City of Milwaukee - File #: 061416

• File #: 061416
• Version: 0
• Type: Charter Ordinance
• Status: Passed
• File created: 2/27/2007
• In control: FINANCE & PERSONNEL COMMITTEE
• Final action: 3/22/2007
• Effective date: 6/11/2007
• Title: A charter ordinance relating to commencement of deferred retirement allowance.
• Sponsors: THE CHAIR
• Indexes: CHARTER ORDINANCES, RETIREMENT BENEFITS, WAGES AND BENEFITS

Date	Ver.	Action By	Action	Result	Tally
4/10/2007	0	CITY CLERK	PUBLISHED
3/28/2007	0	MAYOR	SIGNED
3/22/2007	0	COMMON COUNCIL	PASSED	Pass	14:0
3/20/2007	0	FINANCE & PERSONNEL COMMITTEE	RECOMMENDED FOR PASSAGE	Pass	4:0
3/8/2007	0	FINANCE & PERSONNEL COMMITTEE	HEARING NOTICES SENT
2/27/2007	0	COMMON COUNCIL	ASSIGNED TO

Number
061416
Version
ORIGINAL
Reference

Sponsor
THE CHAIR
Title
A charter ordinance relating to commencement of deferred retirement allowance.
Sections
36-05-6-d-2 am
Analysis
This charter ordinance clarifies the time when a general city employee, policeman or fireman who has deferred commencement of deferred retirement allowance shall begin receiving the allowance, relating to the age of 70-1/2. A member who has chosen deferment may elect to defer commencement of the allowance to a date no later than April 1, of a calendar year following the calendar year in which the member attains 70-1/2 years of age.
Body
The Mayor and Common Council of the City of Milwaukee do ordain as follows:

Part 1. Section 36-05-6-d-2 of the charter is amended to read:

36-05. Benefits.

6. SEPERATION BENEFITS.

d. Deferred Retirement.

d-2. To leave accumulated contributions in the fund until the member shall attain the minimum service retirement age, at which time the member shall be entitled to a retirement allowance which shall be calculated in the same manner as specified in sub. 1; provided, however, that the member has a minimum of 4 years of creditable services and provided the member’s allowance is equal to or exceeds the sum of $25 per month. During the interim of a member’s separation from service and the effective date of retirement, the member’s account shall annually be credited with interest at a rate not exceeding the regular interest rate and the retirement allowance shall be calculated accordingly. If a member who separated from service and left his or her accumulated contributions in the fund subsequently wishes to withdraw the accumulated contributions prior to retirement, the member shall then be entitled to receive the accumulated contributions credited to the account to the date of separation from service, conditioned as provided in par. a, together with 1/2 the interest credited to the acco...