We provided an unmodified opinion on the financial statements of the Employes’ Retirement System of the City of Milwaukee (Retirement System) as of and for the year ended December 31, 2023. This is the first audit of the Retirement System we completed under provisions of 2023 Wisconsin Act 12. The Retirement System is a cost‑sharing, multiple‑employer, defined‑benefit pension plan with 30,111 members as of December 31, 2023. In 2023, the Retirement System reported $545.9 million in net investment income, $203.7 million in total contributions, and it paid pension benefits totaling $466.6 million. Administrative expenses of the Retirement System totaled $8.0 million in 2023. As of December 31, 2023, the Retirement System’s net pension liability was $2.1 billion. The Retirement System’s fiduciary net position, which is a measure of overall financial condition, was $5.8 billion as of December 31, 2023. We identified two material weaknesses in internal control over financial reporting, and we reported a finding of statutory noncompliance related to Wisconsin’s open meetings laws. We make four recommendations to Retirement System staff for improvements.
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