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Meeting Date:
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3/29/2012 - 6:30 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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9. Action on a Resolution to Adopt an Amendment to the Milwaukee Board of School Directors Supplemental Early Retirement Plan for Teachers
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Strategic Plan Compatibility Statement:
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Goal 6 The district is accountable for measurable results
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Attachments
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1. Supplemental Early Retirement Plan-Teachers.pdf
2. GRS Freeze Close Final Report March 2012.pdf
3. Board Presentation Teacher Supplemental FINAL March 2012.pdf
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File Attachment:
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Background:
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1. As part of the district’s five-year financial forecast, the Offices of Accountability and Efficiency, Finance, and Human Resources have analyzed the district’s pension benefit obligations. The conclusion reached is that these obligations continue to increase at an alarming rate and will continue to be directly affected by the increased rates of retirement and downturn in investment performance of pension plan assets that are forecast to occur during the five upcoming years.
2. Pension benefits for district employees are provided primarily by the Wisconsin Retirement System (WRS) for certificated employees and the City of Milwaukee Employes’ Retirement System (ERS) for classified employees. In addition, the district sponsors two supplemental defined benefit pension plans (“second pension plans”) for administrators and teachers. The second pension plan covering administrators was closed to new hires and rehires on July 1, 2003.
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Fiscal Impact Statement:
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This item does not authorize expenditures.
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Implementation and Assessment Plan
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Upon approval by the Board, the Administration, in concert with the City Attorney’s Office, will proceed with implementation which includes preparation of the amendments to the Teachers Plan document.
It is imperative that work commence on implementation in order to prepare for the FY13 updated forecast and teacher recruitment materials.
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Recommendation:
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Your Committee recommends that the Board adopt the resolution, as presented in Attachment 1 to this item, authorizing the amendment of the Milwaukee Board of School Directors Supplemental Early Retirement Plan for Teachers.
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Approvals:
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Recommended By:
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Signed By:
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Lynne A Sobczak - Director, OBG
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