SB377: Bill Text

LRB-3982/1

RAC:skg:mkd

1995 - 1996 LEGISLATURE

1995 Senate BILL 377

October 12, 1995 - Introduced by Senators Adelman, Burke, Clausing, Moen, Risser and Wineke, cosponsored by Representatives Plache, Baldus, Plombon, Black, Bock, Gronemus, Boyle, R. Young and Hasenohrl. Referred to Committee on Education and Financial Institutions.

SB377,1,4 An Act to repeal 15.07 (2) (a); to amend 15.07 (1) (a) 4., 15.76 (intro.), 40.03 (7) (c) and 230.04 (7); to repeal and recreate 15.76 (1), 15.76 (2) and 15.76 (3); and to create 15.173 (2), 15.76 (4), 15.76 (5), 15.76 (6) and 15.76 (7) of the statutes; relating to: membership of the investment board.

Analysis by the Legislative Reference Bureau

Under current law, the investment board consists of the following 8 members: the secretary of administration or the secretary's designee; 5 members appointed by the governor for 6-year terms, 4 of whom must have at least 10 years' experience in making investments; and 2 participants in the Wisconsin retirement system (WRS), one of whom is a teacher appointed by the teachers retirement board for a 6-year term and one of whom is a nonteacher appointed by the Wisconsin retirement board for a 6-year term.

This bill changes the composition of the investment board to consist of the following 7 members: the state treasurer; an annuitant in the WRS who is a former teacher, appointed by the teachers retirement board; an annuitant in the WRS who is a participant other than a teacher, appointed by the Wisconsin retirement board; a participating employe in the WRS who is a teacher, appointed by the state superintendent of public instruction; a state employe in the classified service who has been in state service for at least 10 years, appointed by the administrator of the administrative services division of the department of employment relations; a person who teaches at a business school within the University of Wisconsin System, appointed by the president of the University of Wisconsin System; and a person who is not a state employe and who has at least 10 years' experience in making investments, appointed by the governor. All of the appointive members are appointed for 6-year terms.

For further information see the state fiscal estimate, which will be printed as an appendix to this bill.

The people of the state of Wisconsin, represented in senate and assembly, do enact as follows:

SB377, s. 1 Section 1. 15.07 (1) (a) 4. of the statutes is amended to read:

SB377,2,3 15.07 (1) (a) 4. Members of the investment board appointed under s. 15.76 (3) shall be appointed as provided in that section.

SB377, s. 2 Section 2. 15.07 (2) (a) of the statutes is repealed.

SB377, s. 3 Section 3. 15.173 (2) of the statutes is created to read:

SB377,2,7 15.173 (2) Division of administrative services. There is created in the department of employment relations a division of administrative services.

SB377, s. 4 Section 4. 15.76 (intro.) of the statutes is amended to read:

SB377,2,12 15.76 Investment board; creation. (intro.) There is created a state of Wisconsin investment board, to be known for statutory purposes as the investment board. The investment board shall consist of 8 members, as follows the following members:

SB377, s. 5 Section 5. 15.76 (1) of the statutes is repealed and recreated to read:

SB377,2,14 15.76 (1) The state treasurer.

SB377, s. 6 Section 6. 15.76 (2) of the statutes is repealed and recreated to read:

SB377,2,17 15.76 (2) One annuitant in the Wisconsin retirement system who is a former teacher, appointed for a 6-year term by the teachers retirement board.

SB377, s. 7 Section 7. 15.76 (3) of the statutes is repealed and recreated to read:

SB377,2,21 15.76 (3) One annuitant in the Wisconsin retirement system who is a participant other than a teacher, appointed for a 6-year term by the Wisconsin retirement board.

SB377, s. 8 Section 8. 15.76 (4) of the statutes is created to read:

SB377,3,3 15.76 (4) One participating employe in the Wisconsin retirement system who is a teacher, appointed for a 6-year term by the superintendent of public instruction.

SB377, s. 9 Section 9. 15.76 (5) of the statutes is created to read:

SB377,3,7 15.76 (5) One state employe in the classified service who has been in state service for at least 10 years, appointed for a 6-year term by the administrator of the administrative services division of the department of employment relations.

SB377, s. 10 Section 10. 15.76 (6) of the statutes is created to read:

SB377,3,11 15.76 (6) One person who teaches at a business school within the University of Wisconsin System, appointed for a 6-year term by the president of the University of Wisconsin System.

SB377, s. 11 Section 11. 15.76 (7) of the statutes is created to read:

SB377,3,14 15.76 (7) One person who is not a state employe and who has at least 10 years' experience in making investments, appointed for a 6-year term by the governor.

SB377, s. 12 Section 12. 40.03 (7) (c) of the statutes is amended to read:

SB377,3,17 40.03 (7) (c) Shall appoint one member of the investment board as provided under s. 15.76 (3) (2).

SB377, s. 13 Section 13. 230.04 (7) of the statutes is amended to read:

SB377,3,22 230.04 (7) The secretary shall appoint, under the classified service, an administrator of the division of administrative services and the staff necessary for performing the duties of the department, including the staff of the division of merit recruitment and selection.

SB377, s. 14 Section 14. Nonstatutory provisions.

SB377,4,9 (1) The members of the investment board appointed under section 15.76 (2) and (3), 1993 stats., who hold office on the effective date of this subsection shall cease to hold office upon appointment and qualification of their successors appointed under section 15.76 (2) to (7) of the statutes, as affected by this act. Notwithstanding the length of terms specified for persons appointed to the investment board under section 15.76 (2) to (7) of the statutes, as affected by this act, the members initially appointed under section 15.76 (2) and (3) of the statutes, as affected by this act, shall serve for a term expiring on May 1, 1997, the members initially appointed under section 15.76 (4) and (5) of the statutes, as affected by this act, shall serve for a term expiring on May 1, 1999, and the members initially appointed under section 15.76 (6) and (7) of the statutes, as affected by this act, shall serve for a term expiring on May 1, 2001.

SB377,4,10 (End)