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| | | | Meeting convened at 1:12 p.m. | | | |
Roll call
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Video
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| | | | Also present:
Minutes note: Nik Kovac, Budget Director
Kathy Brengosz, LRB Fiscal Planning Specialist
Keith Broadnax, LRB Manager
Joshua Benson, Capital Finance Manager
William Christianson, City Comptroller | | | |
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Not available
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250001
| 0 | 1. | Communication | Communication from the Mayor relating to the proposed 2026 budget.
Minutes note: -Deferred Compensation
Appearing:
Tyler Calligaro, Budget Office
Beth Cleary-Conradson, Deferred Compensation Executive Director
An overview presentation on Deferred Compensation was given on the following topics:
2026 Budget Summary, Salaries and Positions, Operating Expenses, Special Funds Expenses, Revenue, Org Chart, MDCP Mission Statement, Core Services, 2025 Major Updates, Participation Rate, Average Savings Rate, Department Demographics, MDCP Board Demographics, Environmental Impact
There was discussion on Special Fund, program administration (Voya, contract RFP, default compensation program, plan related fees, (compared to peers), average savings rate, participation rate by race and ethnicity, annual re-enrollment, and making account changes throughout the year.
Information requests made were as follows:
Balance details on the Special Fund (Ald. Burgelis)
Savings rate on legacy vs. new employees (Ald Burgelis)
Breakdown on participation rate based on salary (Ald. Bureglis)
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Action details
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Video
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250001
| 0 | | Communication | Communication from the Mayor relating to the proposed 2026 budget.
Minutes note: -Employes’ Retirement System
Appearing
Jerry Allen, ERS Director
Larry Langer, CavMac (actuary consultant)
Bryan Rynders, Budget Office
David Silber, ERS
An overview presentation on the Employes' Retirement System was given on the following topics:
2026 Budget Summary, On-going Challenges, Pension Payments by Annuitant Geographic Area (Projected 2025), Department Demographics, Org Chart, 2025-2026 ERS Environmental Impact Activity, ERS AI Activity, CMERS Investment Performance History Periods Ending August 31, 2025, Total Employer Contributions to CMERS, Highlights, Impact of Returns on Results, About Projections, What a Difference a Year Makes, Return Impact on UAAL and Funded Ratio, Return Impact on Contributions, Growth of $1 Since 2000
There was discussion on the contribution totals (2026, increases for future years, impact from salary increases impact), MPA arbitration impact, new memberships and rehires, ending of makeup contributions, WRS new system (challenges, feedback, new hires), market and investment volatility, AI technologies tools and cyber security (oversight, usage, opportunities), retirement and hiring of ERS Director. | NOT ACTED ON | | |
Action details
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Video
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250001
| 0 | | Communication | Communication from the Mayor relating to the proposed 2026 budget. | HELD TO CALL OF THE CHAIR | Pass | 5:0 |
Action details
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| | | | Meeting adjourned at 2:43 p.m.
Chris Lee, Staff Assistant
Council Records Section
City Clerk's Office | | | |
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| | | | This meeting can be viewed in its entirety through the City's Legislative Research Center at http://milwaukee.legistar.com/calendar. | | | |
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