Number
031286
Version
ORIGINAL
Reference
Sponsor
THE CHAIR
Title
Resolution related to the use of $1.0 million for 2003 from the Employer's Reserve Fund to Offset Employee Contributions by the City to the Employes' Retirement System.
Analysis
This resolution facilitates a withdrawal of $1 million from the Employer's Reserve Fund to the Employes Retirement System for purpose of funding employee contributions made by the City.
Body
Whereas, Under the global pension settlement charter ordinance, File #991585, there was created an Employer's Reserve Fund to offset required employer paid employee contributions to the Employes Retirement System; and
Whereas, The balance of the Employer's Reserve Fund is in excess of $10 million; and
Whereas, The Common Council has determined that $1.0 million 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 2003, now, therefore, be it
Resolved, By the Common Council of the City of Milwaukee, that the sum of $1.0 million in the Employer's Reserve Fund (0001-9990-R460-006100) shall be used to offset employer paid employee contributions by the city in calendar year 2003; and, be it
Further Resolved, That the City Comptroller is directed to manage the timing of such offsets.
Drafter
Budget and Management Division
Ref: SF; Pensions; DY
December 8, 2003
pensionreserveuse.doc