| We provided an unmodified opinion on the financial statements of the Employees’ Retirement System of the County of Milwaukee (ERS) as of and for the year ended December 31, 2023. This is the first audit of the ERS we completed under provisions of 2023 Wisconsin Act 12. The ERS is a single-employer, defined-benefit retirement system with 12,466 participants as of December 31, 2023. In 2023, the ERS reported $73.3 million in total contributions, $173.8 million in net investment income, and it paid pension benefits totaling $199.4 million. As of December 31, 2023, the ERS net pension liability was $729.4 million. The ERS fiduciary net position, which is a measure of overall financial condition, was $1.7 billion as of December 31, 2023. We identified four significant deficiencies in internal control at Retirement Plan Services (RPS), and we identified three other matters of interest. We make 17 recommendations to RPS and 3 recommendations to the Milwaukee County Office of the Comptroller for improvements. | |
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