Fiscal Note
This resolution authorizes payment of $377,438.17 $484,313,65 to the state Department of Employee Trust Funds (ETF) for employer and employee contributions to the Wisconsin Retirement System account of an individual employee plus accrued interest since the initial eligibility year. Of this amount, $377,438.17 is due to ETF by August 31 and $107,375.48 is due by September 30. If it is not paid by those dates, interest on the amount accrues at 0.04% per day. The resolution would also authorize payment of any interest charges that might accrue after the due dates.
If the City does not pay the amount within 30 days of the due date, ETF is authorized to request the state Department of Administration withhold the amount due plus late payment interest from state aids paid to the City.
The funds to make this payment will be appropriated from the 2016 Contingent Reserve. The balance in the Contingent Reserve is currently $508,337. This appropriation would reduce the balance to $130,899 $23,523.
There is also $39,178 in a liability account in the General Fund related to possible payments to ETF for WRS liabilities. This account will be retained and may be increased in future years depending on the extent of additional required payments to ETF related to this litigation.
Title
SUBSTITUTE: A resolution appropriating up to $377,438.17 $484,313.65 plus late payment interest from the Contingent Reserve and authorizing a payment of up to that amount plus late payment interest to the Wisconsin Department of Employee Trust Funds for the employer and employee contributions for former stagehands Gary Cleven, David Gersbach, Joseph McWilliams, Christopher Gauthier and Ralph Johnston and authorizing the City Attorney to continue litigation over the payment of such funds and recovery from Cleven, Gersbach, McWilliams, Gauthier and Johnston and other current and former employees.
Body
A resolution appropriating up to $377,438.17 $484,313.65 plus late paymen...
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