Attached is a list of the Retires who are suing the City along with a description of the Benefit they are suing for. I opine that it is an unconscionable contract between City Retirees and Taxpayers, one which the City should have never agreed to. The Retirees need to begin paying their fair share and stop suing Taxpayers for an Outrageous Benefit which should have never been approved.
"An unconscionable contract is one that is so one-sided that it is unfair to one party and therefore unenforceable under law. It is a type of contract that leaves one party with no real, meaningful choice, usually due to major differences in bargaining power between the parties.
In a lawsuit, if the court finds a contract to be unconscionable, they will typically declare the contract to be void. No damages award or specific performance will be issued, but instead the parties will be released from their contract obligations".
If HOT Government finds time, it should look into filing an Amicus Brief defending the Taxpayers and bringing this to the public's attention.
Racine County Case Number 2020CV001228
"The Wisconsin Retirement System is a qualified retirement system under Section 401(a) of the Internal Revenue Code. It is a hybrid defined benefit plan , containing elements of both a 401(k) or defined contribution plan and a defined benefit plan.
The intention of the WRS pension plan is to provide you with a lifetime retirement payment (annuity ) once you are vested and have reached minimum retirement age . Your retirement annuity is calculated using both a formula calculation and a money purchase calculation and as a retiree , you receive the higher of the two benefit calculations".
"Note: If you worked in Wisconsin but are now a resident of another state, payments you receive from a nonqualifiedpension or annuity or a nonqualifieddeferred compensation plan are taxable by Wisconsin unless (1) the distribution is paid out in annuity form over your life expectancy or for a period of not less than 10 years, or (2) the distribution is paid in either an annuity form or lump-sum from arrangements known commonly as "mirror plans." Payments from a qualified plan are not taxable for Wisconsin when received by a nonresident, even though the payments may be attributable to services performed in Wisconsin".
Those who are involved in the WRS - including Police and Teachers need to pay their fair share - even if they flee "Tax Hell" WI for another state to evade State of WI income tax. The loophole needs to be closed.