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Article: Lump-sum tab at $30 million
- Article from:
- The Milwaukee Journal Sentinel (Milwaukee, WI)
- Article date:
- January 16, 2003
- Author:
CopyrightCopyright 2003 The Milwaukee Journal Sentinel. Provided by ProQuest LLC. (Hide copyright information)
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Lump-sum tab at $30 million
County payouts to retirees average 6 figures
By DAVE UMHOEFER dumhoefer@journalsentinel.com, Journal Sentinel
Thursday, January 16, 2003
Since 2001, more than 245 Milwaukee County retirees who opted for
lump-sum "backdrop" pension benefits have shared in $30 million, with
checks averaging in six figures, according to a new pension report
and county officials.
Far more retiring workers than expected are choosing to take the
lump-sum checks in exchange for reduced monthly pension payments,
officials said.
Although the payments are funded primarily through county pension
fund earnings, the trend still translates into a need for more tax
dollars to support the fund, ...