(q) Administrative expenses; Wisconsin private retirement security plan
13administration trust fund.
From the Wisconsin private retirement security plan 14
administration trust fund, all moneys transferred to that fund under par. (a) for the 15
activities of the Wisconsin private retirement security board under s. 40.99 (2) (a) to 16
(c) and for the initial establishment and administration of the Wisconsin private 17
retirement security plan under s. 40.99 (2) (d), and all moneys deposited in that fund 18
under s. 40.99 (4) (b) for the administrative costs of the plan, for the investment costs 19
of accounts under that plan, and for repayment of the amounts appropriated under 20
25.17 (1) (yu) of the statutes is created to read:
(yu) Wisconsin private retirement security plan administration trust 23
fund (s. 25.52), but subject to sub. (2) (fm).
25.17 (2) (fm) of the statutes is created to read:
(fm) Invest the moneys belonging to the Wisconsin private retirement 2
security plan administration trust fund and the moneys contributed to accounts 3
established under that plan in any manner that does not violate the standard of 4
responsibility under s. 25.15 (2).
25.52 of the statutes is created to read:
625.52 Wisconsin private retirement security plan administration trust
There is established a separate nonlapsible trust fund designated as the 8
Wisconsin private retirement security plan administration trust fund, to consist of 9
all moneys transferred to that fund under s. 20.515 (2) (a) and all moneys deposited 10
in that fund under s. 40.99 (4) (b).
Chapter 40 (title) of the statutes is amended to read:
public employee trust fund
14and private retirement
Subchapter X of chapter 40 [precedes 40.99] of the statutes is 17
created to read:
private retirement security plan
2140.99 Private retirement security plan.
In this section:
(a) "Board" means the Wisconsin private retirement security board.
(b) "Fund" means the Wisconsin private retirement security plan 24
administration trust fund under s. 25.52.
(c) "Plan" means the private retirement security plan established under this 2
3(2) Duties of board.
The board shall:
(a) Feasibility study.
Conduct a study to determine the feasibility of 5
establishing a private retirement security plan to provide retirement benefits for 6
residents of this state who choose to participate in the plan. The feasibility study 7
shall estimate the potential population that is likely to choose to participate in the 8
plan and the potential cost of implementing the plan and shall recommend a design 9
and structure for the plan that is most reasonable in light of that potential population 10
and cost. In conducting the feasibility study, the board may contract with actuarial 11
consultants and any other person whose services are necessary for the board to 12
conduct the feasibility study.
(b) Public hearings.
Hold public hearings to receive testimony relating to the 14
feasibility study conducted, and the design and structure recommended, under par. 15
(a). The board shall hold not less than 5 public hearings under this paragraph and 16
shall hold those hearings over a period of not more than 3 months. The board may 17
hold no more than one public hearing under this paragraph in Madison and shall 18
ensure that at one least one public hearing under this paragraph is held in each 19
geographic area of the state, including the southeastern part of the state, the western 20
part of the state, the northern part of the state, and the northeastern part of the state.
(c) Design of plan.
Based on the feasibility study conducted, and the design and 22
structure recommended, under par. (a) and the testimony received under par. (b), 23
design a private retirement security plan to provide retirement benefits for residents 24
of this state who choose to participate in the plan. The Wisconsin private retirement 25
security board shall design the plan so that, to the greatest extent possible, the
design and structure of the plan are reasonably commensurate with the design and 2
structure of the Wisconsin Retirement System. In designing the plan, the Wisconsin 3
private retirement security board shall provide for the investment board to assist the 4
Wisconsin private retirement security board in managing and investing the assets 5
of the fund and the assets of the accounts of participants in the plan and shall provide 6
for the employee trust funds board to assist the Wisconsin private retirement 7
security board in administering the plan. In designing the plan, the Wisconsin 8
private retirement security board may contract with actuarial consultants and any 9
other person whose services are necessary for the Wisconsin private retirement 10
security board to design the plan.
(d) Implementation of plan.
By no later than the first day of the 18th month 12
beginning after the effective date of this paragraph .... [LRB inserts date], submit a 13
report to the legislature under s. 13.172 (2), the governor, and the members of the 14
joint committee on finance summarizing the conclusions of the feasibility study 15
conducted under par. (a), the testimony received at the public hearings held under 16
par. (b), and the design of the plan under par. (c). The report shall also include an 17
estimate of the cost of initial establishment and administration of the plan, an 18
estimate of the amount of time necessary to make the plan viable, and a 19
recommendation for any legislation that is necessary to implement the plan. On 20
enactment of that legislation, the board shall implement the plan in accordance with 21
22(3) Duties of department.
(a) Assistance to board.
From the appropriation 23
account under s. 20.515 (1) (k), the department shall be reimbursed for all of its costs 24
incurred in establishing the board and plan and for providing staff and other 25
resources to assist the board in the performance of the board's duties under sub. (2).
The department may not expend any moneys from the public employee trust fund 2
for its activities under this subsection.
(b) Funding of initial costs.
The department shall submit an estimate to the 4
joint committee on finance of the initial cost of establishing the board, conducting the 5
feasibility study under sub. (2) (a), holding the public hearings under sub. (2) (b), 6
designing the plan under sub. (2) (c), and preparing and submitting the report under 7
sub. (2) (d). The joint committee on finance shall, from the appropriation under s. 8
20.865 (4) (a), supplement the appropriation under s. 20.515 (2) (a) in an amount 9
equal to the estimated amount.
10(4) Repayment of general fund.
(a) The board may charge reasonable fees to 11
participants in the plan to cover the costs of administering the plan, to recover the 12
investment costs of the accounts of those participants, and to repay the general fund 13
for amounts transferred to the fund under s. 20.515 (2) (a) as provided in par. (b).
(b) A fee collected under par. (a) shall be deposited in the Wisconsin private 15
retirement security plan administration trust fund and credited to the appropriation 16
account under s. 20.515 (2) (q). From that appropriation, the board shall transfer to 17
the general fund an amount equal to the amount expended from the appropriation 18
under s. 20.515 (2) (a) when the board determines that the balance in the fund is 19
sufficient to make the transfer. The board may transfer that amount in installments.
(c) Annually, by June 1, the board shall submit a report to the joint committee 21
on finance on the amounts available for transfer under par. (b), the amounts 22
previously transferred under par. (b), and the outstanding balance that remains to 23
be transferred under par. (b).
(1) Wisconsin private retirement security board; initial terms. 2
Notwithstanding the length of terms for the members of the Wisconsin private 3
retirement security board specified in section 15.165 (5) (a) of the statutes, as created 4
by this act, the initial terms of the members appointed under section 15.165 (5) (a) 5
3. and 4. of the statutes, as created by this act, shall expire on May 1, 2019, the initial 6
terms of the members appointed under section 15.165 (5) (a) 5. and 6. of the statutes, 7
as created by this act, shall expire on May 1, 2018, the initial terms of the members 8
appointed under section 15.165 (5) (a) 7. and 8. of the statutes, as created by this act, 9
shall expire on May 1, 2017, and the initial term of the member appointed under 10
section 15.165 (5) (a) 9. of the statutes, as created by this act, shall expire on May 1, 11