Number
130716
Version
ORIGINAL
Reference
Sponsor
THE CHAIR
Title
Resolution effectuating provisions of the 2014 adopted City budget relating to the use of $13,400,000 in the Employer's Reserve Fund within the Employes Retirement Fund to offset employer paid contributions by the City to the Employes Retirement System.
Body
Whereas, Under the global pension settlement in the charter ordinance 36-08-8, there was created an Employer's Reserve Fund to offset required employer paid employee contributions to the Employes Retirement System; and
Whereas, The current balance of the Employer's Reserve Fund exceeds $56 million; and
Whereas, It was determined that $13,400,000 in the Employer's Reserve Fund shall be used to offset employer paid employee contributions by the City to the Employes Retirement System in calendar year 2014; now, therefore, be it
Resolved, By the Common Council of the City of Milwaukee that the sum of $13,400,000 in the Employer's Reserve Fund shall be used to offset employer paid employee contributions by the City in calendar year 2014; and, be it
Further Resolved, That the City Comptroller is directed to manage the timing of such offsets.
Requestor
Drafter
Budget and Management Division
Ref: 2014 BF, 7-E;DY:
September 20, 2013
14 Budget/2014 Budget Resolution: pension reserveR.RTF