ordinance changes retirement benefits for Milwaukee public school employes represented by, and clerical employes exempt from, Local 1053, AFL-CIO, District Council 48, as follows:
1. Effective for employes who retire on or after July 1, 2007, the expiration date for granting creditable service for prior military service is eliminated.
2. A bonus year is added to the pension payment formulary thus qualifying an employe to retire earlier or add pension-eligible service time, or both. Only employes who retire from June 21, 2011, to December 31, 2011, are eligible.
3. Employes retiring from June 21, 2011, to December 31, 2011, shall receive a cost-of-living increase of 2% effective the first anniversary of their retirement.
4. Employes hired on or after August 1, 2011, shall contribute 5.5% of their earnable compensation as a contribution to the retirement system.
This charter ordinance also changes retirement benefits for Milwaukee public school employes represented by Local 1616, AFL-CIO, District Council 48, as follows:
1. Effective for employes who retire on or after July 1, 2007, the expiration date for granting creditable service for prior military service is eliminated.
2. A bonus year is added to the pension payment formulary thus qualifying an employe to retire earlier or add pension-eligible service time, or both. Only employes who retire from June 21, 2011, to December 31, 2011, are eligible.
3. Employes retiring from June 21, 2011, to December 31, 2011, shall receive a cost-of-living increase of 2% effective the first anniversary of their retirement.
4. Employes hired on or after July 1, 2011, shall contribute 5.5% of their earnable com...
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