15.165(3)(a)7.7. One teacher in the city of Milwaukee who is a participating employee in the Wisconsin retirement system, elected by the teachers of the public schools in that city who are participating employees. 15.165(3)(b)(b) Wisconsin retirement board. There is created in the department of employee trust funds a Wisconsin retirement board. The board shall consist of 9 members, and board members appointed under subds. 1. to 8. shall serve for staggered 5-year terms. The member appointed under subd. 1. shall be appointed from a list of 5 names submitted by the board of directors of the League of Wisconsin Municipalities, and the member appointed under subd. 4. shall be appointed from a list of 5 names submitted by the executive committee of the Wisconsin Counties Association. Each member appointed under subds. 1., 2., and 3. shall be from a different county. Each member appointed under subds. 4., 5., and 6. shall be appointed from a different county. The board shall consist of the following members: 15.165(3)(b)1.1. One member who is the chief executive or a member of the governing body of a participating city or village. 15.165(3)(b)2.2. One member who is a participating employee and the principal finance officer of a participating city or village. 15.165(3)(b)3.3. One member who is a participating employee of a participating city or village. 15.165(3)(b)4.4. One member who is the chairperson or a member of the governing body of a participating county or town. 15.165(3)(b)5.5. One member who is a county clerk or deputy county clerk of a participating county. 15.165(3)(b)6.6. One member who is a participating employee of a participating local employer other than a city or village. 15.165(3)(b)8.8. One member who is a public member not a participant in or beneficiary of the Wisconsin retirement system. It is the intent of the legislature that the members appointed under this paragraph shall represent the interests of the taxpayers of this state and shall not be representative of public employee or employer interests. 15.165(4)(4) Deferred compensation board. There is created in the department of employee trust funds a deferred compensation board consisting of 5 members appointed for 4-year terms. 15.165 AnnotationPublic school administrators are eligible to be candidates for and to vote for teacher representatives on the teachers retirement board. 76 Atty. Gen. 141. 15.1815.18 Department of financial institutions. There is created a department of financial institutions under the direction and supervision of the secretary of financial institutions. 15.18 HistoryHistory: 1995 a. 27. 15.18315.183 Same; specified divisions. 15.183(1)(1) Division of banking. There is created a division of banking. Prior to July 1, 2000, the division is attached to the department of financial institutions under s. 15.03. After June 30, 2000, the division is created in the department of financial institutions. The administrator of the division shall be appointed outside the classified service by the secretary of financial institutions and shall serve at the pleasure of the secretary. 15.183(3)(3) Division of securities. There is created a division of securities. Prior to July 1, 2000, the division is attached to the department of financial institutions under s. 15.03. After June 30, 2000, the division is created in the department of financial institutions. The administrator of the division shall be appointed outside the classified service by the secretary of financial institutions and shall serve at the pleasure of the secretary. 15.18515.185 Same; attached boards, offices, and councils. 15.185(1)(1) Banking institutions review board. There is created in the department of financial institutions a banking institutions review board consisting of 5 persons, appointed for staggered 5-year terms. At least 3 members shall be experienced bankers or savings institution employees having at least 5 years’ experience in the banking or savings institution business. No member is qualified to act in any matter involving a bank or savings institution in which the member is an officer, director, or stockholder, or to which the member is indebted. 15.185(5)(5) College savings program board. There is created a college savings program board that is attached to the department of financial institutions under s. 15.03 and that consists of all of the following members: 15.185(5)(a)(a) The secretary of financial institutions or his or her designee. 15.185(5)(b)(b) The president of the board of regents of the University of Wisconsin System or his or her designee. 15.185(5)(c)(c) The president of the Wisconsin Association of Independent Colleges and Universities or his or her designee. 15.185(5)(d)(d) The chairperson of the investment board or his or her designee. 15.185(5)(e)(e) The president of the technical college system board or his or her designee. 15.185(5)(f)(f) Six other members, appointed for 4-year terms.