The new guidelines set forth an overall portfolio credit quality restriction while removing such restriction from the individual issuer and security levels. An addition to the guidelines also allows opportunistic investment of up to 15% of the portfolio in issues rated BB+ and below. The primary purpose of this change is to allow investment in issues which are on the cusp of becoming investment grade securities and expected returns are commensurate with risk. As the overall quality restriction at the broader portfolio level is unchanged, the portfolio will have greater flexibility in issue selection without subjecting the portfolio to any additional aggregate risk.
With an increased spectrum of allowable investments, the percent allowed in any one investment grade issuer was decreased from 10% to 5% of the portfolio, investment in issuers with ratings below BB+ is limited to 3% of the portfolio.
Changes were also made to the portfolio's benchmark accordingly.
CORE GUIDELINE CHANGES
The attached changes to the CORE portfolio guidelines are relatively minor and have no material impact on the present portfolio. The first change substitutes the term "duration" for maturity. This change updates the guidelines to reflect the industry standard of measurement. Duration is widely accepted as a better measure of interest rate sensitivity and relative risk. The second minor change was initiated in order to set forth CORE guidelines which are consistent with some of the language in the new MEP guidelines. This change specifies limits on the investment which can be made in any one issuing company. Again, this change is anticipated to have little effect on current practices.
REAL ESTATE GUIDELINE CHANGES
Minor technical changes were made to the investment guidelines for the National Industrial Discretionary Account Program (NISDAP) with SWIB's Real Estate Division. NISDAP's purpose is to establish a program which allows SWIB to build portfolios of industrial properties within selected markets. The revisions are non-material and come as a result of Trustee requests for clarification of NISDAP wording. The revisions better define qualifying investments and remove some ambiguity within the former investment guidelines. The overall effect of these changes has been a slightly greater restriction in investment policy without having any material effect on current investment practices.
Please contact me if you have any questions.
Sincerely,
Patricia Lipton
Executive Director
State of Wisconsin
Southeast Wisconsin Professional Baseball Park District
May 22, 1997
The Honorable, The Senate:
Enclosed is your copy of the Miller Park Monthly Progress Report for April 1997. Please feel free to contact me if you have any question or comments.
Thank you for your continued assistance and cooperation
Sincerely,
Michael Duckett
Executive Director
State of Wisconsin
Office of the Commissioner of Insurance
May 20, 1997
The Honorable, The Legislature:
In accordance with s. 601.427(9), Wis. Stat., I am pleased to submit this report to the Wisconsin Legislature. This report is to evaluate the impact that 1995 Wisconsin Act 10 has had on the following:
(a) The number of health care providers practicing in Wisconsin.
(b) The fees that health care providers pay under s.655.27(3).
(c) The premiums that health care providers pay for health care liability insurance.
The evaluation performed included the collection and analysis of statistics regarding the number of health care providers and premiums charged for health care liability insurance. While analysis of these statistics determined that not enough time has elapsed since the enactment of Act 10 to allow for a conclusive analysis of its impact, it should be emphasized that explicit recognition of the cap has been made in the annual fee setting process for the Fund. Specifically, a reduction in the loss costs resulted in an estimated $36.1 million reduction in fees paid by Wisconsin health care providers for fiscal years 1995-1996 through 1997-1998.
S179 The attached report provides information regarding the background of Act 10, the statistics collected and the analysis performed.
Sincerely,
Josephine W. Musser
Commissioner of Insurance
State of Wisconsin
Ethics Board
May 27, 1997
To the Honorable the Senate:
At the direction of s. 13.685(7), Wisconsin Statutes, I am furnishing you with the names of organizations recently registered with the Ethics Board that employ one or more individuals to affect state legislation or administrative rules, and notifying you of changes in the Ethics Board's records of licensed lobbyists and their employers. For each recently registered organization I have included the organization's description of the general area of legislative or administrative action that it attempts to influence and the name of each licensed lobbyist that the organization has authorized to act on its behalf.
Organizations recently registered:
Below are the names of organizations recently registered with the Ethics Board as employing one or more individuals to affect state legislation or administrative rules.
All American Financial Services LLC
Subject(s): Any legislative activity relating to consumer finance and the Pawn Broker industry.
Essie, Patrick
Property Valuation Associates Inc
Subject(s): The treatment of federal funding reimbursement to schools for health care services, for purposes of school aids and equalization.
Brown, George
Driessen, Anthony
Service Employees International Union, Wis State Council #4
Subject(s): S.E.I.U., State Council #4 may attempt to influence any state legislation and administrative rule that has an impact on its members.
Farley, Patrick
Organization's authorization of additional lobbyists:
The following organizations previously registered with the Ethics Board have authorized to act on their behalf these additional licensed lobbyists:
DuPont Merck Pharmaceutical Co, MultiState Associates on behalf of
McChesney, Jean
Also available from the Wisconsin Ethics Board are reports identifying the amount and value of time state agencies have spent to affect legislative action and reports of expenditures for lobbying activities filed by the organizations that employ lobbyists.
Sincerely,
R. Roth Judd
Executive Director
__________________
executive communications
State of Wisconsin
Office of the Governor
May 19, 1997
The Honorable, The Senate:
I am pleased to nominate and with the advice and consent of the Senate, do appoint Tyler , Bianca S., of Amery, as a member of the Judicial Commission, to serve for the term ending August 1, 2000.
Sincerely,
TOMMY G. THOMPSON
Governor
Read and referred to committee on Judiciary, Campaign Finance Reform and Consumer Affairs.
__________________
referrals and receipt of committee reports concerning proposed administrative rules
Relating to the certification and regulation of telecommunications resellers and providers of alternative operator services.
Submitted by Public Service Commission.
Report received from Agency, May 23, 1997.
Referred to committee on Utility Regulation, May 27, 1997.
Relating to operation of the uniform fee system including determination of parental liability for the cost of court-ordered substitute care of a child.
Submitted by Department of Health and Family Services.
Report received from Agency, May 22, 1997.
Referred to committee on Health, Human Services, Aging, Corrections, Veterans and Military Affairs, May 27, 1997 .
__________________
messageS from the assembly
By Charles Sanders, chief clerk.
Mr. President:
I am directed to inform you that the Assembly has passed and asks concurrence in:
Assembly Bill 158
Assembly Bill 174
Assembly Bill 220
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