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From the Director of Retirement Plan Services, Department of Human Resources, providing an informational report detailing the Fiscal Year 2021 County pension contributions to the Milwaukee County Employees' Retirement System and the OBRA 1990 Retirement Plan. (Considered by the Committees on Personnel, and Finance) (INFORMATIONAL ONLY UNLESS OTHERWISE DIRECTED BY THE COMMITTEE)
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Milwaukee County General Ordinance Chapter 201.24, Section 3.1 "budget year contributions" requires that the Milwaukee County Pension Board "furnish to the County Executive, prior to June 1 of each year an estimated budget contribution required by the County, including contributions required under Section 3.3, to pay the following year's cost and to amortize the amount of the unfunded obligation of the County..." and that the County Executive "...submit an informational report to the committees on finance and audit and personnel for consideration during the June committee cycle, providing for an estimated contribution amount for the next year's budget..."
A letter from the Milwaukee County Pension Board, signed by Pension Board Chairman Michael Harper, was provided to the County Board in accordance with the above-mentioned provisions of Section 201.24(3.1) in June 2020. Please reference File number 20-440. After submission, an update was made to the 2019 valuation that affected the 2021 Pension Contribution.
The attached letter from the Milwaukee County Pension Board reflects the values in the revised 2019 actuarial valuation, which has been included with this file. Revisions to the valuation report were required after determining some 2019 County Contributions should be categorized differently. In 2019, the County over-contributed roughly $2,000,000 to the Pension Fund which was included in the original 2021 valuation as a contribution made in 2019. After discussion with the actuary and County Comptroller's office, we have determined that the excess contributions should ...
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