Third Quarter Investment Update
The City of Milwaukee Pension Fund had a return of 1.2%, net of fees, in the third quarter of 2019. This outperformed the Fund’s blended benchmark by 0.2%. Public equity markets were slightly negative, weighed down by concerns over global economic growth, primarily due to trade tensions. The third-quarter return for the Fund’s public equity allocation was -0.1%, net of fees. Growth concerns led the U.S. Federal Reserve to cut interest rates by a quarter point in both July and September. The falling interest rates supported fixed income markets, and the Fund’s fixed income allocation was up 2.4%, net of fees. The Fund’s alternatives continued to perform well, with Private Equity up 6.4% and Absolute Return up 1.1%, respectively, net of fees. Real estate was up 1.6%, net of fees, in the second quarter of 2019, which is the most recent quarterly data available. The market value of the Fund on September 30, 2019, totaled approximately $5.34 billion, and the year-to-date return was 12.4%, net of fees.
Health Insurance Reminders
- NON-MEDICARE MEMBERS:(includes retirees, spouse, and/or dependents): If you have elected or are continuing City of Milwaukee health benefits coverage for 2020, you will not receive a new United Healthcare (UHC)/OptumRx card. Contact information for UHC/OptumRx is on the back of your card. Other benefit phone numbers, including UHC/OptumRx are also located on page 20 of the 2020 Retiree Benefits Guide. The ERS does not send out health/prescription drug cards. If you are new to UHC/OptumRx for 2020 and do not receive a new UHC/OptumRx card by December 31st, please contact UHC directly at 1-800-841-4901.
- MEDICARE MEMBERS:If you are continuing City of Milwaukee health benefits coverage and prescription drug coverage through UHC and UHC MedicareRx Part D for 2020, you will not receive a new UHC or UHC MedicareRx Part D cards for 2020. If you are new to UHC and UHC MedicareRx Part D for 2020 you will receive two new cards from UHC. The ERS does not send out health or prescription drug cards to Medicare members. If you do not receive the two cards by December 31, 2019 please contact UHC at 1-800-841-4901 or UHC MedicareRx Part D at 1-866-465-0572.
- MPS, MATC, MMSD, UNITED WATER SERVICES, AND VEOLIA RETIREES: The ERS office does not handle your health insurance. Please do not call ERS with health insurance questions if you retired from one of the above listed agencies. If you have questions or concerns, you should call the agency directly.
- POLICE AND FIRE RETIREES METLIFE VISION/ DENTAL COVERAGE VIA SOURCE ONE (aka the “Retired Public Safety Officers Insurance Premium Deduction Program.”): The ERS office does not administer this benefit. If you have questions or concerns regarding this benefit, please call Source One at 414-220-9900.
Seasonal Flu Shots
The flu is a contagious illness caused by influenza viruses that affects millions of people each year and can lead to serious illness. The Center for Disease Control and Prevention (CDC) advises that the best way to prevent the flu is by getting vaccinated each year.
Q: Where can I get my flu shot and is it covered?
A: IF YOU HAVE CITY PLAN COVERAGE WITH UHC, FLU SHOTS ARE COVERED AT 100% with no co-pay, co-insurance or deductible (as part of preventive services under the Affordable Care Act). There are several ways retirees covered under UHC Choice and UHC Choice PLUS plans can obtain this year’s flu vaccine. UHC Choice/UHC Choice PLUS members should visit their doctors or other in-network providers. Please note that if members are seeing a provider for a non-preventive visit, they will be charged for the visit, but not the flu shot. A member may also visit a network Convenience Care Clinic, select retail pharmacy like Walgreens, CVS, Target, etc. or contracted flu shot providers. If you need additional information, please contact UHC’s customer service department at 1-800-741-8786.
Check out the Rest of our Website
You are a member of the ERS, and membership has its privileges. One of those privileges is access to the portion of our website that is all about you. We call it ERS Member Self Service. Click here for more details.
Other recent news can be found on the most recent newsletter.
Other important information can be found on our Frequently Asked Questions page.