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 Referencing Theodore Lipscomb
Apr 29th, 2016 by Theodore Lipscomb
I am excited to announce the historic appointment of Supervisor Peggy A. West as Chairwoman of Milwaukee County’s Finance Committee.
Apr 18th, 2016 by Theodore Lipscomb
Promises to Be an Accessible and Accountable Board Leader
Mar 23rd, 2016 by Theodore Lipscomb
Also Ethics Code and Sex Offender Resolutions
Mar 15th, 2016 by Theodore Lipscomb
A resolution granting authorization to refile the lawsuit is now before the Board.
Chairman Lipscomb Advances Public-to-Public Partnership Between Milwaukee County and Milwaukee Art Museum on O’Donnell ParkMar 8th, 2016 by Theodore Lipscomb
Partnership Preserves Public Ownership of Property
Feb 29th, 2016 by Theodore Lipscomb
On a technical issue of process, Milwaukee County Circuit Judge Sosnay granted County Executive Abele’s motion to dismiss the lawsuit without prejudice.