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Meeting Date:
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10/26/2017 - 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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11. Action on a Request to Adopt a Resolution Authorizing Amendments to the Milwaukee Board of School Directors Early Retirement Supplement and Benefit Improvement Plan
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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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File Attachment:
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Background:
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On March 30, 2017, the Board approved an Early Retirement Window (ERW) for eligible employees. This action authorized an early retirement window for certain eligible employees of the Milwaukee Public Schools who retire between July 1, 2017 and June 30, 2020 at age 55 or older with 20 years of service and 90% of sick leave allowance accumulation.
The Early Retirement Window includes the ability for certain employees who are eligible for benefits under both the Milwaukee Board of School Directors Early Retirement Supplement and Benefit Improvement Plan (the “Administrators Plan”), as well as benefits in the form of a deferred retirement allowance under the City of Milwaukee Employees Retirement System (“ERS”), to receive a supplemental benefit under section 13.3 of the Administrators Plan if they defer receipt of their ERS deferred retirement allowance until attaining age 60 or later.
The Administration seeks adoption of a resolution authorizing amendments of the Administrators Plan to include updated plan language consistent with the requirements for receipt of the special supplemental benefit for eligible individuals who retire within the Early Retirement Window.
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Fiscal Impact Statement:
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This item does not authorize expenditures. The recommendation is consistent with the practice of fiscal responsibility and the reporting and disclosure of the district’s employee benefit plan costs and liabilities.
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Implementation and Assessment Plan
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Upon approval by the Board, the Administration will amend the Administrators Plan document to include the updated language.
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Recommendation:
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Your Committee recommends that the Board adopt the following resolution approving amendments to the Milwaukee Board of School Directors Early Retirement Supplement and Benefit Improvement Plan effective July 1, 2017:
RESOLVED, By the Milwaukee Board of School Directors that the Administrators Plan be amended effective July 1, 2017:
Section 13.3, regarding eligibility to receive a Special Supplemental Benefit, shall be amended to be and read as follows:
“Section 13.3. Special Supplemental Benefit: An individual who participates under this Article XIII shall be eligible for a “Special Supplemental Benefit” (i) if his/her employment is terminated on or after his/her 60th birthday, and prior to his/her 65th birthday, or (ii) if his/her employment is terminated under the Early Retirement Window available to certain employees between July 1, 2017 and June 30, 2020, which was approved by action of the Board adopted March 30, 2017, and he/she also elects to receive a deferred retirement allowance from City of Milwaukee Employes’ Retirement System to commence on or after attaining age 60 pursuant to section 36-05-6-d-2 of the Milwaukee City Charter. If the Committee receives the completed application of the Participant in a timely manner pursuant to Section 4.8, the Special Supplemental Benefit shall be payable monthly, commencing on the first day of the month following his/her retirement date, and terminating on the first day of the month immediately preceding his/her 65th birthday or his/her death, if earlier.”
FURTHER RESOLVED, That the Superintendent and/or designee are hereby authorized and directed to implement these amendments to the Administrators Plan document and to incorporate them in a restated Plan document.
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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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