The minimum service retirement age for new City of Milwaukee employees will be pushed back to 65 from its current age of 60 under pension changes approved by the Common Council.
Aldermen approved other changes to the city's pension system. Beginning next January, workers who have completed 30 years of service would be allowed to retire starting at age 60, rather than the current 55. New hires would only contribute 4 percent of their pay to the pension fund, rather than the current 5.5 percent. The changes by the Common Council were based on recommendations made last year by a Pension Study Task Force. Milwaukee Alderman Michael Murphy says it's estimated the changes will save the city more than $90 million over the next 20 years.