The state

Wisconsin Retirement System Funds Show Strong Gains in 2013

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The State of Wisconsin Investment Board (SWIB) announced earlier this week that the two funds it manages for the Wisconsin Retirement System (WRS) posted strong gains in 2013, allowing for the first pay increase in five years for annuitants.

The Core Fund ended the year with a 13.5 percent gain and the riskier Variable Fund posted a 29 percent gain. These gains surpassed benchmarks set by SWIB.

Morningstar recently recognized WRS as the strongest state pension in country, and the Pew Center on the States found WRS to be fully-funded and called it a “solid performer.”

Three state departments released a report in 2012 recommending no changes to WRS. The legislature requested the study as part of the 2011-13 state budget. In particular, the study was to examine the possibility of allowing WRS participants to choose a defined contribution plan or opt out of WRS altogether.

PROFS is currently monitoring two bills affecting WRS:

  • Assembly Bill 470 would increase the minimum retirement age by two years. If passed, it would apply to workers 40 and younger.
  • Assembly Bill 471 would calculate benefits based on the five highest earnings periods, a change from the current three year formula.

 Both bills are in committee awaiting a public hearing.

The national context

Coffee and Conversation with F. King Alexander

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F. King Alexander

F. King Alexander

Louisiana State University President and Chancellor F. King Alexander will visit UW-Madison tomorrow, Friday, January 17, for a discussion of federal oversight in higher education, including President Obama’s College Scorecard.

Alexander was named to the newly-merged position of LSU Chancellor/ LSU System President last year. He received his Ph.D in higher education administration from UW-Madison and served as president of California State University-Long Beach before arriving in Louisiana. He also served as president of Murray State University in Kentucky.

This event, sponsored by WISCAPE, the Wisconsin Center for the Advancement of Postsecondary Education, will be held at 9 am in Room 290 Education. It is free and open to the public.

 

UW

Milwaukee Journal Sentinel on UW-Madison’s Entrepreneurial Efforts

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Kathleen Gallagher of the Milwaukee Journal Sentinel wrote about UW-Madison’s economic development efforts and the launch of Discovery to Product (D2P) yesterday.

The front page article noted that Chancellor Rebecca Blank has the opportunity to fill three high profile director positions — University Research Park, the Office of Corporate Relations and D2P are all hiring.

UW-Madison attracts more than $1 billion annually in research funding, ranking third among research universities in 2010. The university lags, however, when it comes to attracting research spending from business and commercializing research through partnerships with industry.

Today, the Journal Sentinel editorial board lauded the university’s efforts, D2P in particular:

Entrepreneurs at the University of Wisconsin-Madison soon will have a new advocate on campus that should boost the number of ideas that are commercialized, which we think should, in turn, give the state’s economy a boost over time.

The state, UW System

Raymond Cross Named UW System President

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The University of Wisconsin Board of Regents appointed UW Colleges and UW Extension Chancellor Raymond Cross next president of the University of Wisconsin System. Cross succeeds Kevin Reilly who stepped down in December to take a position with the American Council on Education. UW-Whitewater Chancellor Richard Telfer will serve until Cross takes office in mid-February.

 

 

Cross arrived at UW System three years ago and was the only internal candidate among three finalists and his appointment was praised by legislators from both sides of the aisle:

“I trust Ray Cross and believe he offers the right leadership at a critical time in the history of the UW System. While we won’t agree on every issue, I know that he will be a man of his word and will always prioritize the best interest of Wisconsin families.” — State Representative Steve Nass, R-Whitewater

“I’ve been very impressed with Chancellor Cross’s support for quality higher education and his ability to be an effective communicator. He understands the unique strengths and needs of our 26 statewide UW campuses and Extension programs. As a trusted leader with a wealth of experience, I have every confidence that Chancellor Cross’s leadership will serve our UW System well and strengthen our state’s reputation as a global leader in higher education.” — State Senator Jennifer Shilling, D-La Crosse

Cross will appear at a 9 am news conference tomorrow, Friday, January 10 at UW-Milwaukee. Livestream video will be available here.

 

The state

Governor to Deliver State of the State January 22

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Governor Scott Walker will deliver his fourth State of the State address at 7 pm on Wednesday, January 22. Walker, who is running for re-election in November, will likely outline his legislative priorities for the remainder of his term and may offer hints about his campaign against Democrat Mary Burke.

PROFS will post links to live video and audio streams of the speech when they become available.

 

The state, UW System

Correction: UW System President Community Forums Today, Monday, January 6

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The University of Wisconsin System will host public videoconferences with three finalists for UW System president today, Monday, January 6:

  • Robert L. King, 11:30 am – 12:30 pm
  • Raymond W. Cross, 2:30 – 3:30 pm
  • Peter H. Garland, 3:45 – 4:45 pm

Faculty, staff, students, and members of the public may watch and participate in the open forums at locations on each UW System campus. UW-Madison is hosting two sites: Room 4500, Wisconsin Institutes for Discovery, 330 North Orchard Street, and Room L138, Education building, 1000 Campus Mall. UW-Extension is hosting a site in Room 523, UW-Extension building, 432 North Lake Street.

The finalists will also be interviewed by the Regent selection committee, chaired by Regent president Michael Falbo and comprised of Regents John Behling, Margaret Farrow, Tracy Hribar, Edmund Manydeeds, and Gerald Whitburn. The new president will be named on Thursday, January 9.