Number
021730
Version
SUBSTITUTE 1
Reference
Sponsor
THE CHAIR
Title
A substitute charter ordinance relating to annuity increases for participants in the policemen's annuity and benefit fund.
Sections
35-01-71-f cr
Analysis
This charter ordinance authorizes catch-up for retired policemen and widows of retired policemen receiving benefits from the policemen's annuity and benefit fund. The catch-up is patterned after the catch-up provided to retired members of the employes' retirement system who retired prior to October 1, 1987, embodied in s. 36-05-1-i-1-a.
Body
The Mayor and Common Council of the City of Milwaukee do ordain as follows:
Part 1. Section 35-01-71-f of the charter is created to read:
35-01. Policemen's Annuity and Benefit Fund.
71. ANNUITY INCREASES.
f. A policeman who retired prior to October 1, 1987 after having completed 25 years of continuous service and is receiving an annuity shall be eligible for a catch-up adjustment to his annuity effective with the first installment next following January 1, 2003. Such adjustment shall be a percentage change to the annuity equal to the greater of the total required percentage change for the annuity to reflect the total percentage change in the cost of living for each full calendar month between the eighth anniversary of the policeman's service retirement and October 1, 1995 or the total percentage change required to bring the annuity to 60% of the whole inflation adjusted value of the annuity at the time of retirement. If a policeman who retired prior to October 1, 1987, after having completed 25 years of continuous service as a member of the police department, died following retirement, but prior to October 1, 1995, there shall be an adjustment to the surviving widow's annuity payable with the first installment next following January 1, 2003. Such adjustment shall be a percentage change to the widow's annuity equal to the greater of the total required percentage cha...
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