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File #: 020891    Version:
Type: Charter Ordinance Status: Passed
File created: 9/24/2002 In control: FINANCE & PERSONNEL COMMITTEE
On agenda: Final action: 10/15/2002
Effective date: 1/2/2003    
Title: A substitute charter ordinance relating to designated beneficiaries under the city employe retirement system.
Sponsors: THE CHAIR
Indexes: CHARTER ORDINANCES, EMPLOYES RETIREMENT SYSTEM, RETIREMENT BENEFITS, WAGES AND BENEFITS
Attachments: 1. City Atty Letter.pdf, 2. Budget reply.PDF, 3. Fiscal Note.PDF, 4. Fiscal Review Analysis.pdf
Number
020891
Version
SUBSTITUTE 1
Reference
 
Sponsor
THE CHAIR
Title
A substitute charter ordinance relating to designated beneficiaries under the city employe retirement system.
Sections
36-05-11-e       cr
Analysis
Under the global pension settlement, participants in the combined fund may be eligible for lump sum bonus payments under one or more of the provisions of s. 36-05-11 of the charter.  If a participant who is eligible for a lump sum bonus payment dies prior to the payment being made, the payment is payable to the member's estate.  This charter ordinance permits a participant eligible for a lump sum bonus payment to elect to have the payment made to a designated beneficiary in lieu of the participant's estate if the participant dies prior to the payment being made.  
Body      
The Mayor and Common Council of the City of Milwaukee do ordain as follows:
 
Part 1.  Section 36-05-11-e of the charter is created to read:
 
36-05.      Benefits.
 
11.  LUMP SUM BONUS.
 
e.  Designated Beneficiary.  A participant in the combined fund eligible to receive a lump sum bonus payment under this subsection shall be permitted to elect a designated beneficiary to receive such payment in lieu of the participant's estate, if the participant dies prior to the payment being made.  
 
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:____________________
 
Requestor
 
Drafter      TEH/kf:57337
            1054-2002-1752
9/6/2002
 
LRB02480-2
TWM/cac
9/26/2002