Number
071293
Version
SUBSTITUTE 1
Reference
070846
Sponsor
The Chair
Title
Substitute resolution appropriating $56,972 from the 2008 Common Council Contingent Fund for the required contribution to amortize the former Policemen’s Annuity and Benefit Fund unfunded pension liability.
Body
Whereas, The City is required to make a contribution to the former Policemen’s Annuity and Benefit Fund (PABF) to amortize the unfunded pension liability determined by the Fund’s actuary under Chapter 35 of the Milwaukee City Charter; and
Whereas, The actuarial pension liability was under review at the time the City’s 2008 Budget was adopted on November 9, 2007; and
Whereas, The Annuity and Pension (A&P) Board of the Employes’ Retirement System of the City of Milwaukee engaged Buck Consultants to determine the PABF unfunded pension liability as of January 1, 2007 for the purposes of determining the City’s required contribution for 2008; and
Whereas, On December 19, 2007 Buck Consultants reported to the A&P Board that the required 2008 contribution is $56,972; and
Whereas, The Employes’ Retirement System Acting Director’s December 27, 2007 letter to the Common Council communicated the $56,972 contribution due for 2008 in Council Resolution 070846 heard by the Finance & Personnel Committee at its January 10, 2008 meeting and Placed on File; now, therefore, be it
Resolved, By the Common Council of the City of Milwaukee that $56,972 is appropriated from the Common Council Contingent Fund (#0001-9990-C001-006300) (2008) to the Policemen’s Pension Fund Employer’s Pension Contribution (#0001-2210-R441-006100) (2008); and, be it
Further Resolved, That the responsible City officials are directed to act to accomplish said appropriation from the Common Council Contingent Fund.
Requestor
DOA Budget & Management Division
Drafter
Ref: 08007; JL:cei
January 18, 2008
Finance: 071293-Contingentfund-08PABFContrib.rtf