City of Milwaukee - File #: 090426

• File #: 090426
• Version: 1
• Type: Resolution
• Status: Passed
• File created: 7/28/2009
• In control: FINANCE & PERSONNEL COMMITTEE
• Final action: 12/22/2009
• Title: Substitute resolution appropriating $120,000 from the 2009 Common Council Contingent Fund to the Department of Administration for financial planning and actuarial services related to projections of future pension liabilities, employer contributions and alternative plan designs.
• Sponsors: THE CHAIR
• Indexes: CONTINGENT FUND, DEPARTMENT OF ADMINISTRATION, PLANNING

Date	Ver.	Action By	Action	Result	Tally
1/5/2010	1	MAYOR	SIGNED
12/22/2009	1	COMMON COUNCIL	ADOPTED	Pass	14:0
12/16/2009	1	FINANCE & PERSONNEL COMMITTEE	RECOMMENDED FOR ADOPTION	Pass	5:0
12/14/2009	1	CITY CLERK	DRAFT SUBMITTED
8/5/2009	0	CITY CLERK	REFERRED TO
7/28/2009	0	COMMON COUNCIL	ASSIGNED TO

Number
090426

Version
SUBSTITUTE 1

Reference

Sponsor
THE CHAIR
Title
Substitute resolution appropriating $120,000 from the 2009 Common Council Contingent Fund to the Department of Administration for financial planning and actuarial services related to projections of future pension liabilities, employer contributions and alternative plan designs.

Analysis
This substitute resolution appropriates $120,000 from the 2009 Common Council Contingent to the Department of Administration for financial planning and actuarial services related to projections of future pension liabilities, employer contributions and alternative plan designs.

Body
Whereas, The City of Milwaukee is the plan sponsor of the City of Milwaukee Employes Retirement System (ERS), a defined benefit pension plan with approximately 27,000 members; and

Whereas, As a defined benefit plan sponsor, the city is obligated to pay all pension benefits as the City Charter so provides; and

Whereas, The city’s actuarial accrued liabilities on behalf of ERS members are currently more than $4.1 billion, and are expected to exceed $6 billion by 2017; and

Whereas, The 2010 adopted city budget includes approximately $73 million in employer and employer-paid employee contributions for ERS liabilities; and

Whereas, Managing these liabilities is an essential component of effective financial planning and the sustainability of the city’s capacity to provide essential services; and

Whereas, The Finance & Personnel Committee of the Common Council has directed the appropriate city officials to develop sustainable pension plan design alternatives and financing plans; now, therefore, Be it

Resolved, By the Common Council of the City of Milwaukee, that $120,000 is appropriated from the 2009 Common Council Contingent Fund to the Department of Administration account number 0001-1510-R999-006300-2009 for financial planning and actuarial services related to projections of future pension liabilities, employer cont...