Number
100876
Version
SUBSTITUTE 1
Reference
951082
Sponsor
ALD. DUDZIK AND MURPHY
Title
A substitute charter ordinance relating to the annual service retirement allowance for elected officials.
Sections
36-05-1-g am
Analysis
This charter ordinance changes the computation for the annual service retirement allowance for elected officials whose terms commence on or after April 17, 2012, who are not members of the employes’ retirement system at the time of their initial election, and who elect to become members of the employes’ retirement system. The percentage of final average salary that is multiplied by the number of years of creditable service to determine the annual service retirement allowance is decreased from 2.5% to 2% for years of service on or after April 17, 2012. Further, the ordinance provides that for an elected official who is a member of the employes’ retirement system and who holds office on or after April 17, 2012, he or she may consent to change his or her annual service retirement allowance from 2.5% to 2% of the of the member’s final average salary times the number of years of creditable service accrued as an elected official for years of service on or after April 17, 2012.
Body
The Mayor and Common Council of the City of Milwaukee do ordain as follows:
Part 1. Section 36-05-1-g of the city charter is amended to read:
36-05. Benefits.
1. SERVICE RETIREMENT ALLOWANCE.
g. Elected Officials. The annual service retirement allowance for >>an<< elected [[officials]] >>official<< elected to office by vote of the people, except the mayor, shall equal [[2.60%]] >>2.6%<< of the member's final average salary times the number of years of creditable service accrued as an elected official for years of service prior to 1996 and [[2.50%]] >>2.5%<< of the member's final average salary times the number of years of creditable service accrued as an elected official for years of service on or after January 1, 1996. >>Notwithstanding the forgo...
Click here for full text