City of Milwaukee - File #: 150113

• File #: 150113
• Version: 2
• Type: Charter Ordinance
• Status: Passed
• File created: 5/12/2015
• In control: COMMON COUNCIL
• Final action: 6/2/2015
• Effective date: 8/18/2015
• Title: A substitute charter ordinance relating to the employes’ retirement system’s compliance with Internal Revenue Code provisions.
• Sponsors: THE CHAIR
• Indexes: EMPLOYES RETIREMENT SYSTEM

Date	Ver.	Action By	Action	Result	Tally
6/18/2015	2	CITY CLERK	PUBLISHED
6/11/2015	2	MAYOR	SIGNED
6/2/2015	2	COMMON COUNCIL	PASSED	Pass	13:0
5/29/2015	1	FINANCE & PERSONNEL COMMITTEE	SUBSTITUTED; Minutes note: Ald. Hamilton moved substitution of the file with Proposed Substitute A. (Prevailed 5-0)	Pass	5:0
5/29/2015	2	FINANCE & PERSONNEL COMMITTEE	RECOMMENDED FOR PASSAGE; Minutes note: Individual appearing: Ellen Tangen, Assistant City Attorney	Pass	5:0
5/27/2015	1	CITY CLERK	DRAFT SUBMITTED
5/26/2015	0	FINANCE & PERSONNEL COMMITTEE	HEARING NOTICES SENT
5/12/2015	0	COMMON COUNCIL	ASSIGNED TO

Number
150113
Version
SUBSTITUTE 2
Reference
060488
111058
Sponsor
THE CHAIR
Title
A substitute charter ordinance relating to the employes’ retirement system’s compliance with Internal Revenue Code provisions.
Sections
36-02.5 cr
36-05-1-j rc
36-05-12 cr
36-09-8 cr
36-10-2-b-3 rc
Analysis
This charter ordinance adopts provisions required for the employes’ retirement system to conform to the requirements of s. 415 of the Internal Revenue Code for a qualified defined benefit plan, including:
1. Provisions to be in compliance for group trust participation.
2. Provisions to be in compliance with the HEART Act.
3. A revised definition of “eligible retirement plan”.
...Body
The Mayor and Common Council of the City of Milwaukee do ordain as follows:

Part 1. Section 36-02.5 of the charter is created to read:

36-02.5. Tax Code Compliance. The following are effective January 1, 2002:
1. The retirement system is established as a qualified defined benefit plan, pursuant to ss. 401(a) and 414(d) of the Internal Revenue Code and other applicable provisions of the Internal Revenue Code, as well as applicable U.S. treasury regulations and other guidance.
2. The assets of the retirement system shall never inure to the benefit of the city or any city agency, and shall be held for the exclusive purposes of providing benefits to members and their beneficiaries and defraying reasonable expenses of administering the plan.
3. A member shall be 100% vested in his or her retirement benefit upon attaining eligibility for a retirement benefit.
4. A member shall be 100% vested at all times in a benefit determined under this chapter attributable to the member's accumulated contributions paid by the member under this chapter.
5. In the event of a full or partial termination of, or a complete discontinuance of employer contributions to, the retirement system, the accrued benefits of the affected members under this chapter shall be 100% vested and nonforfeitable to the...