Board Saves Taxpayers More Than $15 Million By Reforming Pension Backdrop
Board Approves Resolution to “Cap the Backdrop” Authored by Supervisor Lipscomb
Milwaukee – Milwaukee County Supervisor Theodore Lipscomb, Sr., said today he is thankful the Board has done right by taxpayers by passing the resolution to “Cap the Backdrop,” which has a $15 million present value to the pension fund.
“I thank the Pension Study Committee for addressing this issue at its meeting last week,” said Supervisor Lipscomb. “Today, the Board’s action sends a strong message to taxpayers, who deserve trustworthy leadership and smart stewardship of shared resources.”
The vote in favor of reform was strong, with more than two-thirds approving the resolution (15–3).
The proposal authored by Supervisor Lipscomb does not take away any pension benefits already earned but does limit future accrual of the backdrop.
Supervisor Lipscomb first introduced his proposal in the fall of 2010 through a budget amendment, seeking further legal and actuarial analysis of the strategies to limit the pension backdrop.
Today’s action is the latest in a series of major changes adopted by the County Board to strengthen the pension fund and to save money.
Press Releases by Theodore Lipscomb
Milwaukee County paid $11 million in lump sum pension payments in November to retirees and their beneficiaries to correct for underpayments.
Abele Should Stand with Milwaukee County Residents and Help Shoulder the Burden of our Fiscal ChallengesNov 11th, 2016 by Theodore Lipscomb
"It's time for Abele to share the burden of Milwaukee County's fiscal challenges, like he promised."
Budget cuts spending, reduces tax levy, halves wheel tax
Finance Committee unanimously recommends proposal to full board.
MILWAUKEE – Board Chairman Theodore Lipscomb, Sr., has made special arrangements to provide County Executive Chris Abele with an opportunity to present the details of his 2017 Recommended Budget to the County Board of Supervisors on October 3, 2016, at 3:00pm. County Executive Abele will present his Recommended Budget to the Committee of the Whole […]