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City pension officials warn market swings could boost Milwaukee contribution needs; sales tax allocation complicates outlook
Summary
The City of Milwaukee Employees’ Retirement System presented to the Finance and Personnel Committee about recent market volatility, saying the $5.92 billion fund was about -0.6% year-to-date at a recent estimate and that failing to meet the 6.8% actuarial target creates multi-year budget pressures. Officials and the actuary said Act 12 and other
Officials for the City of Milwaukee Employees’ Retirement System told the Finance and Personnel Committee that market swings and recent changes in state law could increase the city’s required pension contributions in coming years.
Jerry Allen, executive director of the Employees’ Retirement System (ERS), told the committee the fund was resilient historically but had moved from an estimated +1.9% as of March 24 to an estimated -1.5% on April 9 amid market volatility; ERS Chief Investment Officer David Silber reported a year-to-date return of about -0.6% in a recent estimate and a fund value near $5.92 billion. Silber said the fund’s relatively modest exposure to public…
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