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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: Finance Committee
On agenda: 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)
Attachments: 1. 20-605 REPORT, 2. 20-605 REVISED REPORT (received 08/26/20), 3. 20-605 REVISION 2 REPORT (received 09/15/20), 4. 20-605 COUNTY BOARD RESOLUTION

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.