LRB-3983/1
RAC:skg:mkd
1995 - 1996 LEGISLATURE
September 21, 1995 - Introduced by Senators Adelman, Wineke, Burke and Moen,
cosponsored by Representatives
Hahn, Vander Loop, Wood, Notestein,
Meyer and Plombon. Referred to Committee on Education and Financial
Institutions.
SB347,1,3
1An Act to repeal 25.156 (6) and (7); and
to amend 25.156 (2), 25.16 (7) and 40.63
2(1) (c) of the statutes;
relating to: bonus compensation for certain employes of
3the investment board.
Analysis by the Legislative Reference Bureau
Under current law, the investment board is authorized to provide bonus
compensation to the executive director of the board and other employes of the board
for meritorious performance. The bonuses awarded for any fiscal year may not
exceed a total of 10% of the total annualized salaries of all unclassified employes of
the board and no bonus awarded to any individual employe for any fiscal year may
exceed a total of 25% of the annual salary of the employe at the beginning of the fiscal
year. In awarding bonus compensation for a given period, the board shall consider
the performance of funds similar to those for which it has managing authority and
market indices for the same period. In addition, the board is generally required to
provide for a portion of the bonus compensation awarded to be distributed to an
employe over a 3-year period.
This bill eliminates the investment board's bonus compensation program.
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:
SB347, s. 1
4Section
1. 25.156 (2) of the statutes is amended to read:
SB347,2,35
25.156
(2) The investment board shall employ an executive director, who shall
6serve outside the classified service. The executive director shall be qualified by
1training and prior experience to manage, administer and direct the investment of
2funds. The investment board shall fix the compensation of the executive director
,
3and may award bonus compensation as authorized under sub. (6).
SB347, s. 2
4Section
2. 25.156 (6) and (7) of the statutes are repealed.
SB347, s. 3
5Section
3. 25.16 (7) of the statutes is amended to read:
SB347,2,116
25.16
(7) The executive director shall fix the compensation of all employes
7appointed by the executive director, subject to restrictions set forth in the
8compensation plan under s. 230.12 or any applicable collective bargaining
9agreement in the case of employes in the classified service
, but the investment board
10may provide for bonus compensation to employes in the unclassified service as
11authorized under s. 25.156 (6).
SB347, s. 4
12Section
4. 40.63 (1) (c) of the statutes is amended to read:
SB347,2,2013
40.63
(1) (c) The employe is not entitled to any earnings from the employer and
14the employer has certified that it has paid to the employe all earnings to which the
15employe is entitled, that the employe is on a leave of absence and is not expected to
16resume active service, or that the employe's participating employment has been
17terminated, because of a disability as described in par. (b) and as a consequence the
18employe is not entitled to any earnings from the employer.
In this paragraph,
19"earnings" does not include bonus compensation to which the employe is entitled
20under s. 25.156 (7) (a).
SB347,2,23
22(1) This act first applies to bonus compensation awarded by the investment
23board on the effective date of this subsection.
SB347,3,5
1(1)
In the schedule under section 20.005 (3) of the statutes for the appropriation
2to the investment board under section 20.536 (1) (k) of the statutes, as affected by the
3acts of 1995, the dollar amount is decreased by $472,900 for fiscal year 1995-96 and
4the dollar amount is decreased by $525,500 for fiscal year 1996-97 to eliminate
5funding of bonus compensation for employes of the investment board.
