Milwaukee County will form a work group to study transferring administration of its $1.7 billion pension fund, the Milwaukee County Employees' Retirement System, to the $94.2 billion Wisconsin Retirement System, Madison.
The county board approved the formation of the work group March 23.
County board member Sheldon A. Wasserman proposed forming the work group in light of the pension fund's “continued administration problems,” including significant benefit overpayments and underpayments, Mr. Wasserman said in an interview Monday.
The work group, whose members will include officials from the county's Department of Administrative Services and the pension fund, among others, and the group will assess whether and how a transfer could be achieved and for what types of participants — new and/or existing. The work group is expected to present its results to the county board in May.