Page 375 - 2018 Village Ordinance Book 122818

State of Wisconsin County of Racine Village of Sturtevant

RESOLUTION 2018-85
(5-11-18)

RESOLUTION AUTHORIZING A SETTLEMENT PAYMENT WITH CENTRAL
STATES PENSION

WHEREAS, the Department of Public Works Laborers decertified from the
Teamsters Local 200 effective May 20, 2018; and

WHEREAS, federal law requires that if any employer withdraws from
multiemployer defined pension plan that has unfunded vested benefits, the
employers will be liable for a share of unfunded vested benefits; and

WHEREAS, the liability withdrawal payment is $2,251,857.51; and

WHEREAS, the village hired Charlie Stevens of Michael Best & Friedrich,
LLP to negotiate a settlement; and

WHEREAS, the Pension Fund has agreed to a one-time lump sum
payment in the amount of $660,000 to settle the liability; and

WHEREAS, the village currently has enough monies in Fund Balance 101
to fund the one-time settlement payment; and

WHEREAS, the Village Board would like to settle the liability.

NOW THEREFORE, the Village Board of the Village of Sturtevant, Racine
County, Wisconsin does hereby resolve:

1. That the lump sum settlement is hereby approved.
2. That the costs for the lump sum settlement shall not exceed

$660,000.
3. That the funds for said settlement shall be taken from

Fund 101 Fund Balance.
4. That the Village President and the Village Clerk are authorized

to sign any agreements or other documents necessary to carry
out the intent of this resolution.

Adopted by the Village Board of the Village of Sturtevant, Racine County,
Wisconsin, this 16th day of October, 2018.

Village of Sturtevant

By__________________________
Jayme Hoffman, President

Attest________________________
Mary Cole, Village Clerk