Number
100788
Version
ORIGINAL
Reference
Sponsor
THE CHAIR
Title
A charter ordinance relating to state reporting by the employes’ retirement system.
Sections
36-13-4-d am
Analysis
This charter ordinance is a technical amendment eliminating the requirement that the employes’ retirement system report actuarial valuations to the state of Wisconsin. The state provision requiring such reporting was repealed by the state.
Body
The Mayor and Common Council of the City of Milwaukee do ordain as follows:
Part 1. Section 36-13-4-d of the city charter is amended to read:
36-13. Contractual Benefits; Miscellaneous Provisions.
4. GUARANTY AND SUPERVISION.
d. The various funds of the employes' retirement system shall be subject to periodic audit examination and each 5 years there shall be valuation of the system by the board's actuary as provided in s. 36-15-14. [[A copy of such valuation shall be made available to the commissioner of insurance of the state of Wisconsin in accordance with ch. 641, Wis. Stats. A copy of the annual fiscal audit reports when available shall also be sent to the insurance department. All other pertinent provisions of ch. 641, Wis. Stats. shall be applicable.]]
Part 2. This is a charter ordinance and shall take effect 60 days after its passage and publication, unless within such 60 days a referendum petition is filed as provided in s. 66.0101(5), Wis. Stats., in which event this ordinance shall not take effect until submitted to a referendum and approved by a majority of the electors voting thereon.
LRB
APPROVED AS TO FORM
____________________________
Legislative Reference Bureau
Date: ______________________
Attorney
IT IS OUR OPINION THAT THE ORDINANCE
IS LEGAL AND ENFORCEABLE
____________________________
Office of the City Attorney
Date: ______________________
Requestor
Drafter
LRB122449-1
MET
10/14/2010