Milwaukee School, NPS, Milwaukee discussed on Vicki McKenna

Vicki McKenna
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Ahead. For those of you joining me after the three o'clock hour. In. Madison We'll talk about the assault on the churches by Dane County. We'll talk about what's going on in Minneapolis and how that has apparently just organically spread across the Midwest, but I. Ski macgyver Institute is on the program with me to talk about the Milwaukee School. System Milwaukee School, system. Is broke the Milwaukee. School system is operating in a deficit I'm looking at the numbers that you have posted in your latest piece, so. This current fiscal year sees the district's total balance sheet, a five hundred fifteen million dollar half a billion dollar loss. When you project it out to twenty twenty four, you can add another three hundred four million dollars, and then if you take a look at the unfunded pension liabilities, you're talking about a billion dollars, so that's a lot of money to be in the whole and yet. Apparently, it's just a whole. The Milwaukee Public School system would like to continue to dig. That is absolutely true. Vicki Yup, what we're seeing here yet again as the NPS sport just refusing to face any sort of fiscal realities. So. What's going on here? I mean they're piling more dollars on two on the pensions. They want to make easier to retire younger. And they want greater contributions to the pensions. Act Ten says that we're going to go back to the old Wisconsin State Law that never changed by the way this is just saying we're going to follow the law. You employees have to make a fifty percent contribution for your pension. That's not the fifty percent of the album fifty percent of the investment we, the government will make the other fifty percent, and that seems rational because it was taking away the employees contribution that got pension so far out of whack so. Is this like some kind of screed kind of fiscal screed against at ten? You know I don't know specifically how it interacts with Han, just knowing how how expansive that law was. What I do know was that when Acton was put into place one of the things that really saved a lot of districts including of Yes for a time was it gave districts the ability to? Change up their contracts and their plans for retirement pension, all of these sorts of benefits in ways that they didn't have the freedom to do book for because everything was put at the collective bargaining table, and so, what was forwarded by one of the Committees for the full board to vote on last night was the plan That was let NPS empl employees who are hired before June thirtieth of two thousand thirteen. It would let them retire h fifty five. Five if they have worked at the district for fifteen years, and they have saved at least seventy percent of their sick leave balance so ultimately what? The board actually approved very late last night, they we just published a story on this I believe in the last fifteen minutes actually The district went a slightly cheaper route, not by much because this will feel at about eight million dollars overall bringing the unfunded pension liability to close to a billion dollars. the one thing, but the board changed from the original recommendations that I had my story yesterday was that they are requiring employees serve at the district for at least twenty years in order to get this kind of benefit. So twenty years full pension. and. You can retire I. Mean You have to be fifty five, or can you work years and be and be forty five? It's it. You need to have all three of those things, so it'll be eight at age fifty five. If you have worked there for at least twenty years and banked at least seventy percent of your sick leave ten months old, I wanNA..

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