Milwaukee County - File #: 20-605

• File #: 20-605
• Version: 1
• Name: 2020 Milwaukee County Pension Contributions
• Type: Informational Report
• Status: Placed on File
• File created: 8/6/2020
• In control: County Clerk
• Final action: 9/24/2020
• Title: From the Director of Retirement Plan Services, Department of Human Resources, providing an informational report on the 2020 Milwaukee County Pension Contributions. (Considered by the Committees on Personnel, and Finance) (INFORMATIONAL ONLY UNLESS OTHERWISE DIRECTED BY THE COMMITTEE)

Date	Ver.	Action By	Action	Result
9/24/2020	1	Milwaukee County Board of Supervisors	RECEIVED AND PLACED ON FILE	Pass
9/17/2020	1	Committee on Finance	DISCUSSED WITH NO ACTION TAKEN
9/15/2020	1	Committee on Personnel	RECOMMENDED TO BE RECEIVED AND PLACED ON FILE	Pass
9/8/2020	1	Board Chairwoman	REFERRED
9/8/2020	1	Board Chairwoman	REFERRED

Title

From the Director of Retirement Plan Services, Department of Human Resources, providing an informational report on the 2020 Milwaukee County Pension Contributions.  (Considered by the Committees on Personnel, and Finance)  (INFORMATIONAL ONLY UNLESS OTHERWISE DIRECTED BY THE COMMITTEE)

Body

Milwaukee County General Ordinance Chapter 201.24, Section 3.1 “current year contributions <https://library.municode.com/wi/milwaukee_county/codes/code_of_ordinances?nodeId=MICOCOGEORVOII_CH201COEMRESY_SIIICO_3.1COCO>” requires that the Milwaukee County Pension Board “furnish to the committees on finance and personnel of the county board, annually, in time for the first county board committee cycle after the summer recess, a statement of the actual contribution required for the current year compared with the amount provided in the budget”.

The expected 2020 Pension Contribution, inclusive of employee contributions, is $77,437,000:

•                     $76,901,000 for ERS

•                     $536,000 for OBRA

As of September 1, 2020, $20,186,293.43 has been contributed by Milwaukee County. The schedule of County contributions for 2020 is as follows:

Contribution Date	Overpayment 2019	ERS	OBRA	Total
6/15/2020	(2,131,706.57)	22,000,000.00	318,000.00	20,186,293.43
9/15/2020		22,000,000.00	218,000.00	22,218,000.00
12/13/2020		20,170,362.00		20,170,362.00
Totals	(2,131,706.57)	64,170,362.00	536,000.00	62,574,655.43

Please let me know if you have any questions.