The Employes' Retirement System (ERS) of the City of Milwaukee manages the System's $5 billion pension fund. The ERS was created by an act of the Wisconsin Legislature in 1937 to provide retirement-related benefits for members and their beneficiaries.
Our mission is to...
“Administer the Plan as provided under the City Charter, maintain member records, pay the benefits to which members are entitled, and invest and manage the funds of the Trust in a prudent and vigilant manner.”
The Annuity and Pension Board (Board) governs the ERS, and serves as trustee of the System's funds. The ERS' executive director is responsible for daily operations, and also serves as secretary for the Board.
The ERS provides a wide variety of benefits to its members and their beneficiaries, including:
- Service retirement benefits
- Disability retirement benefits
- Separation benefits
- Death benefits
- Survivorship options
- Protective survivorship options
- Group life insurance for City employees
The Annuity and Pension Board (“Board”), consisting of eight (8) members, administers the Retirement System. The Board consists of:
- three representatives appointed by the President of the Common Council;
- three representatives elected by the active members of the ERS;
- one member elected by retired members of the ERS; and
- the City Comptroller, who serves as an ex-officio voting member.
The Board serves as trustee of the ERS funds, is charged with the proper operation of the ERS, and makes effective the provisions of the Employes’ Retirement Act (Chapter 36). The Board serves as a fiduciary with respect to the members and beneficiaries, which means that the Board has numerous duties and responsibilities imposed upon it by law. Among these duties is the duty to administer the trust exclusively in the interest of the members and beneficiaries. This means that Board members cannot be motivated by their own personal interest, the interest of the employer, or employee organizations in making decisions. The Board also has administrative responsibilities relative to the City group life insurance and retiree health insurance plans. In fulfilling these life and health insurance responsibilities, the Board does not act as a fiduciary.