Title
From the Director, Retirement Plan Services, Department of Human Resources, providing an informational report on 2023 Milwaukee County Pension Contributions. (Considered by the Committees on Personnel; and Finance) (INFORMATIONAL ONLY UNLESS OTHERWISE DIRECTED BY THE COMMITTEE)
Body
REQUEST/POLICY
Milwaukee County General Ordinance Chapter 201.24, Section 3.1 "current year contributions" 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".
BACKGROUND
This mid-year report provides an update on 2023 pension contributions. The Budgeted 2023 Pension Contribution, inclusive of employee contributions, is $72,314,000. This was provided in the January 1, 2022 ERS and OBRA valuations that were completed in early 2022:
2023 Budget ERS Employee Contributions
$13,500,000
2023 Budget ERS County Contributions
$58,628,000
2023 Budget OBRA County Contributions
$186,000
Total
$72,314,000
As of July 31, 2023, $20,814,000 has been contributed to the ERS and OBRA by Milwaukee County, excluding employee contributions. The schedule of pension contributions for 2023 is as follows:
Description
Employees' Retirement System
OBRA*
Total
Employee Contributions
County Contributions
Total
Payments Through 7/31/23
$7,954,323
$20,628,000
$28,582,323
$186,000
$28,768,323
Upcoming Payment 9/15/23
$1,625,652**
$19,000,000
$20,625,652
-
$20,625,652
Upcoming Payment 12/15/23
$3,920,025**
$19,000,000
$22,920,025
-
$22,920,025
Total Commitment
$13,500,000
$58,628,000
$72,128,000
$186,000
$72,314,000
*All OBRA contributions are made by Milwaukee County.
** Values were estimated because the data was not available at the time the report was produced.
The purpose of this report is to provide "a statement of the actua...
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