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
Board Chairman Lipscomb and Parks Committee Chair Haas Announce 9/13/2016 Public Hearing on Pokemon Go and 2017 Parks Budget RequestSep 12th, 2016 by Theodore Lipscomb
Invite Public to Testify about Pokemon GO in the Park and Proposed Parking Meters on the Lakefront
Asks, “Who would want to impose a tax on Independence Day celebrations and family picnics at the lakefront?”
I am excited to announce the historic appointment of Supervisor Peggy A. West as Chairwoman of Milwaukee County’s Finance Committee.
Promises to Be an Accessible and Accountable Board Leader
Also Ethics Code and Sex Offender Resolutions