Number
001301
Version
Original
Reference
991585
Sponsor
The Chair
Title
Resolution authorizing an intergovernmental cooperation agreement between the City of Milwaukee and the Employes' Retirement System/Annuity and Pension Board. (City Attorney)
Analysis
Under the terms of the global pension settlement, Common Council File No. 991585, as amended, effective January 1, 2000, all expenses in connection with the administration and operation of the ERS, including investment related expenses, computerization related expenses and indirect related expenses (overhead) shall be paid from the combined fund created under the global pension settlement. Under the terms of Common Council File No. 991585, as amended, the global pension settlement does not take effect until inter alia there is a determination of a court of competent jurisdiction, final and binding on the rights of all members, retired members, survivors and beneficiaries of the ERS relative to the global pension settlement, declaring the charter ordinance to be legal and enforceable. The judgment of the circuit court declaring the ordinance to be legal and enforceable was entered on November 16, 2000. If no appeal is taken, the ordinance will become legal and enforceable 45 days from that date. If an appeal is taken and it proves unsuccessful, the ordinance will be effective from the date the judgment on appeal becomes final and binding. If an appeal is taken and the judgment of the circuit court is reversed, the ordinance will be illegal and unenforceable and will not take effect. This intergovernmental cooperation agreement provides that the city will advance the funds for administration and operation of the ERS during the interim period between January 1, 2000 and the date the judgment becomes final and binding. It provides that in the event the ordinance becomes final and binding the city will be reimbursed for the advanced funds including the cost of borrowing. It further provide...
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