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In April 2023, the WI Supreme Court handed down a decision on a lawsuit regarding the inclusion of the 5.8% pension employee contribution offset payments that is paid to certain Fire and Police personnel (hired prior to October 3, 2011) in their duty disability and related benefit calculations. The ERS is required to recalculate the benefits for the affected individuals and provide a retroactive payment to “catch up” the individuals and adjust the payments going forward. The ERS has started the process of recalculating the benefits, but given the volume and complexity of the calculations, we anticipate the retroactive payments and future payment adjustments to be completed with the July 2023 pension payment.
If you need a replacement 1099-R tax statement for 2022 (or any earlier year), please contact the ERS office. Replacement forms for 2022 were issued, free of charge, through April 18, 2023. After that date all requests for replacement forms for 2022 and previous years will be filled only upon receipt of a $15.00 processing fee per form. You will need to submit a check payable to the Employes’ Retirement System and a note with your name, mailing address, social security number or payee ID number, and the year(s) for which you will need a replacement.
The City of Milwaukee Pension Fund had a return of 3.3%, net of fees, in the first quarter of 2023. This return underperformed the Fund’s blended benchmark by approximately 0.9%. At the beginning of the year, it appeared inflation was in retreat, and the economy remained strong. In March, turmoil in the regional banking sector, in particular the collapse of Silicon Valley Bank, caused increased market volatility and falling interest rates. Against this backdrop, the Fund’s public equity and fixed income allocations performed well, up 6.6% and 3.6%, respectively, net of fees, for the quarter. The Fund’s absolute return allocation was up 0.7%, net of fees. As of March 31, 2023, the Fund was outperforming its benchmark, net of fees, over numerous longer time periods, including the trailing 1, 5, 10, 15, and 20-year time periods. The market value of the Fund on March 31, 2023 totaled approximately $5.64 billion.
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Other recent news can be found on the most recent newsletter.
Other important information can be found on our Frequently Asked Questions page.
Last Update: 4/24/2023