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Meeting Date:
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12/22/2022 - 5:30 PM
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Category:
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Report of the Committee on Accountability, Finance, and Personnel
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Type:
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Action
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Subject:
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7. Action on a Request to Establish the Milwaukee Public Schools Retirement Plan Committee
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Strategic Plan Compatibility Statement:
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Goal 3 Effective and Efficient Operations
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Attachments
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1. Amendment to the Milwaukee Public Schools 403(b) Plan ("403(b) Plan")
2. Amendment to the Milwaukee Board of School Directors Supplemental Early Retirement Plan for Teachers ("Teachers Plan")
3. Amendment to the Milwaukee Board of School Directors Early Retirement Supplement and Benefit Improvement Plan ("Administrators Plan")
4. Milwaukee Public Schools Retirement Plan Committee Charter ("Charter")
5. Milwaukee Board of School Directors Resolutions for Delegation of Authority Regarding Milwaukee Public Schools Retirement Plans ("Resolutions")
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File Attachment:
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Background:
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In response to the Milwaukee Public Schools Supplemental Pension Plans Audit 2021-041 April 2021 as well as guidance from legal counsel, the Administration is recommending the Board approve the establishment of the Retirement Plan Committee and its’ members to oversee the Milwaukee Public Schools 403(b) Plan, Milwaukee Board of School Directors Supplemental Retirement Plan for Teachers (“Teacher Plan”) and the Milwaukee Board of School Directors Early Retirement Supplement and Benefit Improvement Plan (“Administrators Plan”).
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Fiscal Impact Statement:
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There are no expenditures associated with this item.
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Implementation and Assessment Plan
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Upon approval by the Board, the Administration will work with Retirement Plan Committee members to schedule quarterly meetings starting in 2023 as indicated in the attachments.
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Recommendation:
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Your Committee recommends the Board approve plan amendments 1-3 and the establishment of the Retirement Plan Committee and its’ members as outlined in attachments 4&5.
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Approvals:
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Recommended By:
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Signed By:
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Jacqueline M. Mann, Ph.D. - Board Clerk/Chief Officer
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