Number
020598
Version
SUBSTITUTE 1
Reference
Sponsor
THE CHAIR
Title
A substitute charter ordinance relating to involuntary separation – immediate allowance.
Sections
36-05-1-a am
36-05-6-b-3 am
Analysis
One involuntary separation city pension option permits a separated employe to receive an immediate allowance that is the actuarial equivalent of a deferred retirement allowance. This charter ordinance will extend the minimum benefit provision of s. 36-05-1-a to the immediate allowance. If the immediate allowance falls below the minimum benefit, the employe will be paid a lump sum, which is the actuarial equivalent of the minimum benefit.
Body
The Mayor and Common Council of the City of Milwaukee do ordain as follows:
Part 1. Section 36-05-1-a of the charter is amended to read:
36-05. Benefits.
1. SERVICE RETIREMENT ALLOWANCE.
a. To File Request. Any member in active service may retire on or after reaching the minimum service retirement age, upon filing with the board a request for retirement and a retirement allowance on a form provided by the board for that purpose. The request shall be filed not less than 30 days nor more than 90 days prior to the effective date of retirement. A member whose allowance would be less than $25 per month shall be paid a lump sum amount which is the actuarial equivalent of the allowance and the member shall not be eligible to receive any other benefits under this system. The board may adjust the minimum allowance under this paragraph, 1-a, sub. 6-b-2, >>sub. 6-b-3,<< sub. 6-d-2, and sub. 10-a-3, provided however that the minimum monthly allowance of $25 may not be increased by more than the cost of living increase as measured by the increase in the Consumer Price Index-All Urban Consumers-CPI-U U.S. Cities Average as reported by the U.S. Department of Labor Bureau of Labor Statistic between January 1, 1973 and the effective date of the adjustment. A member whose allowance is less...
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