Number
050067
Version
SUBSTITUTE 1
Reference
Sponsor
ALD. DONOVAN
Title
A substitute charter ordinance relating to amortization of any unfunded liability for the Policemen's Annuity and Benefit Fund.
Sections
35-01-12-a-1 am
Analysis
This charter ordinance increases the amortization period of any unfunded liability for the Policemen's Annuity and Benefit fund from 5 years to 10 years.
Body
The Mayor and Common Council of the City of Milwaukee do ordain as follows:
Part 1. Section 35-01-12-a-1 of the charter is amended to read:
35-01. Policemen's Annuity and Benefit Fund.
12. TAX LEVY.
a. Board Certification.
a-1. Amortization. Taking into account the actuarial review under par. c, the retirement board shall adopt for the fund such mortality, service and other tables as shall be deemed necessary. On the basis of such tables as the board shall adopt, the actuary shall make an annual valuation of the funds and liabilities of the fund and shall prepare the annual certification. [[Any]]>>Effective January 1, 2006, any<< unfunded liability as determined by the actuary as part of the annual valuation shall be amortized over a [[5]] >>10<<-year period using assumptions determined by the actuary.
Part 2. This is a charter ordinance and shall take effect 60 days after its passage and publication, unless within such 60 days a referendum petition is filed as provided in s. 66.0101(5), Wis. Stats., in which event this ordinance shall not take effect until submitted to a referendum and approved by a majority of the electors voting thereon.
LRB:
APPROVED AS TO FORM
______________________
Legislative Reference Bureau
Date: ___________________
ATTORNEY
IT IS OUR OPINION THAT THE ORDINANCE
IS LEGAL AND ENFORCEABLE
_____________________________
Office of the City Attorney
Date: _________________________
Department
Drafter RMK:lmb
92697
5/3/05
LRB0519...
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