The people of the state of Wisconsin, represented in senate and assembly, do
enact as follows:
SB45,1 1Section 1. 15.07 (1) (a) 6. of the statutes is created to read:
SB45,3,2
115.07 (1) (a) 6. The members of the Wisconsin private retirement security board
2shall be appointed as provided in s. 15.165 (5).
SB45,2 3Section 2. 15.165 (5) of the statutes is created to read:
SB45,3,64 15.165 (5) Wisconsin private retirement security board. (a) There is created
5in the department of employee trust funds a Wisconsin private retirement security
6board consisting of the following members appointed for 5-year terms:
SB45,3,77 1. One member appointed by the employee trust funds board.
SB45,3,88 2. One member appointed by the investment board.
SB45,3,109 3. One member appointed by the agricultural education and workforce
10development council.
SB45,3,1211 4. One member appointed by the Wisconsin Women's Business Initiative
12Corporation.
SB45,3,1313 5. One member appointed by the senate majority leader.
SB45,3,1414 6. One member appointed by the senate minority leader.
SB45,3,1515 7. One member appointed by the speaker of the assembly.
SB45,3,1616 8. One member appointed by the assembly minority leader.
SB45,3,1717 9. One member appointed by the governor.
SB45,3,2318 (b) Not less than 5 of the members appointed under par. (a) shall have at least
1910 years of experience in making investments, but any person having a financial
20interest in, or whose employer is primarily a dealer or broker in, securities or
21mortgage or real estate investments is not eligible for appointment, and any member
22who acquires such an interest or accepts such appointment shall thereupon vacate
23his or her membership.
SB45,3 24Section 3. 20.515 (1) (k) of the statutes is created to read:
SB45,4,3
120.515 (1) (k) Assistance to Wisconsin private retirement security board. All
2moneys transferred from the appropriation account under sub. (2) (a) for the
3activities of the department under s. 40.99 (3).
SB45,4 4Section 4. 20.515 (2) of the statutes is created to read:
SB45,4,115 20.515 (2) Private retirement security plan. (a) Initial costs. A sum sufficient
6to be transferred to the Wisconsin private retirement security plan administration
7trust fund under s. 25.52 and expended for the activities of the Wisconsin private
8retirement security board under s. 40.99 (2) (a) to (c) and for the initial establishment
9and administration of the Wisconsin private retirement security plan under s. 40.99
10(2) (d) and to be transferred to the appropriation account under sub. (1) (k) and
11expended for the activities of the department under s. 40.99 (3).
SB45,4,2012 (q) Administrative expenses; Wisconsin private retirement security plan
13administration trust fund.
From the Wisconsin private retirement security plan
14administration trust fund, all moneys transferred to that fund under par. (a) for the
15activities 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
17retirement security plan under s. 40.99 (2) (d), and all moneys deposited in that fund
18under s. 40.99 (4) (b) for the administrative costs of the plan, for the investment costs
19of accounts under that plan, and for repayment of the amounts appropriated under
20par. (a).
SB45,5 21Section 5. 25.17 (1) (yu) of the statutes is created to read:
SB45,4,2322 25.17 (1) (yu) Wisconsin private retirement security plan administration trust
23fund (s. 25.52), but subject to sub. (2) (fm).
SB45,6 24Section 6. 25.17 (2) (fm) of the statutes is created to read:
SB45,5,4
125.17 (2) (fm) Invest the moneys belonging to the Wisconsin private retirement
2security plan administration trust fund and the moneys contributed to accounts
3established under that plan in any manner that does not violate the standard of
4responsibility under s. 25.15 (2).
SB45,7 5Section 7. 25.52 of the statutes is created to read:
SB45,5,10 625.52 Wisconsin private retirement security plan administration trust
7fund.
There is established a separate nonlapsible trust fund designated as the
8Wisconsin private retirement security plan administration trust fund, to consist of
9all moneys transferred to that fund under s. 20.515 (2) (a) and all moneys deposited
10in that fund under s. 40.99 (4) (b).
SB45,8 11Section 8. Chapter 40 (title) of the statutes is amended to read:
SB45,5,1212 CHAPTER 40
SB45,5,1513 public employee trust fund
14and private retirement
15 security plan
SB45,9 16Section 9. Subchapter X of chapter 40 [precedes 40.99] of the statutes is
17created to read:
SB45,5,1818 Chapter 40
SB45,5,2019 Subchapter X
20 private retirement security plan
SB45,5,21 2140.99 Private retirement security plan. (1) Definitions. In this section:
SB45,5,2222 (a) "Board" means the Wisconsin private retirement security board.
SB45,5,2423 (b) "Fund" means the Wisconsin private retirement security plan
24administration trust fund under s. 25.52.
SB45,6,2
1(c) "Plan" means the private retirement security plan established under this
2section.
SB45,6,3 3(2) Duties of board. The board shall:
SB45,6,124 (a) Feasibility study. Conduct a study to determine the feasibility of
5establishing a private retirement security plan to provide retirement benefits for
6residents of this state who choose to participate in the plan. The feasibility study
7shall estimate the potential population that is likely to choose to participate in the
8plan and the potential cost of implementing the plan and shall recommend a design
9and structure for the plan that is most reasonable in light of that potential population
10and cost. In conducting the feasibility study, the board may contract with actuarial
11consultants and any other person whose services are necessary for the board to
12conduct the feasibility study.
SB45,6,2013 (b) Public hearings. Hold public hearings to receive testimony relating to the
14feasibility 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
16shall hold those hearings over a period of not more than 3 months. The board may
17hold no more than one public hearing under this paragraph in Madison and shall
18ensure that at one least one public hearing under this paragraph is held in each
19geographic area of the state, including the southeastern part of the state, the western
20part of the state, the northern part of the state, and the northeastern part of the state.
SB45,7,1021 (c) Design of plan. Based on the feasibility study conducted, and the design and
22structure recommended, under par. (a) and the testimony received under par. (b),
23design a private retirement security plan to provide retirement benefits for residents
24of this state who choose to participate in the plan. The Wisconsin private retirement
25security board shall design the plan so that, to the greatest extent possible, the

1design and structure of the plan are reasonably commensurate with the design and
2structure of the Wisconsin Retirement System. In designing the plan, the Wisconsin
3private retirement security board shall provide for the investment board to assist the
4Wisconsin private retirement security board in managing and investing the assets
5of the fund and the assets of the accounts of participants in the plan and shall provide
6for the employee trust funds board to assist the Wisconsin private retirement
7security board in administering the plan. In designing the plan, the Wisconsin
8private retirement security board may contract with actuarial consultants and any
9other person whose services are necessary for the Wisconsin private retirement
10security board to design the plan.
SB45,7,2111 (d) Implementation of plan. By no later than the first day of the 18th month
12beginning after the effective date of this paragraph .... [LRB inserts date], submit a
13report to the legislature under s. 13.172 (2), the governor, and the members of the
14joint committee on finance summarizing the conclusions of the feasibility study
15conducted under par. (a), the testimony received at the public hearings held under
16par. (b), and the design of the plan under par. (c). The report shall also include an
17estimate of the cost of initial establishment and administration of the plan, an
18estimate of the amount of time necessary to make the plan viable, and a
19recommendation for any legislation that is necessary to implement the plan. On
20enactment of that legislation, the board shall implement the plan in accordance with
21that legislation.
SB45,8,2 22(3) Duties of department. (a) Assistance to board. From the appropriation
23account under s. 20.515 (1) (k), the department shall be reimbursed for all of its costs
24incurred in establishing the board and plan and for providing staff and other
25resources to assist the board in the performance of the board's duties under sub. (2).

1The department may not expend any moneys from the public employee trust fund
2for its activities under this subsection.
SB45,8,93 (b) Funding of initial costs. The department shall submit an estimate to the
4joint committee on finance of the initial cost of establishing the board, conducting the
5feasibility study under sub. (2) (a), holding the public hearings under sub. (2) (b),
6designing the plan under sub. (2) (c), and preparing and submitting the report under
7sub. (2) (d). The joint committee on finance shall, from the appropriation under s.
820.865 (4) (a), supplement the appropriation under s. 20.515 (2) (a) in an amount
9equal to the estimated amount.
SB45,8,13 10(4) Repayment of general fund. (a) The board may charge reasonable fees to
11participants in the plan to cover the costs of administering the plan, to recover the
12investment costs of the accounts of those participants, and to repay the general fund
13for amounts transferred to the fund under s. 20.515 (2) (a) as provided in par. (b).
SB45,8,1914 (b) A fee collected under par. (a) shall be deposited in the Wisconsin private
15retirement security plan administration trust fund and credited to the appropriation
16account under s. 20.515 (2) (q). From that appropriation, the board shall transfer to
17the general fund an amount equal to the amount expended from the appropriation
18under s. 20.515 (2) (a) when the board determines that the balance in the fund is
19sufficient to make the transfer. The board may transfer that amount in installments.
SB45,8,2320 (c) Annually, by June 1, the board shall submit a report to the joint committee
21on finance on the amounts available for transfer under par. (b), the amounts
22previously transferred under par. (b), and the outstanding balance that remains to
23be transferred under par. (b).
SB45,10 24Section 10. Nonstatutory provisions.
SB45,9,11
1(1) Wisconsin private retirement security board; initial terms.
2Notwithstanding the length of terms for the members of the Wisconsin private
3retirement security board specified in section 15.165 (5) (a) of the statutes, as created
4by this act, the initial terms of the members appointed under section 15.165 (5) (a)
53. and 4. of the statutes, as created by this act, shall expire on May 1, 2019, the initial
6terms of the members appointed under section 15.165 (5) (a) 5. and 6. of the statutes,
7as created by this act, shall expire on May 1, 2018, the initial terms of the members
8appointed under section 15.165 (5) (a) 7. and 8. of the statutes, as created by this act,
9shall expire on May 1, 2017, and the initial term of the member appointed under
10section 15.165 (5) (a) 9. of the statutes, as created by this act, shall expire on May 1,
112016.
SB45,9,1212 (End)
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