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Meeting Date:
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12/21/2023 - 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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14. Action on a Request to Appoint a Trustee for Post-Employment Benefits
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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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Acknowledgment and Appointment of Successor Trustee OPEB
Acknowledgment and Appointment of Successor Trustee Administrator Pension
Acknowledgment and Appointment of Successor Trustee Teacher Pension
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File Attachment:
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Background:
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The Milwaukee Board of School Directors appointed Marshall & Ilsley Trust, N.A., as the trustee for the post-employment benefits trusts. Post-employment benefits include pension and retiree health benefits. Since then Marshall & Ilsley was acquired by BMO Harris Bank N.A. (BMO) who then became the trustee for the post employment benefit trusts.
BMO is resigning as the Trustee of the Post-Employment Benefits Trust on December 29, 2023 and appoints Midwest Institutional Trust Company as the successor Trustee on that date. The administration has developed an RFP for a post employment benefits trustee. Until that trustee is identified through the RFP process and then approved by the Milwaukee Board of School Directors, the administration is recommending using the BMO-appointed trustee, Midwest Institutional Trust Company.
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Fiscal Impact Statement:
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There is no fiscal impact.
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Implementation and Assessment Plan
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The administration will work with BMO and Midwest Institutional Trust Company to ensure a smooth transition of funds and then continue to work with Midwest Institutional Trust Company until the trustee is awarded through an RFP process and approved by the Milwaukee Board of School Directors.
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Recommendation:
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Your Committee recommends that the Board appoint Midwest Institutional Trust Company as the successor trustee for the post-employment benefits trusts (pension and retiree health benefits).
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Approvals:
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Recommended By:
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Signed By:
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Jill Kawala - Interim Director/Board Clerk
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