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160001
| 0 | 1. | Budget | Communication from the Mayor relating to the proposed 2017 budget.
Minutes note: Ald. Hamilton sitting in for Chair Coggs.
Mr. Mark Nicolini, Budget Office, provided an overview
Department of Employee Relations
Jackie Carter - Budget office
Renee Joos - Dept. of Employee Relations
Maria Monteagudo - Director - discussed highlights from 2016 and the transition to a private company for the Worker's Compensation section to handle employee injuries and provide care, which went "live" on Monday, Oct. 3rd and had no issues. The wellness program and the on-site clinic was discussed by Ms. Joos. A Real Appeal Weight Loss Program was also offered free to employees and spouses, with 900 individuals registered and 675 actively participating. DER will investigate and report back to Ald. Murphy how much it would cost to open an employee clinic on the south side for 15-20 hours per week, as was proposed last year.
Lindsay O'Connor spoke on the commercial driver vacancies.
Ms. Monteagudo will provide a report next week on the number of employees who have moved out of the city, including former and current addresses.
Andrea Knickerbocker is working on creating a career ladder for the 9-1-1 operators, but the pay increase has gone into effect.
Kristen Urban - staffing in DER - came to the table to talk about hiring MPD employees.
Approximately 12% of city employees now live outside the city; 900 out of 6,500 employees. Ms. Monteagudo will provide information on the public safety recruits and how many of them live in the city.
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160001
| 0 | | Budget | Communication from the Mayor relating to the proposed 2017 budget.
Minutes note: RECESS: 11:35
RECONVENE: 11:42
Employees' Retirement System
Molly King - Budget Office
Jerry Allen - ERS
The money managers continually monitor the funds and the funds are a mix of actively managed and passively managed funds. Long-term they've made their expected returns of 8.5%. Four-fifths of the money in these funds are investment returns; the city and employee contributions function as "seed money".
Kelly Reed - chief technology officer
Melody Johnson
Beth Cleary - Deputy
David Silber - Chief financial officer
Ald. Murphy is concerned about the possibility of using up the pension reserves in 2018 as we now have more retirees than active members. Public safety members, even though they're only 40% of the workforce, are driving the cost and a change in state law will need to be made to address that.
Ald. Kovac - ERS Board member
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160001
| 0 | | Budget | Communication from the Mayor relating to the proposed 2017 budget.
Minutes note: Deferred Compensation
Margaret Daun - Executive Director
Elaine Biszek - Plan Coordinator
This plan is entirely funded by the participants and has zero budget impact. There was less participation in 2008/2009 after the crash, but those numbers are now increasing again.
Molly King - Budget Office
John Ledvina - Legislative Reference Bureau
The recordkeeper changed in 2016 from Nationwide to Voya and a comprehensive contract compliance study was done this year. With Voya, target date funds were offered as well as lower fees with some of the managed funds.
Ald. Murphy would like information on low-wage employees and how the automatic enrolllment and the amounts affects them.
The financial advice is walled off from VOYA and is provided by a certified financial planner or one obtaining a CFP degree. An employee can also pay for actual investing of their funds.
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